by The global troponin market is projected to register significant growth over the forecast period owing to the increasing incidence of cardiovascular diseases globally. Troponins are cardiac biomarkers that are released into the bloodstream when the heart muscle undergoes damage or injury. They play a vital role in the diagnosis of acute myocardial infarction by indicating minor heart injury. Rising prevalence of coronary artery diseases, heart attacks, strokes, and other heart conditions have augmented the demand for troponin tests in recent years.
The Global Troponin Market is estimated to be valued at US$ 1.38 BN in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Global Troponin Market Growth are Roche Diagnostics, Abbott Laboratories, Beckman Coulter, Response Biomedical, Vitro, Siemens Healthcare GmbH, Radiometer Medical ApS, bioMérieux SA, Thermo Fisher Scientific, Mitsubishi Chemical Europe, and other prominent players.
The growing incidence of cardiovascular diseases and rising geriatric population prone to heart conditions have fueled the demand for troponin testing globally. According to the World Health Organization, cardiovascular diseases are the leading cause of death worldwide, taking an estimated 17.9 million lives each year.
The market players are expanding their presence in emerging nations through product launches, partnerships, and acquisitions. For instance, in 2022, Roche Diagnostics launched a new high sensitivity troponin I assay in China to aid in the diagnosis and risk assessment of myocardial infarction.
Market Key Trends
The introduction of high sensitivity troponin assays with improved accuracy at lower concentration levels is one of the major trends witnessed in the global troponin market. Earlier assays could detect troponin only if a sizable portion of heart muscle was damaged, lacking precision. However, high sensitivity tests can identify minor injuries hours earlier, improving patient management and outcomes. Their ability to more accurately rule-in or rule-out AMI at the point of care is propelling the next generation troponin testing market.
Porter’s Analysis
Threat of new entrants: New entrants face high threat from large companies establishing their brand and offering high quality products.
Bargaining power of buyers: Buyers have low bargaining power due to the availability of a limited number of manufacturers globally.
Bargaining power of suppliers: Suppliers have moderate bargaining power as they supply raw materials and components which cannot be easily substituted.
Threat of new substitutes: Substitutes pose a moderate threat as companies are constantly innovating to provide better products.
Competitive rivalry: Intense competition exists among existing players to lead the market.
The global troponin market is concentrated in North America due to growing incidence of cardiovascular diseases and availability of advanced healthcare facilities. The US dominates the North America troponin market. Asia Pacific is the fastest growing region for the global troponin market. Increasing healthcare expenditure, rising awareness about cardiac biomarkers, and growing geriatric population are driving the market in Asia Pacific.
Geographical Regions
The global troponin market is concentrated in North America due to growing incidence of cardiovascular diseases and availability of advanced healthcare facilities. The US dominates the North America troponin market. Asia Pacific is the fastest growing region for the global troponin market. Increasing healthcare expenditure, rising awareness about cardiac biomarkers, and growing geriatric population are driving the market in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
