Market Trends of Cardiac PoC Testing Devices Industry
This section covers the major market trends shaping the Cardiac POC Testing Devices Market according to our research experts:
Analyzer Segment Expected to Witness Significant Growth Over the Forecast Period
The analyzers segment is expected to witness significant growth in the cardiac POC testing devices market over the forecast period. The factors attributing to the segment growth are the increasing burden of cardiovascular diseases among the population and growing technological advancements in cardiac analyzers.
The cardiac marker analyzers offer high throughput point-of-care solutions for the diagnosis of myocardial infarction and other cardiac-related diseases by measuring levels of STAT, cardiac troponin, CKM and CKB, Myoglobin and/or D-dimer in only 14 minutes or 36 tests per hour. A cardiac analyzer improves efficiency and accuracy with unique features such as software that provides an internal standard to account for membrane variability that is intrinsic to tests and integrated LCD displays for user convenience and visual clarity. Different types of biomarkers can be tested using the analyzers, including cardiac markers Troponin I, NT-proBNP, h-FABP, CK-MB, and Myoglobin.
In addition, the ability of analyzers to quantify the concentration of biomarkers in whole blood, serum, and plasma, which helps in clinical diagnosis, is also expected to increase the demand for cardiac analyzers segment over the forecast period.
Furthermore, the rising company activities in developing technologically advanced cardiac biomarker analyzers and rising product launches are also contributing to the market growth. For instance, in April 2022, Hipro and Affimedix launched the Hipro SimplyRead line of IVD reagents and AUTO POCT-Lab Analyzers POC products in India. Also, in April 2021, Siemens Healthineers launched Atellica VTLi Patient-Side Immunoassay Analyzer that provides lab standard, high-sensitivity cardiac troponin I (hs-cTnI) test results to clinicians in eight minutes using a patient's fingerstick blood sample. This launch helps the company transform the patient care paradigm with an innovative technology delivering hs-cTnI results at the patient's side to support clinicians in confidently diagnosing and treating heart attacks.
Therefore, owing to the factors such as the emerging technologically advanced products and rising company activities in developing products, the studied segment is expected to grow over the forecast period.
North America Expected to Have the Significant Market Share in the Cardiac PoC Testing Devices Market Over the Forecast Period
North America is expected to witness significant growth in the market over the forecast period. The factors attributing to the market growth are the rising cardiovascular burden among the population, high healthcare expenditure along with high healthcare spending, rising geriatric population, and growing technological advancements in POC testing devices.
In addition, genetic predisposition and behavioral risk factors are contributing to the increasing incidence of heart-related diseases in the region, which is also expected to raise the demand for cardiac POC testing devices over the forecast period.
The increasing prevalence of cardiovascular diseases among the population is the key factor driving the demand for POC testing devices in the region. For instance, according to the statistics published by AHA in June 2021, the prevalence rate of heart failure in Canada was between 1.5% to 1.9% in 2021. As per the same source, an estimated more than 130 million adults in the United States are expected to have some type of heart disease by 2035. Also, according to the 2022 data published by CDC, heart disease was the leading cause of death in the United States, and every year, about 805,000 people in the United States have a heart attack.
Additionally, a research study published in July 2021 observed that about 6-12 million people in the United States are expected to suffer from atrial fibrillation by 2050 and 17.9 million people by 2060. Thus, the expected increase in the burden of cardiovascular-related health problems among the population is anticipated to fuel the demand for technologically advanced analyzers, which in turn is anticipated to augment the market growth over the forecast period.
Furthermore, the rising company activities, as well as increasing focus on adopting various business strategies such as collaborations, new product launches, and mergers and acquisitions, increase the availability of advanced POC testing devices. This is also expected to boost the market growth in the region. For instance, in May 2021, Roche launched five new solutions for two key cardiac biomarkers, the high-sensitivity cardiac troponin T (cTnT-hs) and the N-terminal pro-brain natriuretic peptide assay, using the Elecsys technology. These clinical biomarkers help diagnose heart attacks and effectively manage heart failure.
Therefore, owing to the aforementioned factors, such as the rising burden of cardiovascular diseases as well as increasing product launches, the studied market is expected to grow over the forecast period.
