Cardiac Marker Testing Market projected to reach USD 7.7 billion by 2027 from USD 5.0 billion in 2022, at a CAGR of 8.7% during the forecast period.
Growing incidence of cardiovascular diseases (CVD) and rising hospitalization rate has accelerated the demand for rapid diagnosis of CVD globally. With the growth in the aging population, the proportion of elderly individuals predisposed to developing CVD will continuously increase. Moreover, the growing initiatives by public and private organizations to boost the clinical trials for the identification of novel cardiac biomarkers are expected to fuel the growth of the market
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Key Market Players
Some of the prominent players in the cardiac marker testing market include F.Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (US), Danaher Corporation (US), Siemens Healthineers AG (Germany), PerkinElmer, Inc. (US), bioMérieux SA (France), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), DiaSorin (Italy), and Tosoh Corporation (Japan), LSI Medience Corporation (Japan), Quidel Corporation (US), Randox Laboratories (UK), Guangzhou Wondfo Biotech Co., Ltd. (China), among others.
An analysis of market developments between 2019 and 2022 revealed that several growth strategies such as partnerships & agreements, joint ventures, and strategic acquisitions were adopted by market players to strengthen their service portfolios and maintain a competitive position in the cardiac marker testing market
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Cardiac marker testing Market Dynamics
Driver: Growing incidence of cardiovascular diseases
Cardiac biomarkers help in the early detection and diagnosis of various cardiovascular diseases, such as myocardial infarction, acute coronary syndrome, heart attack, and heart failure. According to the World Health Organization (WHO), approximately 32.4 million myocardial infarctions or strokes are reported globally annually. In addition, acute coronary syndrome (ACS), a common complication of coronary heart disease, is associated with more than 2.5 million hospitalizations worldwide. Thus, the rising incidence of cardiovascular diseases is anticipated to increase the demand for early diagnosis, further accelerating the adoption of cardiac biomarker tests.
Restraint: Technical problems related to sample collection and storage
Cardiac biomarkers are used in epidemiology study to carry out investigation of different stages of diseases in humans. This process demand a careful handling and storage of precious biological samples to obtain a large amount of information from a limited samples.
A stringent quality control is needed for these samples to provide right condition of storage to avoid the loss of data. Cardiac biomarker studies using archived specimens is dependent on the integrity of specimens and way in which they are collected, processed, and stored. The technical issues in both sample collection and storage are likely to hamper the growth of the overall cardiac biomarkers market, especially the laboratory-based testing segment.
Opportunity: Emerging markets offer high-growth opportunities
Emerging markets such as India and China offer significant growth opportunities for cardiac diagnostics due to the growing patient population due to the increasing burden of cardiovascular diseases in these countries. According to the Indian Heart Association (IHA) 2019, India accounted for 60% of the global heart disease burden, and around 50% of all heart attacks in Indian men occur under the age of 50 years. Similarly, the burden of cardiovascular disease (CVD) has rapidly increased in China owing to the increased risk d cardiovascular disease factors such as high blood cholesterol, obesity, and diabetes mellitus. The increasing burden of cardiovascular diseases in emerging countries will drive the demand for early disease diagnostic, accelerating the adoption of cardiac marker testing products.
North America to command the largest share of the cardiac marker testing market in 2021
Based on region, the cardiac marker testing market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa North America accounted for the largest share of the cardiac marker testing market in 2021. The growth of the North American market is primarily driven by the increasing geriatric population, high incidence/prevalence of cardiovascular diseases, increasing number of cardiac marker testing procedures, and strong foothold of well-estanlished players with strong cardiac biomarker testing product portfolio. Moreover, the rising support from the government to support the discovery of new cardiac biomarker is likely to boost the cardiac marker testing market in North America.
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