Cardiac PoC Testing Devices Market Future and Technological Advancement 2025
The market for cardiac POC testing devices is gaining significant traction due to rising prevalence of cardiac disorders. According to World Health Organizations (WHO), 2011, around 8 million people suffered from coronary and peripheral heart diseases, which recorded the major cause of all the deaths, accounting for around 44% of total deaths in the U.S. Technological innovations and developments of cardiac POC testing devices are contributing to the market growth. For instance, the FDA approval of Firmware software in August 2017, launched by Abbott Laboratories is embedded in the hardware of a cardiac testing device. With this device, the cardiac rhythm can be easily monitored as well as control for the people at high-risk. However, lack of operating knowledge and economic instability in emerging economies are the factors restraining the market growth.
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The global cardiac POC testing market is estimated to be valued at US$ 2,104.1 million in 2017 and is expected to witness a CAGR of 7.1 % during the forecast period (2017 – 2025).
Cardiac POC testing is a test performed for the diagnosis of heart disorders. POC or Point-of-care testing, also referred to as bedside test, is a diagnostic test at the point or position of care at the same place and time of patient care. Cardiac POC testing is a simple blood test that includes cholesterol and coagulation testing. Coagulation testing helps physicians examine the risk of developing thrombosis, clotting and bleeding inside blood vessels in the body, including the heart. Cardiac POC tests include Troponin, Creatine Kinase MB Isoenzyme s, and Brain Natriuretic Peptide (BNP) analysis, which are mainly employed to identify cardiovascular ailments such as, heart failure, myocardial infarction, and coronary syndromes. Cardiac POC testing device help to detect enzymes that are released at some point in heart failure and in vital cardiac conditions such as lactate dehydrogenase isoenzymes, brain Natriuretic Peptide s, kinase, and synthesizing Troponin.
According to the FH Foundation, a patient-centered organization devoted to research and education of Familial Hypercholesterolemia (FH), 2015, 1 in 200-500 people suffered from familial hypercholesterolemia worldwide. With increasing population, this number expected to increase in the future, thereby leading to growth in demand for testing cholesterol levels in individuals. This in turn, is expected to propel the overall growth of the cardiac POC testing devices market. According to the World Health Organization 2013, around 33.5 million of the global population was estimated to have suffered from coronary artery disease, a major condition leading to heart attack. The growing prevalence of cardiovascular ailments is expected to increase the demand for cardiac POC testing devices, in turn, driving growth of the market. Additionally, The Patient Protection and Affordable Care Act, called Obamacare, was implemented under the Hospital Readmissions Reduction Program (HRRP), by the U.S. government in 2015 to impose penalties on hospitals. According to the penalty, the government had reduced up to 1-2% in the Medicare payment per patient, for hospital readmission within 30 days. This reduces the cost for diagnosis, in turn, accelerating growth of the cardiac POC testing devices market.
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Increasing purchasing power and high prevalence are factors fueling growth of the cardiac POC testing device market
Rise in the geriatric population, associated with high susceptibility to chronic diseases related to cardiac disorders, and economical diagnosis of chronic diseases in rural areas are expected to boost growth of the global market. The cardiac POC testing devices market in Asia Pacific is expected to experience rapid growth over the forecast period, due to growing population and increasing purchasing power of patients. The key players are executing new strategies such as mergers and acquisitions, product launch, and medical symposium for better exposure of their products and to increase market share. The new product launch, collaborations between manufacturers, hospitals, and academic institutions are expected to establish a positive impact on the market growth. For instance, the global healthcare company, Abbott Laboratories has launched a software firmware in July 2017, which is embedded in the cardiac testing device. Moreover, Abbott Laboratories has acquired cardiac device maker, St. Jude Medical, at the stock deal of US$ 25 billion. The collaboration aims to produce a significant amount of new medical devices centered on patients suffering from cardiovascular disorders.
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