The North America Heart Failure POC And LOC Devices Market would witness market growth of 15.7% CAGR during the forecast period (2023-2030).
Developing predictive modelling techniques-based decision support software to analyze the data measured by the LOC assays to enable therapy monitoring is one of the key market drivers. Also, ongoing studies on applying saliva-based nano-biochip tests for measuring myocardial infarction drive organic revenue growth. POC testing exhibits potential savings across various settings, including hospitals, general practices, and remote areas. In the US, the employment of POC devices resulted in a 20% decrease in hospital admissions to the chest pain unit, resulting in substantial savings in time and costs.
The prevalence of heart failure is on the rise, propelled by factors such as an aging population, sedentary lifestyles, and an increasing burden of cardiovascular risk factors. This case surge necessitates efficient and scalable diagnostic solutions, positioning POC and LOC devices as crucial tools in addressing this growing healthcare challenge. Timely intervention is critical in managing heart failure effectively. POC and LOC devices empower healthcare professionals to make swift decisions at the bedside, reducing the time between diagnosis and initiation of treatment. This demand for rapid interventions aligns with the capabilities of these devices, driving their adoption in clinical practice.
North America boasts a vital healthcare infrastructure with well-established healthcare systems and high accessibility to advanced medical technologies. According to the International Trade Administration, in 2022, Canada's medical device industry size was US$6.8 billion. The industry is expected to grow by 5.4% annually until 2028. In 2022, healthcare spending in Canada totaled approximately C$331 billion or C$8,563 per Canadian. Partnerships facilitate the development and commercialization of POC and LOC devices, ensuring that these technologies are aligned with the specific needs of the French healthcare industry. As a result, these aspects will boost the market growth in the coming years.
The US market dominated the North America Heart Failure POC And LOC Devices Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $70,298.4 Thousands by 2030, period. The Canada market is experiencing a CAGR of 18.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 17.3% during (2023 - 2030).
Based on Test Type, the market is segmented into Proteomic Testing, Metabolomic Testing, and Genomic Testing. Based on End Use, the market is segmented into Clinics, Hospitals, Laboratory, Assisted Living Healthcare Facilities, and Home. Based on Technology, the market is segmented into Microfluidics, Array-Based Systems, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Heart Failure POC And LOC Devices Market is Predict to reach $252.9 Million by 2030, at a CAGR of 16.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Siemens Healthineers AG (Siemens AG), Danaher Corporation, F. Hoffmann-La Roche Ltd., BioMerieux S.A., QuidelOrtho Corporation, Trinity Biotech Plc, Jant Pharmacal Corporation, Abaxis, Inc. (Zoetis Services LLC) and Werfen, S.A.
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