Cardiac biomarkers refer to proteins that are found in blood when the heart muscle has been damaged or is under strain. They are released into bloodstream by damaged heart cells. Doctors can measure them to help determine if a patient is experiencing a heart attack or other conditions such as heart failure, myocarditis and pulmonary embolism. The demand for cardiac biomarkers is increasing due to growing geriatric population, increasing incidences of cardiovascular diseases and technological advancements in point-of-care testing.
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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Point-of-care (POC) testing technologies are gaining popularity owing to their ability to provide quick results outside conventional laboratory settings. These technologies deliver diagnostic results at or near the site of patient care without requiring samples to be sent to a central lab. They enable fast diagnosis and treatment of cardiac conditions, thereby propelling demand for cardiac biomarkers. Several market players are focusing on developing advanced POC testing platforms for cardiac biomarkers which provide accurate and rapid results. For instance, Roche Diagnostics launched a new high sensitivity troponin test that runs on its cobas point-of-care testing system to help physicians rapidly rule-in or rule-out heart attacks.
SWOT Analysis
Strength: The Global cardiac biomarkers market Size offers various diagnostic tests and kits to detect cardiac damage or injury. This helps diagnose cardiovascular diseases precisely at an early stage.
Weakness: High costs involved in the development and commercialization of novel cardiac biomarkers. Stringent regulatory approvals delay the time to market of newly developed cardiac biomarkers.
Opportunity: Rising incidences of cardiovascular diseases worldwide presents an opportunity for market players to expand their business. Growing demand for point-of-care testing also opens up opportunities.
Threats: Presence of other alternative diagnostic technologies poses competition to cardiac biomarkers. Reimbursement issues in developing nations restrict market growth.
Key Takeaways
The global cardiac biomarkers market is expected to witness high growth. The market was valued at US$ 9836.55 Mn in 2023 and is anticipated to reach over US$ 25326.97 Mn by 2030, expanding at a CAGR of around 10% during the forecast period.
Regional analysis
North America dominates the global cardiac biomarkers market and is expected to continue its dominance through the forecast period. This is attributed to the growing cases of cardiovascular diseases and rising adoption of advanced diagnostic technologies in the region. The Asia Pacific is projected to witness the fastest growth during the forecast period owing to increasing healthcare expenditure, growing awareness regarding cardiac disorders, and rising geriatric population.
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. The major players are focusing on new product launches, collaborations, and geographic expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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