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Cardiac POC Testing Devices Market

Cardiac POC Testing Devices Market

Cardiac POC Testing Devices Market Analysis By Product (Cardiac Markers Test & Analyzers) By End-User (Hospitals & Laboratories, Clinics, Diagnostic Centers & Others) and By Region – Global Market Insights 2022 to 2026

Cardiac POC Testing Devices Market
FACT7612MR
  • Aug-2022
  • List of Tables : 25
  • List of Figures : 132
  • 170 Pages
  • Healthcare

Cardiac POC Testing Devices Market Outlook (2022-2026)

Worldwide sales of cardiac POC testing devices are anticipated to increase rapidly at a CAGR of 6% from 2022 to 2026. In 2022, the global cardiac POC testing devices market is valued at US$ 1.5 billion and is projected to reach a market size of US$ 1.9 billion by 2026.

Demand for cardiac markers testing is expected to rise at 6.2% CAGR over the forecast period. The introduction of quick and novel biomarker testing, as well as strong research and development on cardiovascular treatments, are factors expected to fuel market expansion. When compared to traditional laboratory-based testing, cardiac markers testing offers a quicker diagnosis.

Report Attributes

Details

Cardiac POC Testing Devices Market Size (2022)

US$ 1.5 Billion

Projected Market Value (2026)

US$ 1.9 Billion

Global Market Growth Rate (2022-2026)

6% CAGR

Market Share of Cardiac Markers Test

70%

Key Companies Profiled

  • LifeSign LLC
  • Medtronic plc
  • Nano-Ditech Corporation
  • Nexus Dx, Inc.
  • PTS Diagnostics
  • Bio-Rad Laboratories, Inc.
  • F. Hoffmann-La Roche AG
  • Nova Biomedical Corporation
  • Danaher Corporation
  • Sekisui Medical Co., Ltd.

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Revenue Analysis of Cardiac POC Testing Devices (2017-2021) Vs. Market Predictions (2022-2026)

“Increasing Need for Cardiac POC Testing Devices to Assess Health of Patients Exhibiting Symptoms of Heart Problems”

According to Fact.MR, a market research and competitive intelligence provider, the cardiac POC testing devices market is projected to increase at a CAGR of 6% from 2022 to 2026.

Devices used for point-of-care testing are those that are utilised for medical diagnostic procedures where the test is carried out where and when the patient is receiving care. These testing tools help patients save time because it takes a while to send samples to the lab and wait for the results.

Many Cardiac POC diagnostic kits are utilised for diagnostic procedures in medicine. The timing and location of these examinations are suitable for the care of the patients. POC testing is also a blood diagnostic method used to identify problems with blood coagulation and cholesterol.

Cardiac POC test kits provide correct results quickly and affordably, and they are standardized to reduce operational errors. The increasing shift towards efficient and value-based healthcare service delivery is also supporting the market growth.

Many medical professionals choose POC cardiac testing to promptly assess the health of patients exhibiting symptoms of a heart problem in emergency care settings, such as chest discomfort or other symptoms.

Cardiac poc testing devices market forecast by Fact.MR

Why is the Popularity of Cardiac POC Testing Devices Rising at a Rapid Pace?

“Technological Innovations in Cardiovascular Therapies Driving Demand for Cardiac POC Testing Systems”

The increasing requirement for rapid POC tests for the early diagnosis of infections or heart disorders is predicted to propel the market expansion. As the world's population ages, more people are projected to suffer from cardiac problems, which is expected to drive the demand for cardiac POC testing equipment over the forecast period.

Rising investments in research and development activities for the innovation in cardiac POC testing technologies driving market expansion. The essential aspect accelerating the market growth is the rise in spending by government organizations to support enhanced healthcare facilities.

Additionally, the market for cardiac point-of-care testing kits will see new opportunities as a result of the growing modernization and recent advances in the healthcare industry.

The expansion of POC solutions in environments with constrained resources is anticipated to be significantly impacted by the integration of digital technology. The need to integrate technologies that enable simple networking is driven by the growing significance of POC diagnostics in environmental monitoring and public health. This will make it even easier for healthcare providers to correctly interpret test findings.

The expanding technological innovations in cardiovascular therapies have significantly contributed to boosting the growth of the global market over the coming years. With these developments, businesses and healthcare institutions are better able to provide patients with high-tech solutions that meet their changing needs. Thus, this has contributed to the global market for cardiac POC testing devices expanding.

The use of cutting-edge technologies, rising R&D expenditures, and growing emphasis on patient-centric care solutions are just a few of the key drivers that will propel the market expansion over the coming years.

An Adaptive Approach to Modern-day Research Needs

What’s Hampering the Sales of Cardiac POC Testing Devices?

“Lack of Accuracy in Quick POC Diagnostic Tests & Stringent Government Regulations Denting Market Growth”

The main factor impeding the expansion of the global market is the unreliable results produced by cardiac POC testing devices. Point-of-care testing may be advantageous in urgent situations requiring quick test findings for clinical evaluation. However, there are many drawbacks to point-of-care testing, mostly related to quality control.

While point-of-care testing is typically carried out by untrained workers as well as patients themselves, laboratory tests are carried out by trained specialists who ensure accurate results. As a result, there may be fluctuations in the test's results due to a lack of accuracy, which would hinder the point of care diagnostics market expansion.

Another factor impeding market expansion is the strict regulatory requirements for the approval of new devices. The regulatory agencies have recently implemented many changes to address the lack of standardization in the device portfolio, which causes lengthy product approval processes and, as a result, hinders the market for cardiac POC testing devices.

The high cost of the viral clearing technology and rising costs for point-of-care diagnostic tools are hampering the market growth.

How Can Start-ups Establish Their Position in the Cardiac POC Testing Devices Industry?

“Aspiring Market Players Focusing on Developing Effective Production Processes and Introduction of Advanced Products”

Biochips that respond to the components in the sample make it possible to diagnose conditions connected to the heart, fertility, and other conditions. As biochips and biosensors are used in healthcare applications, including wearable and point-of-care, new companies are developing more effective production processes.

Additionally, new market entrants are creating advanced biochips that can identify a wider variety of biomarkers and characteristics for a variety of health tests.

  • A Cypriot start-up called Bioloom develops high-sensitivity biochips using unique plasmonic interferometric sensors. Small volumes of liquid can be tested on the sensing region of the micrometer-scale biosensor. Currently, the company is developing biochips to identify sepsis and anaphylaxis.

Which Region is Expected to Lead Market Expansion Going Forward?

“Increasing R&D Investments by Governments for Production of Innovative POC Diagnostic Testing Devices in North America”

North America accounts for the highest share in the global market due to the rising prevalence of cardiovascular disorders as well as the availability of attractive reimbursement policies.

Increasing R&D investments by the government to support the diagnostics industry for the production of the most innovative point-of-care diagnostic testing devices and the presence of key suppliers of cardiac POC testing devices are driving market growth in North America.

Country-wise Insights

Why is the Market for Cardiac POC Testing Devices So Prominent in the U.S?

“Growing Usage of Advanced POC Diagnostics to Identify Various Infectious & Chronic Diseases”

Factors propelling the market expansion in the U.S. are the rise in the use of early illness detection procedures, growing awareness among physicians and patients regarding the use of cardiac POC testing devices, and the growing usage of cardiac testing.

The market in the U.S. is projected to grow due to the widespread use of advanced point-of-care diagnostics to identify a variety of infectious and chronic diseases.

What’s Driving Demand for Cardiac POC Testing Devices in China?

“Growing Public Awareness about Cardiac Diagnosis & Treatment in China”

The cardiac POC testing devices market in China is anticipated to rise at a CAGR of 7% from 2022 to 2026. The expansion of the market in China is being fuelled by advancements in cardiac POC testing devices, increased government spending on healthcare facilities, and advanced product offerings by key companies.

Increasing use of new technologies by hospitals and diagnostic labs, and increased public knowledge of cardiac diagnosis and treatment are driving the market growth in China.

Category-wise Insights

Which Cardiac POC Testing Product Will Enjoy Higher Sales Growth?

“Cardiac Markers Testing Widely Used for Indicating Abnormality of Cardiac Functioning”

Based on product, the cardiac POC testing devices market is classified into cardiac markers test and analyzers. The cardiac markers test segment accounts for 70% share of the global market.

A significant contributing factor to the rising popularity of cardiac markers testing is the increased accuracy of the evaluation of cardiac problems based on blood cardiac biomarkers. The demand for point-of-care cardiac markers is expected to rise due to the growing consumer awareness and rising use of cardiac kits.

Using cardiac biomarker testing to monitor heart abnormalities to prevent cardiac diseases is an innovative method for obtaining speedy results that may be applied to the early diagnosis and treatment of cardiac illnesses.

Which End User is Expected to Generate High Revenue for Market Players?

“Wide Accessibility of Innovative Diagnostic Systems in Diagnostic Centers”

Based on end user, the market is segmented into hospitals & laboratories, clinics, diagnostic centers, and others. The largest share of the global cardiac POC testing devices market is held by diagnostic centers.

The wide accessibility of innovative diagnostic technologies and the rising number of diagnostic centers and laboratories are boosting the sales of cardiac POC testing devices in diagnostic centers.

The segment growth is attributed to the rising adoption of modern instruments and rapid integration of technologically advanced analysis equipment.

In addition, growing patient awareness about the early detection and prevention of diseases and the increasing prevalence of cardiovascular diseases are some other factors driving the demand for cardiac POC testing devices in diagnostic centers.

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Competitive Landscape

Key market participants are oriented toward the accuracy of the tests based on the detection of cardiac POC testing devices and are focused on attaining expansion via the development of novel product designs and new tests.

For instance :

  • PTS Diagnostics recently disclosed a partnership with renowned healthcare contract sales firm MedPro Healthcare Sales Solutions.

Segments of Cardiac POC Testing Devices Industry Research

  • By Product :

    • Cardiac Markers Test
    • Analyzers
  • By End User :

    • Hospitals & Laboratories
    • Clinics
    • Diagnostic Centers
    • Others
  • By Region :

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

- FAQs -

The global cardiac POC testing devices market currently accounts for a valuation of US$ 1.5 billion.
The market for cardiac POC testing devices is set to expand at 6% CAGR through 2026.
LifeSign LLC, Medtronic plc, and Nexus Dx, Inc. are key cardiac POC testing system manufacturers.
Sales of cardiac POC testing devices are expected to reach US$ 1.9 billion by 2026.
The cardiac POC testing devices market in Japan is set to rise at 4.7% CAGR.

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