by Cardiac biomarkers are cellular material released from myocardium when cardiac injury or stress occurs. They are utilized for diagnostic as well as prognostic purposes to identify the risk of cardiovascular diseases events such as acute myocardial infarction. Common cardiac biomarkers used are troponin, myoglobin, brain natriuretic peptide (BNP), creatine kinase-MB isoenzyme (CK-MB), and others.
The global cardiac biomarkers market is estimated to be valued at US$ 9836.55 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of cardiovascular diseases is expected to drive the global cardiac biomarkers market over the forecast period. According to WHO, cardiovascular diseases accounted for over 17.9 million deaths in 2019, representing 32% of all global deaths. With rising geriatric population and growing risk factors such obesity, diabetes, smoking, hypertension further fuel the burden of cardiovascular diseases globally. Early detection and management of cardiovascular diseases reduces mortality and morbidity rates. This has increased the demand for cardiac biomarker testing which aids in diagnosis as well as risk assessment of cardiovascular events. Additionally, ongoing research and development activities for novel and more sensitive cardiac biomarkers is also expected to propel the market growth during the forecast period. However, stringent regulatory guidelines for cardiac biomarker assays and associated high costs may hamper market growth over the forecast period.
SWOT Analysis
Strength: Cardiac biomakers help in early detection of heart diseases which can save lives. Three main types of cardiac biomarkers help diagnose different types of heart conditions. Doctors can get crucial insights into heart health using these biomarkers.
Weakness: Collection of blood samples for biomarker tests can cause discomfort to some patients. Interpretation of biomarker test results requires expertise as abnormal levels may not always indicate heart issues.
Opportunity: Growing geriatric population prone to cardiovascular diseases will drive the demand. Increased awareness about heart health among people will encourage prevention and early detection using biomarkers. Point-of-care testing solutions can expand access in remote areas.
Threats: Alternative diagnostic methods may gain popularity over time. Strict regulations for approval of new cardiac biomarkers. Reimbursement issues may limit the adoption in some regions.
Key Takeaways
The Global Cardiac Biomarkers Market Share is expected to witness high growth. Factors such as rising prevalence of cardiovascular diseases, growing geriatric population, increasing healthcare expenditure, and technological advancements are expected to boost the market during the forecast period. The global Cardiac Biomarkers Market is estimated to be valued at US$ 9836.55 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
Regional analysis: North America dominated the global market and is expected to continue its dominance during the forecast period. This is attributed to growing elderly population suffering from heart diseases, availability of reimbursements, and presence of major players. However, Asia Pacific is expected grow at fastest pace due to growing awareness, increasing healthcare spending, and improving healthcare infrastructure.
Key players: Key players operating in the cardiac biomarkers market are Abbott Laboratories, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Randox Laboratories Ltd., Siemens Healthineers, and BioMérieux SA. These players are focusing on expanding their product portfolios and geographic presence through mergers and acquisitions to strengthen their market position.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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