Cardiac Biomarkers Market
The key factors that drive the cardiac biomarkers market are the increasing prevalence of cardiovascular diseases and lifestyle diseases, increasing prevalence of cardiovascular diseases and lifestyle diseases, increase in demand for disease-specific treatment & research in which cardiac biomarkers are used, technological advancements in cardiac biomarkers, and favorable government initiatives to create awareness related to cardiovascular diseases. However, a lack of awareness among people is expected to hamper market growth.
The global cardiac biomarkers market is expected to register a CAGR of 16.36% during the forecast period and is expected to hit USD 4236.02 Million by 2027.
There are a number of factors that impact the growth of the cardiac biomarkers market. Some of the key factors include a rise in demand for diagnostic and testing of various cardiovascular diseases, development and advancement in cardiac biomarkers, and growth in the patient population suffering from cardiovascular diseases. Other key growth drivers include the rise in the number of new cardiovascular cases diagnosed each year and the increase in demand for disease-specific treatment in which cardiac biomarkers are used. The increasing prevalence of cardiovascular diseases is expected to boost the cardiac biomarkers market during the forecast period.
Major Key Players:
Some of the key market players are Novartis Ag, Quidel Corporation, ACS Biomarker B.V., Randox Laboratories Ltd., Trivitron Healthcare, F. Hoffman La Roche Ltd., Johnson & Johnson Services Inc., Abbott Laboratories, Siemens, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, and Biomérieux Sa.
Segment Analysis
The cardiac biomarkers are widely used as an integrated diagnostic approach for various cardiovascular diseases. The market has been segmented based on cardiac biomarker type - Creatine Kinase (CK-MB), Troponins T and I, myoglobin, BNPs, IMA, and others. Troponins I and T isthe highest revenue-generating segment in the overall cardiac biomarker market due to theirprodigious specificity and theirability to accurately detect the cardiac events of Acute Coronary Syndrome (ACS). It is also anticipated to exhibitthe highest growth during the forecast period.
Based on application, the market is segmented into myocardial infarction(MI), congestive heart failure, acute coronary syndrome, atherosclerosis, and others. Myocardial infarction (MI) holds the highest market share, followed by Acute Coronary Syndrome (ACS) due to the highest prevalence rate among cardiovascular diseases (CVDs). Myocardial infarction is projected to grow at the highest CAGR of 11.5% during the study period.
The location of the testing segment is classified as point-of-care testing and laboratory testing. Doctors and clinicians largely prefer point-of-care cardiac testing for rapidpatientmonitoring with chest pain in an emergency care unit, resulting inthe highest CAGR. Laboratory testing is expected to grow at a significant CAGR of 9% during the period of 2020 to 2027.
Regional Analysis
Based on region, the global cardiovascular biomarkers market is segmented into the Americas, Europe, Asia-Pacific, and MEA. The Americas leads the global market due to the high CVD prevalence rate, high demand for cardiac testing, and rising awareness aboutcardiac diagnostics solutions. Asia-Pacific is expected to register the highest CAGR due to increasing disposable incomes,modernization, and rising affordability for advanced cardiac treatments.
The Americas dominated the cardiac biomarker market in 2019 and is likely to continue to command during the assessment period. This can be attributed to the high prevalence of cardiovascular diseases & diabetes, product launch, and acquisition in this region. As per the Centers for Disease Control and Prevention, heart disease is one of the leading causes of death in the US. Around 655,000 Americans die from heart disease each year, or one person dies every 36 seconds in the US from cardiovascular disease. Heart disease costs the US about USD 219 billion each year from 2014 to 2015. Furthermore, the key players in the regional market are also focused on product development and launch to expand their product portfolio.
Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2020 to 2027. This is owing to the high incidence of cardiovascular diseases, COPD, and diabetes. As per the American Diabetes Association, more than 60% of the entire diabetic population lives in Asia. India and China are highly populated countries.
Moreover, various initiatives taken by the governments in Asia-Pacific to support the healthcare system are also fueling the regional market's growth. For instance, in August 2020, the Government of India announced a national health ID for every Indian to create a centralized mechanism to identify every participating user in the National Health Stack uniquely. Furthermore, the rising per capita disposable income of middle-class families, which accounts for a large population in Asia, results in individuals spending more on health. This is driving the growth of the cardiac biomarkers market in the region during the forecast period.
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