by Cardiac biomarkers are biological molecules found in the blood that indicate the possible presence and severity of damage to the heart. Some key cardiac biomarkers include troponin, cardiac troponin T, cardiac troponin I, CK-MB, D-Dimer, BNP, and NT-proBNP. These biomarkers play an important role in the diagnosis of cardiac conditions such as myocardial infarction, congestive heart failure, and acute coronary syndrome. The demand for cardiac biomarkers has increased in recent years as detection of biomarkers in the early stages aids effective treatment of cardiac conditions and improves clinical outcomes.
The global Cardiac Biomarkers Market is estimated to be valued at US$ 9836.55 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Early disease detection presents a major market opportunity for players in the cardiac biomarkers market. Measurement of cardiac biomarkers allows clinicians to detect cardiac injury or stress in the early stages, often before symptoms occur. This enables timely clinical management and improves treatment outcomes. As demand for early diagnosis rises among consumers, implementation of cardiac biomarker testing is expected to increase significantly. Development of high sensitivity assays for detection of biomarkers will further aid in detecting cardiac conditions at an early stage. This growing need for early disease detection through improved diagnostic capabilities is expected to drive robust growth of the cardiac biomarkers market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the cardiac biomarkers market requires high R&D investments and regulatory approvals. However, gradually declining costs of analytics technologies can motivate new companies to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many players offering substitutable biomarkers. Buyers can negotiate on price points which pressures companies to reduce their margins.
Bargaining power of suppliers: Suppliers of raw materials and commodities have moderate to low bargaining power in this market since biomarkers have no substitutes and suppliers are dependent on stable demand from the industry players.
Threat of new substitutes: Threat of new substitutes is moderate as no major substitutes exist for biomarkers but gradually novel technologies such as omics and digitized assays can pose threats.
Competitive rivalry: The competitive rivalry is high owing to many regional as well as international players competing to gain market share through product advancements.
SWOT Analysis
Strength: The cardiac biomarkers market is driven by the rising prevalence of cardiovascular diseases, technological advancements in diagnosis and growing demand for minimally invasive testing.
Weakness: Low awareness in developing regions, complexity in differentiation between subtypes of myocardial infarction and reliability of results are some weaknesses.
Opportunity: Emerging economies with large patient pools and increasing healthcare investments offer opportunities for market players. Also, novel biomarker combinations and digital/point-of-care solutions provide lucrative opportunities.
Threats: Stringent regulations, reimbursement issues and preference for alternate testing modalities in developing nations pose threats to market players.
Key Takeaways
The Global Cardiac Biomarkers Market Share is expected to witness high growth at a CAGR of 6.0% during the forecast period from 2023 to 2030. The market size for cardiac biomarkers was valued at US$ 9836.55 Mn in 2024 and is anticipated to reach US$ 15,874.12 Mn by 2030.
Regional analysis related content comprises:
North America dominated the cardiac biomarkers market and accounted for more than 35% share in 2024 owing to the growing prevalence of cardiovascular diseases, availability of advanced healthcare facilities and presence of major market players in the region. Asia Pacific is anticipated to witness the fastest growth at a CAGR of around 7.5% during the forecast period due to the increasing healthcare expenditure, large patient population and growing medical tourism in regions like India and China.
Key players related content comprises: Key players operating in the cardiac biomarkers market are 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.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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