In 2022, Tosoh Corporation announced the launch of the ST AIA-PACK BNP cardiac biomarker for the early diagnosis of heart failure.
Northbrook, IL 60062 -- (SBWIRE) -- 08/31/2023 -- The report "Cardiac Marker Testing Market is on a robust growth trajectory, with a projected valuation of USD 7.7 billion by 2027, up from USD 5.0 billion in 2022, reflecting a notable Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period.
One of the driving forces behind this expansion is the escalating incidence of cardiovascular diseases (CVD) worldwide, coupled with an increasing rate of hospitalization due to these conditions. This surge in demand is primarily attributed to the need for swift and accurate diagnoses of CVD, necessitated by the rising health concerns associated with heart-related issues.
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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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The cardiac marker testing market is poised for substantial growth, primarily driven by the increasing prevalence of CVD, the aging population, and concerted efforts to advance cardiac biomarker research through clinical trials. This growth trajectory is expected to result in a market valuation of USD 7.7 billion by 2027.
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.
By product, the reagents and kits segment is expected to grow at the highest CAGR during the forecast period
The growth of the cardiac marker testing reagents & kits market is attributed to the increasing number of cardiac biomarker tests performed owing to the high burden of cardiovascular diseases (CVD) and rising geriatric patient population worldwide. This has accelerated the demand for rapid diagnosis of CVD, resulting in the adoption of cardiac biomarker rapid test kits. Moreover, the introduction of new cardiac biomarker test kit by players is anticipated to support the growth of the segment.
Troponin I and T is the largest biomarker type segment of the cardiac marker testing market
Cardiac troponin are preferred biomarker for the diagnosis of acute myocardial infarction ( AMI) owing to its higher sensitivity and specificity. Several high-sensitivity troponin assays have been launched in the market in recent times. These high-sensitivity troponin assays can detect the protein quickly and at much lower levels than standard troponin tests. Troponin biomarker are also useful in detecting the risk of future heart events, such as heart attacks, in people with no symptoms. All these factors are anticipated to fuel the growth of the segment in coming years.
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period.
The cardiac marker testing market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, Latin America, and Middle East Africa. In 2021, North America commanded the largest share of the global diagnostic imaging service market. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period primarily due by the increasing incidence of cardiovascular disease (CVD), increasing testing procedures, improving healthcare infrastructure and rising adoption fo of advanced immunoassay technology among clinical laboratories. Moreover, growing number of local manufacturers offering cardiac marker testing and increasing number of diagnostic laboratories in the region are expected to provide boost the growth of the market in the region
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