Growing prevalence of cardiovascular diseases and increasing hospitalization driving the global cardiac biomarkers market

calendar_today 14 December, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global cardiac biomarkers market was valued at ~US$ 14.10 billion in 2021. The market is expected to witness a CAGR of ~10.8% from 2022 to 2030. 

Cardiac biomarkers are used to analyze different cardiovascular diseases as these biomarkers are released in various cardiological medical conditions such as congestive heart failure, acute coronary syndrome, myocardial infarction, and many more. Additionally, rising cardiovascular illness occurrences, widespread patient awareness, and technological advancements drive the global cardiac biomarkers market growth. Increasing public and private sector initiatives, as well as increased consumer demand for POC (point of care) cardiac biomarker testing kits, contributes to the market development. The market growth is also propelled by rising healthcare expenditure and an increase in R&D activity for the development of diagnostic techniques. 

The growing prevalence of cardiovascular diseases is a major driver of this market. The growing adoption of sedentary lifestyles and increasing consumption of sugary & unhealthy diets may lead the path to the occurrence of such medical conditions. Risk factors such as obesity, smoking, consumption of tobacco, etc. can cause the cardiovascular disorder. According to the 2021 WHO report, approximately 17.9 million people died in 2019 due to cardiovascular diseases (CVDs), which is around 32% of all deaths worldwide. Nearly 85% of deaths were caused by heart attack and stroke.

The rising adoption of point-of-care testing (POCT) further contributes to the market growth owing to various advantages provided by this technique in diagnostic procedures, such as reduced therapeutic turnaround time (TTAT), better results, and increased clinical efficacy. Furthermore, the cost of diagnostic procedures is also reduced, and it provides instant results for early detection and treatment of CVDs. Thus, these factors further boost the growth of the cardiac biomarkers market. Key market players are aggressively investing in the development of rapid biomarker test kits in order to harness untapped opportunities.

Growth in research & development (R&D) activities funded by government and private bodies have a great impact on the overall cardiac biomarkers market growth. Ongoing research on advancing the detection process using enhanced technologies to provide the customer with satisfactory outcomes and also to develop an efficient technique at low costs are the few factors proportionately boosting the market growth. For instance, in April 2021, Roche announced its new series with the five new intended use of two key cardiac biomarkers using the Elecsys technology, i.e., highly sensitive cardiac troponin T (cTnT-hs) and N-terminal pro-brain natriuretic peptide test (NT-proBNP). Elecsys NT-proBNP help in the early detection of type-2 diabetes and the risk of developing atrial fibrillation (AF). Elecsys cTnT-hs provides healthcare professionals with data to predict heart attack risk and mortality in non-cardiac surgery patients.

Strict government regulations and complicated diagnostic standards may hinder the expansion of the cardiac biomarker market. Furthermore, technical issues with sample collection and storage may potentially impede market expansion. Casualty caused by negligence in sample collection can prove fatal for the patient because of incorrect results, thus affecting the overall market growth. 
North America dominates the global cardiac biomarkers market with the largest revenue share. The growth of the region can be attributed to the large healthcare expenditure, evolved healthcare infrastructure, and rapid introduction of novel diagnostic technologies in the region. Moreover, favorable reimbursements also play a key role in the dominant position of the North America market. A large pool of the geriatric population and the presence of key market players further facilitate the growth of the North America market. Europe holds the second largest revenue share in the global market for cardiac biomarkers, which can be ascribed to a variety of factors, including the continued implementation of enhanced technologies, sophisticated healthcare infrastructure, and a consistent increase in the elderly population.

Asia Pacific is an emerging region in this market owing to the growing usage of advanced diagnostic technologies, rising healthcare expenditure, and evolving healthcare infrastructure. Other factors influencing the development of the cardiac biomarkers market in the Asia Pacific include burgeoning medical tourism and the strategic penetration of market players in emerging economies.

Some prominent players operating in the cardiac biomarker market are Siemens AG, Bio-Rad Laboratories Inc., bioMérieux SA, Beckman Coulter Inc., F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Danaher Corporation, Randox Laboratories Ltd., Life Diagnostics Inc., and QuidelOrtho Corporation among others.

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