The global cardiac biomarker market is estimated to be valued at US$ 8,099.9 million in 2023 and is expected to exhibit a CAGR of 10.2% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cardiac biomarker market involves the measurement and analysis of specific proteins or molecules released into the bloodstream during a heart-related disorder. These biomarkers play a crucial role in the diagnosis, prognosis, and monitoring of various cardiovascular diseases. The market products provide accurate and timely information about the patient's condition, enabling healthcare professionals to make informed decisions. The need for cardiac biomarkers is driven by the rising prevalence of cardiovascular diseases and the growing demand for personalized medicine in the field of cardiology.
Market Key Trends:
One key trend in the cardiac biomarker market is the increasing adoption of point-of-care (POC) testing. POC testing allows for rapid and convenient measurement of cardiac biomarkers at the patient's bedside, providing immediate results. This trend is driven by the need for early detection and quick diagnosis of cardiovascular diseases, especially in emergency settings. POC testing reduces the turnaround time for results, enabling healthcare professionals to initiate appropriate treatment promptly. Moreover, POC testing devices are portable and user-friendly, making them suitable for use in various healthcare settings, including hospitals, clinics, and ambulatory care centers. The adoption of POC testing is expected to streamline patient care and improve clinical outcomes in the cardiac biomarker market.
Porter’s Analysis
· Threat of New Entrants: The cardiac biomarker market has a moderate threat of new entrants. Although the market is highly specialized and requires significant investment in research and development, there are relatively low barriers to entry. New companies with innovative technologies can potentially disrupt the market, leading to increased competition.
· Bargaining Power of Buyers: The bargaining power of buyers in the cardiac biomarker market is moderate. Buyers, including hospitals, clinics, and diagnostic laboratories, have a wide range of options to choose from, which reduces their dependency on a single supplier. However, the importance of accurate and reliable cardiac biomarker tests gives some power to the suppliers.
· Bargaining Power of Suppliers: The bargaining power of suppliers in the cardiac biomarker market is relatively high. The market is dominated by a few key players who have established themselves as leaders in the industry. These companies have strong relationships with buyers and can exert some influence in terms of pricing and supply.
· Threat of New Substitutes: The threat of new substitutes in the cardiac biomarker market is low. Cardiac biomarker tests are widely accepted as the standard diagnostic tool for cardiovascular diseases. The accuracy and reliability of these tests make it difficult for alternative diagnostic methods to compete effectively.
· Competitive Rivalry: The competitive rivalry in the cardiac biomarker market is intense. There are several key players operating in the market, each offering a wide range of cardiac biomarker products. These companies compete based on product quality, innovation, pricing, and customer service. The market is highly consolidated, with a few major players dominating the market share.
Key Takeaways
The Global Cardiac Biomarker Market Size is expected to witness high growth, exhibiting a CAGR of 10.2% over the forecast period. The increasing prevalence of cardiovascular diseases, the rise in geriatric population, and the growing demand for personalized medicine are driving market growth. Advancements in cardiac biomarker technologies, such as the development of novel biomarkers and point-of-care testing, are also contributing to market expansion.
In terms of regional analysis, North America is the fastest-growing and dominating region in the cardiac biomarker market. The presence of well-established healthcare infrastructure, high healthcare expenditure, and a strong focus on research and development are driving the market in this region. Europe is also a significant market, with increasing awareness about cardiovascular diseases and the adoption of advanced diagnostic technologies.
Key players operating in the cardiac biomarker market include Abbott Laboratories, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Randox Laboratories Ltd., Siemens Healthineers, and BioMérieux SA. These companies have a strong market presence and offer a wide range of cardiac biomarker products. They focus on strategic collaborations, mergers and acquisitions, and product innovations to maintain their competitive edge in the market.
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Transparency Market Research (TMR) has published a new report titled, ‘Cardiac Biomarker Diagnostic Kits Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.
According to the report, the global cardiac biomarker diagnostic kits market was valued at around US$ 2.2 Bn in 2018 and is projected to grow at a CAGR of 5.2% from 2019 to 2027Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=62931Overview Cardiac biomarkers are also called cardiac markers.
In a condition when the heart is damaged or stressed, cardiac biomarkers (endogenous substances including enzymes, hormones, and proteins) are released into the blood.Generally, cardiac markers are used to diagnose heart attack and acute coronary syndrome (ACS) or conditions associated with insufficient blood flow to the heart.
These markers are also utilized in the diagnosis and risk stratification of patients with chest pain.Among cardiac biomarker tests, troponin is the biomarker test of choice for detecting heart damage.
Troponin is elevated within a few hours of heart damage and stays elevated up to two weeks.There are other established biomarkers, such as myoglobin (test used along with troponin for early detection of heart attack) and creatinine kinase isoenzymes (also called cardiac enzyme, which is linked with injury of heart muscle and detection of a second heart attack anticipated shortly after the first)Request COVID Analysis on Cardiac Biomarker Diagnostic Kits Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=62931Rise in prevalence of cardiovascular diseases across the world to Drive MarketGrowing prevalence of cardiovascular diseases across the world is the major driver for the growth of global cardiac biomarker diagnostic kits market.For instance, the American Heart Association estimated that 5 millionadults had cardiovascular diseases between 2013 and 2016Advancements in novel technologies and increasing government funding for cardiovascular disease treatment are some of the major factors responsible for the growth of global cardiac biomarker diagnostic kits marketMoreover, early detection to track the heart condition and integration of cardiology & IT are also some of the major factors fuelling the growth of global cardiac biomarker diagnostic kits marketRequest Customization on Cardiac Biomarker Diagnostic Kits Market Report –https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=62931Troponin Test Kits Segment to Dominate MarketBased on product, the global cardiac biomarker diagnostic kits market has been segmented into troponin test kits, CK-MB test kits, myoglobin test kits, BNP test kits, C-reactive Protein (hsCRP), and other biomarkersTroponin test kits segment is accounted for major market share in global cardiac biomarker diagnostic kits market in 2018Growth of troponin test kits segment can be ascribed to its prodigious specificity and ability to accurately detect the cardiac events of acute coronary syndrome (ACS).Cardiac Heart Failure – Promising Application SegmentIn terms of application, the global cardiac biomarker diagnostic kits market has been divided into angina pectoris, myocardial infarction (MI), cardiac heart failure, and othersAngina pectoris dominated the global market in 2018 and is projected to dominate by the end of 2027 due to high incidence rate of angina pectoris across the globeCardiac heart failure is more lucrative segment during the forecast period which is growing with a higher CAGR during the same period of 2019-2027 owing to rise in number of patient cases for cardiac heart failure across the worldPont-of-care testing Segment– Higher Growth RateOn the basis of testing, the global cardiac biomarker diagnostic kits market has been bifurcated into laboratory testing, and point-of-care testingPoint-of-care testing is more promising segment which is expected to grow with higher CAGR during the forecast period.Easy accessibility of point-of-care testing, increase in preference for point-of-care testing, and new kits & assays being offered by market players for rapid tests are expected to drive the point-of-care testing segment during the forecast period.Diagnostic Laboratory End-user Segment- Major Market ShareBased on end-user, the global cardiac biomarker diagnostic kits market has been segmented into hospitals, clinics, and diagnostic laboratoryDiagnostic laboratory segment dominated the global cardiac biomarker diagnostic kits market in 2018 due to rise in hospital admissions for dental procedures, favorable reimbursement scenario, and increase in number of advanced diagnostic laboratories in the last decade which has led to a higher number of diagnostic tests being performed at these settingsBuy Cardiac Biomarker Diagnostic Kits Market Report – https://www.transparencymarketresearch.com/checkout.php?rep_id=62931=SNorth America to Dominate Global MarketIn terms of region, the global cardiac biomarker diagnostic kits market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.North America accounted for major share of the global cardiac biomarker diagnostic kits market in 2018 due to higher cardiovascular disease patient population, significant average selling price of analyzers, rise in demand for technologically advanced diagnostic instruments with enhanced specificity and precision among cardiologist, and favorable coverage as per the Clinical Laboratory Improvement Amendments for in-vitro diagnostic procedures in the regionFor instance, an article published in the Medscape states that more than8 millionpeople in the U.S. experience symptoms of angina, annually, and more than 500,000 cases are registered every yearThe cardiac biomarker diagnostic kits market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027.
This can be ascribed to growing aging population, developing health care infrastructure, large patient population, increase in funding and investment toward the development of cardiac analyzers, and surge in focus of both international and domestic players in the region.Competitive LandscapeThe global cardiac biomarker diagnostic kits market is consolidated as few players hold major market share in global market.
