Cardiac PoC Testing Devices Market Size

Cardiac PoC Testing Devices Market Analysis

The cardiac POC testing devices market is expected to grow at a CAGR of 6.5% over the forecast period.

The COVID-19 pandemic significantly impacted market growth. The onset of the COVID-19 pandemic caused a nationwide lockdown with the suspension of non-urgent scheduled visits and hospitalizations, which resulted in the delayed diagnosis of patients with cardiac disorders. For instance, according to an article published in Elsevier Public Health Emergency Collection in September 2021, it was observed that the reduction in diagnostic cardiovascular testing around the world led to concerns about the effects of reduced testing for cardiovascular disease (CVD) morbidity and mortality. In addition, as per the same source, the number of procedures decreased differently in each US region, the Northeast (76%) and Midwest (74%) experienced greater declines than the South (62%) and West (44%), impacting the market growth during the pandemic. However, the rising cardiac complications among patients, especially after contracting the coronavirus, increased the demand and need for cardiac POC testing devices to prevent cardiac complications. Currently, the market is expected to have stable growth during the forecast period.

Factors such as the rising incidence and prevalence of cardiovascular diseases and technological advances in cardiac POC testing devices are boosting market growth. For instance, according to the British Heart Foundation England Factsheet, published in January 2022, about 6.4 million people were living with cardiovascular diseases in England in 2021. In addition, according to the March 2022 update of the Australian Bureau of Statistics, the prevalence of heart disease in Australia was 4.0%, about 1 million people, in 2020-21. Also, as per the same source, in Australia, heart disease increased with age, from 2.3% of people aged 45-54 years through to 23.2% of people aged 75 years and over, with males being the most affected by it in the country. Thus, the high burden of CVD among the population increases the need for early detection of the condition, which in turn is anticipated to fuel the demand for cardiac POC testing devices over the forecast period.

Furthermore, according to an article published in Minerva Cardiology and Angiology, in June 2021, it was observed that the age-standardized estimates of CVD prevalence in Italy were similar, but the country's crude prevalence of CVD is almost two times higher than the global prevalence (12.9% vs. 6.6%). Thus, the increasing prevalence of heart diseases raises the need for cardiac POC testing devices for detecting cardiac disorders such as myocardial infarction, heart failure, and coronary syndromes, which help in delivering care based on the results of the POC tests. This is anticipated to fuel the market growth over the forecast period.

Moreover, rising product launches by the market players are expected to drive this market's growth further. For instance, in January 2022, PocDoc, a digital health platform and personal diagnostics provider, launched the world-first smartphone-based test for cardiovascular disease. The PocDoc test encompasses the entire five-marker lipid panel, which has been recognized as the global standard for evaluating cardiovascular health. Also, in July 2021, Beckman Coulter Inc. entered into definitive agreements with Quidel Corporation to acquire all rights related to the manufacture, distribution, and sale of the BNP test for Beckman Coulter analyzers. Under the terms of the agreement, Quidel will continue to manufacture and supply certain test-related components to Beckman Coulter, and it will exclusively manufacture the BNP test.

Therefore, owing to the factors such as the growing burden of cardiovascular diseases and rising technological advancement and product launches, the studied market is expected to grow over the forecast period. However, the lack of operating knowledge among the workforce and stringent regulations in the industry are likely to impede the growth of the cardiac POC testing devices market over the forecast period.