Market Size of Cardiac PoC Testing Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 6.50 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
Cardiac PoC Testing Devices Industry Segmentation
As per the scope of the report, cardiac POC testing is a heart-related diagnostic test that is performed at or near a patient's point of care. Cardiac POC testing devices are frequently used to diagnose cardiac disorders such as myocardial infarction, heart failure, and coronary syndromes. These devices can detect enzymes, including brain natriuretic peptides, kinase, synthesizing troponin, and lactate dehydrogenase isoenzymes that are generated during heart failure and other critical cardiac situations. The Cardiac PoC Testing Devices Market is Segmented by Product Type (Cardiac Markers Test and Analyzers), End User (Hospitals, Diagnostic Laboratories, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the market size and forecasts in value (USD million) for the above segments.
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Cardiac PoC Testing Devices Market Size Summary
The cardiac point-of-care (POC) testing devices market is poised for steady growth, driven by the increasing prevalence of cardiovascular diseases and advancements in technology. The market experienced disruptions during the COVID-19 pandemic, which led to delayed diagnoses due to lockdowns and reduced non-urgent medical visits. However, the rise in cardiac complications post-COVID-19 has spurred demand for these devices, as they are crucial for early detection and management of cardiac disorders. Technological innovations and product launches, such as smartphone-based tests and advanced analyzers, are further propelling market expansion. Despite challenges like a lack of operational knowledge and stringent regulations, the market is expected to grow, with significant contributions from the analyzers segment, which offers efficient and accurate diagnostic solutions.
North America is anticipated to witness substantial growth in the cardiac POC testing devices market, fueled by a high burden of cardiovascular diseases, significant healthcare expenditure, and a growing elderly population. The region's genetic and behavioral risk factors contribute to the rising incidence of heart-related conditions, driving demand for advanced testing devices. The competitive landscape is marked by the presence of both global and regional players, with companies like Abbott Laboratories, Beckman Coulter Inc., and Siemens Healthineers AG leading the market. Strategic activities such as collaborations, mergers, and new product launches are enhancing the availability of innovative POC testing solutions, further boosting market growth.
Cardiac PoC Testing Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Incidence and Prevalence of Cardiovascular Disease
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1.2.2 Technological Advances in Cardiac POC Testing Device
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1.3 Market Restraints
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1.3.1 Lack of Operating Knowledge among Workforce
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1.3.2 Stringent Regulations in the Industry
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product Type
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2.1.1 Cardiac Markers Test
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2.1.1.1 Cardiac Troponin (cTn) Test
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2.1.1.2 Myoglobin Test
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2.1.1.3 Creatine Kinase MB Isoenzyme (CK-MB) Test
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2.1.1.4 Combinational Test Kits
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2.1.1.5 Brain Natriuretic Peptide (BNP) Test
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2.1.2 Analyzers
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2.2 By End User
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2.2.1 Hospitals
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2.2.2 Diagnostic Laboratories
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2.2.3 Other End Users
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle-East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle-East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Cardiac PoC Testing Devices Market Size FAQs
What is the current Cardiac PoC Testing Devices Market size?
The Cardiac PoC Testing Devices Market is projected to register a CAGR of 6.5% during the forecast period (2024-2029)
Who are the key players in Cardiac PoC Testing Devices Market?
Abbott Laboratories, ACON Laboratories, Inc., Beckman Coulter Inc. (Danaher Corporation), Siemens Healthineers AG and Bio-Rad Laboratories, Inc. are the major companies operating in the Cardiac PoC Testing Devices Market.