Increase in healthcare spending and technological advancement will help in the expansion of the market

calendar_today 24 August, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global heart attack diagnostics market was pegged at~US$ 12.45 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~7.9% from 2022 to 2030.

Heart attack is characterised by a blockage in one or more of the arteries that supply the heart with blood and oxygen. The main causes of heart attacks are growing incidence of chronic cardiac conditions resulting from old age, sedentary lifestyle choices, such as excessive alcohol consumption, cigarette smoking, and fast-food consumption. Furthermore, heart attacks can also be caused by other medical issues. Nearly 45% of US individuals are at risk for developing a cardiac ailment of some kind, especially a heart attack, which is the main factor driving the rise of the heart attack diagnostics market during forecast period. For the diagnosis of a heart attack, there are numerous diagnostic techniques available.

The market for heart attack diagnostics is growing as a result of a number of factors, including an increase in healthcare spending, collaborations and partnerships between major players to speed up drug development, an increase in R&D activities, the introduction of novel devices, and technological advancement. For instance, even for cardiac specialists, making the diagnosis of heart failure can be challenging. According to the NPJ Digital Medicine article from April 2020, medical professionals can get help from the AI-CDSS (Artificial Intelligence-Clinical Decision Support System) when determining the cause of heart failure. The knowledge base for heart failure diagnosis in AI-CDSS for cardiology was produced utilising a hybrid (expert-driven and machine-learning-driven) knowledge acquisition technique. Generally, machine learning and natural language processing techniques are used by AI-CDSS to learn from organised and unstructured data. Additionally, a study that included both HF and non-HF patients revealed that the AI-CDSS had very good diagnostic accuracy in these individuals. In contrast hand, non-HF specialists displayed a relatively low level of HF diagnosis accuracy. Therefore, AI-CDSS may be effective for HF diagnosis, particularly in the absence of HF specialists. Thus, all the above factors are responsible for the growth for the market during forecast period.

The heart attack diagnostics market perspective has been strengthened by research and studies regarding the major healthcare segments. For instance, according to an article in Europe's "Heart Failure & Policy," medical practitioners sometimes mistake with heart failure symptoms for signs of ageing or concomitant conditions. It is expected that raising awareness of these accidents may increase the use of heart attack diagnostic services for the early detection of patients. However, the expansion of the heart attack diagnostics market will be hindered by the greater cost of diagnostic products, a lack of experienced professionals, and low Medicare reimbursement granted for the portable cardiac outpatient telemetry electrocardiogram (ECG).

It is predicted that North America will dominate the global heart attack diagnostics market. It is anticipated that rising consumer knowledge of heart attacks, their causes, and risk factors, as well as rising consumer use and acceptance of technologically sophisticated diagnostics, will support market expansion. Furthermore, the region's growth is also linked to factors including rising obesity rates, heavy smoking, a high standard of living in the region, and increased knowledge of myocardial infarction. For instance, the Centers for Disease Control and Prevention (CDC) reports that during the pandemic, the proportion of overweight or obese youngsters in the US, which has been rising gradually for years, increased to previously unheard-of heights. Children between the ages of 6 and 11 and those who were overweight prior to the pandemic, experienced the most rise. At least 35 percent of state population self-reported obesity, up from 12 to 16 states in 2020.

During the projected period, it is estimated that the Asia Pacific area would experience the fastest growth. The cause of this is the significant burden of cardiac diseases in the emerging nations, including India, where 2.4 million people die from heart disease each year. Due to the rising rates of heart disease, there is an urgent need to implement awareness campaigns and cutting-edge diagnostics, which is anticipated to propel market expansion.

Some of the key players operating the market global heart attack diagnostics market include Siemens Healthineers AG, Schiller AG, AstraZeneca PLC, GE Healthcare Inc., F. Hoffman La-Roche Ltd., Koninklijke Philips N.V., Welch Allyn Inc., Canon Medical Systems Corporation,Bio-Rad Laboratories Inc., Toshiba International Corporation, Abbott Laboratories Inc., and Danaher Corporation, among others.

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