Cardiac biomarkers are proteins found in the blood that can help detect if a person has a damaged or stressed heart. Some common cardiac biomarkers tests include troponin, CK-MB, myoglobin, BNP, and hs-CRP. These biomarkers play a vital role in diagnosing several cardiovascular conditions such as myocardial infarction, congestive heart failure, and acute coronary syndrome. With rising incidences of chronic heart diseases worldwide due to sedentary lifestyles and unhealthy diets, the demand for cardiac biomarker tests is increasing. According to WHO, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year.
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 key trends:
One of the major trends driving growth in the cardiac biomarkers market is the increasing adoption of high sensitivity troponin assays. Traditionally, conventional troponin assays were used which had low sensitivity and could only detect troponin levels if the heart muscle damage was significant. However, with advancements in technology, high sensitivity troponin tests have been developed that can detect even small rises in troponin levels, helping in early diagnosis of myocardial injury. According to studies, high sensitivity troponin tests have significantly improved the diagnostic accuracy of myocardial infarction. They are now recommended as the preferred troponin test by leading clinical practice guidelines. Widespread adoption of these novel assays by hospitals and laboratories across the globe is boosting the cardiac biomarkers market.
Threat of new entrants: The cardiac biomarkers market requires high R&D investments and regulatory approvals which makes the entry barrier very high for new players.
Bargaining power of buyers: The presence of many established players makes it easy for buyers to switch between brands creating high bargaining power for buyers.
Bargaining power of suppliers: The raw material suppliers have limited bargaining power as there are many supplier options available to players in this market.
Threat of new substitutes: Currently there exist limited substitute options for cardiac biomarkers making the threat of substitution low.
Competitive rivalry: The market has few major international players controlling majority share intensifying competition.
The Global Cardiac Biomarkers Market Demand is expected to witness high growth.
North America dominate the cardiac biomarkers market owing to growing geriatric population, increasing prevalence of cardiovascular diseases and developed healthcare infrastructure in the region. Asia Pacific is expected to be the fastest growing market due to rising healthcare spending, growing disease awareness and increasing focus of international 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 BioMÃ©rieux SA. The major players are focusing on new product launches and expansion strategies to increase their global footprints.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it