by The global cardiac biomarker market is estimated to be valued at US$ 8,099.9 Mn in 2023 and is expected to exhibit a CAGR of 10.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cardiac biomarker market refers to the use of biomarkers to diagnose and monitor cardiovascular diseases. Cardiac biomarkers are proteins released into the bloodstream when the heart is damaged or under stress. These biomarkers play a crucial role in the early detection, diagnosis, and management of various heart-related disorders. The market offers a wide range of cardiac biomarker tests, including troponins, creatine kinase myocardial band (CK-MB), brain natriuretic peptide (BNP), and others. These tests provide several advantages such as improved accuracy, faster results, and early detection, leading to better patient outcomes.
Market key trends:
One key trend driving the growth of the cardiac biomarker market is the increasing prevalence of cardiovascular diseases. As the global population continues to age and lifestyles become increasingly sedentary, the incidence of heart-related disorders such as heart attacks, heart failure, and coronary artery disease is on the rise. This has led to a growing demand for accurate and efficient diagnostic tools, including cardiac biomarkers, to facilitate early detection and timely treatment. Moreover, advancements in technology have contributed to the development of innovative biomarker tests with enhanced sensitivity and specificity, further fueling market growth. The increasing adoption of point-of-care testing and the integration of biomarker testing into electronic medical records systems are other key trends propelling market expansion.
PEST Analysis:
- Political: The political factors influencing the cardiac biomarker market include government regulations and policies regarding healthcare, medical device approvals, and reimbursement policies for diagnostics and treatment. These factors can have a significant impact on the market’s growth and adoption.
- Economic: The economic factors affecting the cardiac biomarker market include healthcare expenditure, affordability of cardiac biomarker tests, and healthcare infrastructure. The market growth is influenced by the economic conditions of countries, as it determines the affordability and accessibility of cardiac biomarker tests.
- Social: The social factors impacting the cardiac biomarker market include the prevalence of cardiovascular diseases, awareness about early diagnosis and prevention, and changing lifestyle patterns. Increased healthcare awareness and initiatives for heart disease prevention can drive the demand for cardiac biomarker tests.
- Technological: Technological advancements in the cardiac biomarker tests and innovations in diagnostic devices have a significant impact on market growth. Emerging technologies such as point-of-care testing, digital biomarkers, and novel biomarker assays contribute to the market’s expansion.
Key Takeaways:
The Global Cardiac Biomarker Market Size is expected to witness high growth, exhibiting a Compound Annual Growth Rate (CAGR) of 10.2% over the forecast period (2023-2030), primarily due to increasing incidences of cardiovascular diseases and the growing geriatric population. Rising healthcare expenditure and investments in cardiac care infrastructure also contribute to market growth.
Regionally, North America is expected to be the fastest-growing and dominating region in the cardiac biomarker market. Factors such as well-established healthcare infrastructure, higher healthcare expenditure, and technological advancements in diagnostics contribute to the region’s growth. Additionally, growing awareness about heart diseases and early diagnosis propel market growth in North America.
Key players operating in the cardiac biomarker market include 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. These companies are actively involved in product launches, collaborations, mergers and acquisitions, and research and development activities to strengthen their market presence and expand their product portfolios in the cardiac biomarker market.
Overall, the cardiac biomarker market is poised for significant growth due to increasing cardiovascular diseases and advancements in diagnostic technologies. The market’s expansion is also driven by government initiatives to improve healthcare infrastructure and raise awareness about heart disease prevention. Key players play a crucial role in driving market competitiveness through technological advancements and strategic collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
