by The Cardiac Biomarkers Market is estimated to be valued at US$ 9836.55 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac biomarkers refer to proteins present in blood that are indicative of damage to the heart muscle. They play a vital role in diagnosing acute myocardial infarction, angina, heart failure, and other cardiovascular conditions. Cardiac biomarkers testing helps in early diagnosis and management of cardiovascular diseases. Cardiac troponin and CK-MB are the commonly used cardiac biomarkers for diagnosis of myocardial infarction.
Market key trends:
Growing adoption of cardiac biomarkers testing kits by hospitals and diagnostic laboratories for early detection of cardiovascular diseases is a major trend witnessed in the market. Cardiac biomarkers have high sensitivity and specificity for cardiac conditions which is resulting in their growing preference over other cardiac diagnostic tests. According to the American Heart Association, increasing incidence of cardiovascular diseases worldwide provides lucrative growth opportunities for cardiac biomarkers testing kits. Furthermore, introduction of high sensitivity assays for cardiac troponin have enabled early detection of myocardial injury. Development of multiplexing technology allows simultaneous measurement of multiple biomarkers which improves diagnostics and prognostication for heart disease management.
Porter’s Analysis
Threat of new entrants: The Cardiac Biomarkers Market Growth requires high R&D investment and regulatory approvals which make it difficult for new companies to enter the market.
Bargaining power of buyers: Individual consumers have little bargaining power due to specialized products and services. However, large hospitals and diagnostic laboratories have significant bargaining power.
Bargaining power of suppliers: A few global players dominate the cardiac biomarkers market, giving them significant bargaining power over buyers.
Threat of new substitutes: No significant substitutes currently exist for cardiac biomarkers used in diagnosis and management of heart diseases.
Competitive rivalry: Intense competition exists among global players to gain more market share through new product launches, geographic expansion, and mergers & acquisitions.
SWOT Analysis
Strength: Cardiac biomarkers have high accuracy in detection of heart conditions and play a vital role in clinical decision making. Growing disease burden of cardiovascular diseases worldwide is driving the demand.
Weakness: Issues related to sample collection, storage and transportation can affect the reliability of results. Limited awareness in developing regions.
Opportunity: Rising geriatric population susceptible to heart ailments present major growth opportunities. Potential of novel biomarkers in early disease detection.
Threats: Stringent regulatory environment. Reimbursement challenges in some regions.
Key Takeaways
The global cardiac biomarkers market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of cardiovascular diseases. The cardiovascular diseases segment holds the largest share due to the large-scale adoption of cardiac biomarkers for diagnosis and management.
Regionally, North America dominated the global cardiac biomarkers market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to established healthcare infrastructure, high awareness about cardiac conditions, and new product launches in the region. Europe and Asia Pacific are expected to be the fastest growing markets due to improving medical facilities, increasing healthcare expenditure and expansion strategies of key players.
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. The leading players are focusing on new product development, approvals and geographic expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
