by Cardiac biomarkers are proteins found in the blood that can help detect if a person is experiencing a cardiac event like a heart attack. Commonly tested cardiac biomarkers include troponin and creatine kinase-MB. These biomarkers provide invaluable insights into the condition of the heart and are used extensively in clinical decision making during treatment of acute and chronic cardiovascular conditions. The global cardiac biomarkers market owes its growth to the rising incidence of cardiovascular diseases and growing preference for lab-on-a-chip testing due to quick results.
The Global Cardiac Biomarkers Market is estimated to be valued at US$ 11331.71 Mn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
Key Takeaways
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 major players are focusing on new product launches and strategic collaborations to expand their presence and gain more market share.
The increasing prevalence of cardiovascular diseases globally is expected to drive the demand for Cardiac Biomarker Market testing over the forecast period. Cardiovascular diseases have become one of the major causes of mortality and disability worldwide. Early diagnosis can help reduce mortality rates significantly.
The market is witnessing increasing penetration in developing regions due to growing awareness regarding benefits of early disease diagnosis and expansion of healthcare infrastructure. Asia Pacific region is expected to witness highest growth during the forecast period owing to increasing healthcare investments and rising living standards in the region.
Market key trends
One of the major trends driving the Cardiac Biomarkers market growth is the increasing adoption of remote patient monitoring. Remote monitoring allows continuous monitoring of patients at home and automatic transmission of health data to healthcare providers. This enables early detection of any abrupt changes in biomarker levels indicating a cardiac event. This is expected to significantly drive the demand for cardiac biomarker testing kits. Biomarker data along with other vital signs monitored remotely can help physicians make timely clinical decisions and prevent hospitalizations. The trend is still in nascent stages but holds huge potential for market growth in the coming years.
Porter’s Analysis
Threat of new entrants: Low requirement for great infrastructure and high cost of R&D and regulation compliance makes threat low.
Bargaining power of buyers: Large number of buyers and standardized products gives buyers a high bargaining power to negotiate on price.
Bargaining power of suppliers: Suppliers have medium bargaining power due to differentiated products and services and emergence of alternate suppliers.
Threat of new substitutes: Substitutes like laboratory tests and imaging pose medium threat as cardiac biomarkers have advantages of early detection and disease stratification.
Competitive rivalry: Intense competition among existing big players and emergence of local players increasing price pressure in the market.
Geographical Regions
North America region dominates the global cardiac biomarkers market owing to increased incidence of cardiovascular diseases, rise in geriatric population, and increased funding for research. The region accounted for around 43% share of the global market in 2020.
Asia Pacific is projected to witness the highest growth during the forecast period owing to increased awareness, improved accessibility to healthcare facilities, and rising healthcare spending in countries like China and India. Better reimbursement policies and rapid economic growth are expected to drive the Asia Pacific market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
