The cardiac biomarkers market has seen significant growth in recent years owing to reliable and rapid detection of cardiovascular diseases using marker proteins. Cardiac biomarkers assist doctors in the diagnosis of myocardial infarction and congestive heart failure by measuring proteins released during injury to heart muscles. Common cardiac biomarkers extensively used include troponin, CK-MB and myoglobin. The global market is driven by rising incidences of cardiovascular illnesses as well as advantages such as high accuracy, reproducibility and predictive capabilities offered by cardiac biomarkers in clinical decision-making.
The Global cardiac biomarkers market is estimated to be valued at US$ 11,331.71 Mn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Cardiac Biomarker 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 key opportunities in the market include development of novel high sensitivity assays and point-of-care testing devices for rapid diagnosis. Technological advancements such as immunoassay techniques and mass spectrometry are enabling detection of lower concentration of biomarkers from minute blood samples.
Market drivers
The rising geriatric population globally that is more susceptible to cardiovascular diseases is a key factor driving the Cardiac Biomarkers market. Cardiac illnesses are a growing cause of mortality among the elderly. Furthermore, increased funding for cardiovascular research from government and private organizations is promoting development of innovative biomarker-based tests with high accuracy. This is expected to propel the market during the forecast period.
Challenges in Cardiac Biomarkers Market
The cardiac biomarkers market is facing various challenges which need to be addressed for future growth. Lack of awareness about the diagnostic benefits of cardiac biomarkers in developing nations is one of the major issues as people are still not fully aware about the role of biomarkers in detecting cardiovascular conditions. Fragmented nature of the market with presence of several local and regional players is another challenge making it difficult to achieve economies of scale. High costs associated with the development of newer biomarkers and limited research funding available for cardiovascular diagnostics are slowing down innovation. Stringent regulations for approval of new cardiac tests is another bottleneck for many small companies to enter this market segment. Reimbursement barriers posed by various healthcare systems also limit the adoption of advanced cardiac biomarker tests in routine clinical use.
SWOT Analysis
Strength: Growing geriatric population prone to cardiovascular diseases is driving the demand. Biomarkers help in early diagnosis and disease monitoring.
Weakness: Accuracy levels need further improvements for some available tests. Cost constraints limit extensive use of advanced panels.
Opportunity: Emerging economies offer huge untapped markets. Point-of-care testing can facilitate adoption in remote areas. Novel biomarkers in pipeline can expand applications.
Threats: Price wars among competitors. Customers may shift to cheaper generic tests after patent expirations. Alternative diagnostic modalities pose substitution threat.
Geographical regions with concentrated market value
North America dominates the global cardiac biomarkers industry with the United States accounting for the major share owing to advanced healthcare infrastructure and widespread medical insurance. Favorable reimbursement policies promote the adoption of new diagnostic procedures in the region.
Fastest growing region for the Cardiac Biomarkers Market
Asia Pacific region is poised to witness the highest growth during the forecast period owing to factors like rising prevalence of CVD, growing health awareness, increasing healthcare expenditures, as well as expanding base of private medical insurance. Presence of low-cost manufacturing capacities and lack of regulatory compliance also attract companies to set up production plants in emerging countries like India and China to cater to domestic as well as international markets.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.