Cardiac Biomarkers Testing Market Growing At A CAGR Of 11.4% And To Target $18.23 Billion By 2026
Pune, Maharashtra, India, February 18 2021 (Wiredrelease) Allied Analytics –:The global cardiac biomarkers testing market has witnessed significant growth in the past few years, and is anticipated to continue to grow at a consistent pace, due to high prevalence of cardiac diseases that widely remain undiagnosed. Large number of cardiac biomarkers in pipeline, augmented patient awareness toward the importance of early detection of cardiovascular diseases, and opportunities in untapped countries such as India, China, and other Asia-Pacific countries are the key factors that contribute toward the growth of the market. In addition, introduction of novel cardiac biomarkers for point of care (POC) testing and facilitating quick results for chronic patients serve as opportunistic approaches to drive the market growth.
The global cardiac biomarkers testing market size generated $7.63 billion in 2018, and is projected to reach $18.23 billion by 2026, growing at a CAGR of 11.4% from 2019 to 2026. The cardiac troponins segment, both T and I, forefronts among all other cardiac biomarker types, holding the largest share due to its strong performance, as cardiac troponins are the most sensitive and specific biomarkers for subsequent events of myocardium injury.
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1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
However, premium pricing of approved and novel single used cardiac biomarkers and uncertain government regulation regarding the approval for biomarker tests and assays are expected to hinder the market growth during the analysis period.
Presence of large undiagnosed patient population, rise in incidence of cardiovascular diseases (CVDs), rapid urbanization, increase in disposable income, improved government funding toward healthcare, and surge in awareness about cardiac events, i.e., quick checkups after the onset of chest pain are the prime reasons responsible for the market growth in North America. Furthermore, the market growth is driven by novel progress in the treatments with improved overall survival benefits using multi-assay biomarkers. The survival benefit would be influential in governing the peak sales and market penetration of novel approved cardiac biomarker-based devices.
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Based on cardiac biomarker type, the market is segmented into creatine kinase (CK-MB), troponins T and I, myoglobin, BNPs, IMA, and others. The IMA segment is expected to grow at high CAGR, as these biomarkers improve the sensitivity and negative predictive value for the diagnosis of myocardial ischemia when used in combination with standard cardiac biomarkers.
The applications covered in the study include myocardial infarction, congestive heart failure, acute coronary syndrome, atherosclerosis, and others. The congestive heart failure segment is expected to register the highest growth rate, owing to increased demand for biomarker tests for early detection of heart failure.
North America led the global market in 2018, due to high demand for cardiac testing, increase in prevalence rate of CVD, and rise in awareness toward cardiac diagnostics solutions. Moreover, intensive efforts taken by government and research institutes to deal with critical cardiac diseases and increase in R&D activities related to cardiac biomarkers are expected to boost the market growth in North America.
The Major Key Players Are:
• Roche Diagnostics
• Abbott Laboratories
• Siemens Healthcare
• Dickinson and Company
• Bio-Rad Laboratories
• BioMerieux, PerkinElmer Inc.
• Tosoh Corporation
• Danaher Corporation
• Thermo Fisher Scientific.
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Key Findings of the Cardiac Biomarkers Testing Market:
• By type, the troponin segment is projected to dominate the market during the forecast period.
• The myocardial infarction segment is expected to grow more than twofold during the forecast period.
• Laboratory testing market is expected to garner XX of the overall market revenue by 2026
• Based on location of testing segment, the point of care cardiac biomarker testing segment is projected to grow at a CAGR of XX% throughout the forecast period.
• Asia-Pacific region holds immense future market potential as there is a higher count of undiagnosed Cardiac patients diagnosed precisely
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