The Cardiac Biomarkers market is estimated to be valued at US$ 9836.55 Mn in 2023 and is expected to exhibit a CAGR of 10 % over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac biomarkers are substances released into the blood when the heart is damaged or stressed. They are routinely measured and used for diagnosis of conditions affecting the heart like myocardial infarction and congestive heart failure. The major products in this market include troponin, CK-MB, myoglobin, BNP, and NT-proBNP. They are commonly used in laboratories and hospitals for diagnosis, prognosis and guiding treatment of cardiovascular diseases. Their use enables early detection of myocardial injury which aids clinical decision making and improved therapeutic management.
Market Dynamics:
Increasing prevalence of cardiovascular diseases is a major driver fueling growth of this market. As per the World Health Organization, cardiovascular diseases account for over 17.9 million deaths annually, making it the leading cause of mortality worldwide. Additionally, growing geriatric population which is more susceptible to heart conditions also contributes to market growth. According to the United Nations, number of people aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050. Furthermore, technological advancements enabling development of novel high sensitivity biomarkers with improved accuracy and rapid detection is also supporting market expansion over the forecast period. However, complexity and limited knowledge regarding use of biomarkers among healthcare professionals poses a challenge to market.
SWOT Analysis
Strength: Cardiac Biomarkers have high accuracy in detecting cardiovascular diseases which helps in early diagnosis and treatment. They enable minimally invasive testing which helps reduce healthcare costs. Rapid technological advancements are improving the sensitivity and specificity of various Cardiac Biomarker tests.
Weakness: Variations exist in Biomarker levels among different populations which can complicate the diagnosis. False positives can occur which may lead to unnecessary treatments.
Opportunity: Rising geriatric population worldwide is increasing the risk of cardiovascular diseases, driving the need for accurate diagnostic tests. Growing healthcare expenditure in emerging economies is expanding the market scope.
Threats: Stringent regulations for new product approvals may delay market entry. Alternative diagnostic technologies pose competition.
Key Takeaways
The Cardiac Biomarkers Market Growth is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of cardiovascular diseases worldwide. Rapid urbanization and changing lifestyle leading to rise in obesity, diabetes are major drivers.
Regional analysis – North America dominated the market in 2023, owing to presence of advanced healthcare facilities and higher healthcare spending. However, Asia Pacific is poised to exhibit highest CAGR during the forecast period. Growing medical tourism alongside rising healthcare expenditure in China and India provides lucrative opportunities in the region.
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. Abbott Laboratories holds highest market share owing to strong brand presence and wide product portfolio. However, other players are focusing on new product launches and geographical expansion to consolidate their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it