Cardiac test kits are available with a multiple array of combination tests that can detect biomarkers’ presence and facilitate a comparatively easy diagnosis of cardiac diseases. The thriving demand for these biomarker test kits is attributed to fast results and quick diagnoses obtained through them. They can reduce diagnostic time and thus expedite the treatment process.
A newly published market research report by Fact.MR, a market research and competitive intelligence provider, reveals that worldwide demand for Cardiac Biomarkers Market is estimated at US$ 13.37 billion in 2023. The cardiac biomarkers market is projected to expand at a CAGR of 11% and reach a market value of US$ 38 billion by 2033.
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Key Companies Profiled
Abbott, Siemens Healthineers, Randox Laboratories Ltd., Life Diagnostics, Creative Diagnostics, Quidel Corporation, F. Hoffmann-La Roche Ltd., Biomerieux SA, Bio-Rad Laboratories, and Danaher Corporation are some of the prominent manufacturers of cardiac biomarkers.
Increasing cases of cardiovascular diseases are predicted to boost the opportunities for market players over coming decade.
- According to a report by the World Health Organization (WHO) in 2021, around 17.9 million people die every year due to cardiovascular diseases.
Key Takeaways from Market Study
- The global cardiac biomarkers market stands at US$ 13.37 billion in 2023.
- Worldwide demand for cardiac biomarkers is predicted to rise at a CAGR of 11% through 2033.
- Sales of cardiac biomarkers around the world are anticipated to reach US$ 38 billion by 2033.
- Demand for cardiac biomarkers for congestive heart failure is predicted to accelerate at a CAGR of 12.3% from 2023 to 2033.
“Rising prevalence of acute coronary syndrome, growing need to quickly detect cardiac diseases, rising demand for POC (point-of-care) cardiac testing kits, and technological advancements in cardiac biomarkers are driving opportunities for market players,” says a Fact.MR analyst.
Rising Cases of Congestive Heart Failure Boosting Demand for Troponin Testing
Based on the product, the market is classified into creatine kinase, troponins, myoglobin, natriuretic peptides, and ischemia modified albumin (IMA). Among these, demand for troponin is predicted to increase at a significant rate and is estimated to hold a significant share of the global market revenue over the coming decade.
Rising prevalence of myocardial infarction and acute coronary syndrome around the world is generating demand for effective diagnostic tools, including cardiac biomarkers. The growing number of incidences related to congestive heart failure is also driving market growth.
Limited Specificity and Several Side Effects of Cardiac Biomarkers Restraining Their Demand
There are certain factors associated with cardiac biomarkers that are projected to adversely impact their demand. Firstly, the limited specificity of cardiac biomarkers in certain cases is adversely impacting their demand. Further, there are a few side effects that are associated with the use of cardiac biomarkers, including skeletal muscle injury, etc., which are predicted to adversely affect market growth.
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Which European Country is Considered Highly Profitable for Market Players?
In the realm of medical diagnostics and healthcare innovation, one European country has emerged as an enticing prospect for market players seeking profitable avenues. The United Kingdom, renowned for its advanced medical infrastructure and burgeoning healthcare demands, stands as a beacon of opportunity for industry stakeholders aiming to make their mark in the realm of cardiac biomarkers.
The United Kingdom's allure becomes even more pronounced when scrutinizing the escalating cases of myocardial infarction and acute coronary syndrome. These critical cardiac conditions have witnessed a surge in occurrence, necessitating a robust approach to early diagnosis, monitoring, and intervention. This surge has subsequently fueled an intensified demand for advanced diagnostic tools and solutions, notably cardiac biomarkers.
Winning Strategy
Industry participants are making investments for a variety of reasons, including guaranteeing product quality control, upholding product standards, and upgrading the supply chain management systems they have implemented.
To increase their product portfolio and market reach, major firms are investing on product launches, approvals, etc. With the creation of more creative product designs that offer test result specificity, they are focusing on growing their revenue share.
For instance:
- In April 2021, F. Hoffmann-La Roche Ltd. announced the launch of its five new applications for its prominent key cardiac biomarkers that were in combination with the company’s Elecsys technology. They work efficiently in managing cardiovascular diseases and thus assist clinicians in the diagnosis of heart attacks and managing heart failures.
- In April 2021, Siemens AG announced that the company got CE Mark approval for Atellica VTLiPatient-side Immunoassay Analyzer, which is a high-sensitivity troponin I test. This device can detect acute myocardial infarction more effectively.
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