Trends
Cardiac biomarkers market size to grow by USD 7880.86M
The global cardiac biomarkers market size is estimated to increase by USD 7,880.86 million from 2022 to 2027. The market’s growth momentum will accelerate at a CAGR of 12.6%. The increase in the prevalence of CVDs (cardio vascular diseases) is driving the market growth. According to the Centers for Disease Control and Prevention (CDC), approximately 6.5 million people aged 40 years and above in the US had the peripheral arterial disease (PAD) in 2021. Factors such as low awareness, especially in the growing economies of Asia, are the main reasons for the high prevalence of this disease. Other risk factors include smoking, a high prevalence of cardiac arrhythmias, atherosclerosis, diabetes, and high cholesterol. Therefore, the demand for cardiac biomarkers is expected to increase during the forecast period.
Cardiac biomarkers market – Vendor analysis
Vendor landscape –
The global cardiac biomarkers market is fragmented, with the presence of several vendors. A few prominent vendors that offer cardiac biomarkers in the market are Abbott Laboratories, Advanced ImmunoChemical Inc., BG Medicine Inc., Bio Rad Laboratories Inc., bioMerieux SA, Boditech Med Inc., Creative Diagnostics, Danaher Corp., Diazyme Laboratories Inc., F. Hoffmann La Roche Ltd., Lepu Medical Technology Beijing Co. Ltd., LifeSign LLC, LSI Medience Corp., Noavaran Payesh Aani Salamat. Co., Oy Medix Biochemica Ab, Randox Laboratories Ltd., Response Biomedical Corp., Siemens Healthineers AG, Signosis Inc., AgPlus Diagnostics Ltd., and Tosoh Corp.
The market provides various growth opportunities for vendors. They are engaging in M&A to strengthen their position in the global cardiac biomarkers market. Vendors are also increasing their R&D investments to develop technologically advanced cardiac biomarkers. They are also implementing innovative strategies to remain competitive in the market, such as strategic alliances with other companies. All these factors will intensify competition among vendors during the forecast period.
Vendor offerings –
- Cardiac biomarkers market – Segmentation assessment
- The conventional laboratory testing segment will account for a significant share of the market growth during the forecast period. In this type of testing, a clinician takes a sample of bodily fluid or tissue from the patient and then ensures its packaging and transport. The sample is then shipped to a central laboratory, where it is analyzed by a professional. The long time taken for this process, owing to the need for proper packaging and shipping, lab capacity, test processing, and data sharing may decline the growth of this segment during the forecast period.
- North America is estimated to account for 40% of the growth of the global market during the forecast period. The US and Canada are the key countries in the region. Factors such as high healthcare expenditure, an increasing number of new product approvals, and the rising adoption of technologically advanced cardiac biomarkers are driving the growth of the regional market. Public and private organizations in North America are taking initiatives to increase awareness about CVDs, which will increase funding for research on cardiac biomarkers.
Segment overview
Technavio has segmented the market based on technology (conventional laboratory testing and POC testing), product (troponin, BNP and NT-proBNP, CK-MB, myoglobin, and others), and end-user (hospitals, clinics, and diagnostic laboratories).
Geography overview
Based on geography, the global cardiac biomarkers market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global cardiac biomarkers market.
Cardiac biomarkers market – Market dynamics
Key trends – The increasing focus on personalized medicine is a key trend in the market. The demand for personalized medicine will increase, with the development of genome technology, whole genome testing technology, and companion diagnostics. This will, in turn, drive the demand for diagnostic procedures. For instance, the use of a blood-based biomarker may help predict the efficacy of treatments for preventing myocardial infarction in high-risk patients. Such information is crucial for developing personalized therapies for curing or treating heart-related diseases. Thus, the growing focus on personalized medicine is expected to drive the growth of the market.
Major challenges – A shortage of skilled clinicians is challenging the market growth. Skilled cardiologists are required to perform safe and effective cardiac procedures and diagnose heart diseases. However, there is a shortage of cardiologists globally, including in developed countries. This is due to trends such as consolidation among healthcare organizations, new maintenance of certification (MOC) requirements, reduction in funding for Graduate Medical Education (GME) and research, and a decline in physician reimbursements. In several developing countries, access to cardiovascular care is limited. Technavio
