PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594793
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594793
The cardiac biomarkers market refers to the segment of the healthcare and diagnostic sector that focuses on the detection and measurement of specific proteins, enzymes, or hormones released into the bloodstream due to cardiac injury or stress. These biomarkers, often used in diagnostic and monitoring applications, play a pivotal role in early detection, diagnosis, and management of various cardiac conditions, especially myocardial infarctions (heart attacks). The cardiac biomarkers Market is estimated to grow at a CAGR of 14.8% from 2024 to 2032. In 2023, the global health sphere witnessed an augmented emphasis on cardiovascular health, given that heart diseases remained the leading cause of death worldwide. Amidst this backdrop, cardiac biomarkers, owing to their specificity and diagnostic significance, have emerged as indispensable tools in the clinical setup, facilitating timely interventions and improved patient outcomes.
Cardiac Biomarkers Market Dynamics
Driver: Rising Incidence of Cardiovascular Diseases Globally
A significant driver for the cardiac biomarkers market is the continuously rising incidence of cardiovascular diseases (CVDs) globally. According to the World Health Organization (WHO), nearly 17.9 million deaths occur each year due to CVDs, representing 31% of all global deaths. Anecdotal evidence from major hospitals across Europe and North America corroborates this trend. For instance, in 2023, a leading cardiac care center in London reported a 20% increase in heart attack cases compared to the previous year. With such rising incidents, the demand for quick and precise diagnostic tools, like cardiac biomarkers, has surged.
Opportunity: Advancements in Point-of-Care Testing (POCT)
The ongoing advancements in point-of-care testing (POCT) methodologies present a lucrative opportunity in the cardiac biomarkers domain. POCT devices, which allow rapid on-site diagnosis without the need for sophisticated lab setups, can be particularly beneficial in emergency scenarios, like suspected heart attacks. A real-world testament to this trend was the launch of a portable POCT device in 2023 by a renowned diagnostics company, designed to detect cardiac troponin - a key biomarker for myocardial infarctions. Such innovations can dramatically reduce the time-to-diagnosis, potentially saving lives.
Restraint: Concerns Regarding Accuracy and Reliability
While cardiac biomarkers have transformed cardiac care, concerns regarding their accuracy and reliability have also been raised. Some clinical studies have pointed out the potential of false positives, especially in patients with certain non-cardiac conditions that might elevate these biomarker levels. In 2023, a peer-reviewed medical journal highlighted a case where a patient was wrongly diagnosed with a heart attack based on elevated cardiac biomarker levels, only to later discover an underlying muscular condition causing the elevation. Such instances underline the restraint in the market, emphasizing the need for comprehensive diagnostic approaches.
Challenge: Standardization and Inter-laboratory Variabilities
A challenge that the cardiac biomarkers industry grapples with is the lack of standardization and potential inter-laboratory variabilities. Different labs, utilizing distinct methodologies or kits, might report varying levels of the same biomarker for an identical sample. A study in 2023 involving multiple diagnostic centers across the U.S. highlighted this challenge. The study found discrepancies in reported cardiac biomarker levels for a standardized sample, leading to potential diagnostic dilemmas. Such variabilities underscore the need for rigorous standardization protocols in the field.
Type Insights
Navigating the cardiac biomarkers market by Type uncovers an array of pivotal diagnostic agents: Troponin, CK-MB, Myoglobin, BNP and NT-proBNP, among others. As 2023's data suggests, Troponin emerged as the leader in terms of revenue. Given its unparalleled sensitivity and specificity for myocardial injury, troponin became a linchpin in acute coronary syndromes' diagnosis, leading to its revenue supremacy. Emergency departments globally leaned heavily on this biomarker, with a European hospital's internal report from 2023 highlighting Troponin as the most-requested cardiac test. Contrastingly, BNP and NT-proBNP, despite not leading in revenue, exhibited the highest CAGR. These biomarkers, pivotal in diagnosing and managing congestive heart failure, witnessed a surge in demand, with rising global heart failure incidences. The promise lies in their capability to guide therapy and predict prognosis, with a 2023 pilot program in Australia using BNP levels to tailor heart failure treatments, yielding improved patient outcomes.
Application Insights
Zooming into the Application lens, segments such as Acute Coronary Syndrome, Myocardial Infarction, Congestive Heart Failure, and others, come into focus. The Myocardial Infarction segment dominated in terms of revenue in 2023. Given that timely diagnosis directly influences therapeutic outcomes in heart attacks, hospitals globally prioritized tests that offer rapid, accurate results. A 2023 retrospective study in a leading US cardiology journal reinforced this, indicating that quicker myocardial infarction diagnosis led to better patient outcomes. On the other hand, the Congestive Heart Failure segment, driven by the rising global elderly population and the associated increase in heart failure cases, showed the highest CAGR. Projections from 2024 to 2032 hint at this trend continuing, especially with innovations in biomarker-guided heart failure therapies.
Regional Insights
On the geographical scale, North America's dominance in the cardiac biomarkers market was evident in 2023, both in terms of innovations and revenue. Factors such as a robust healthcare infrastructure, high healthcare expenditure, and a significant cardiovascular disease burden played a role. Yet, the Asian region, with its vast population and increasing healthcare investments, recorded the highest CAGR. Countries like India and China, with their burgeoning middle class and rising awareness about cardiovascular diseases, are poised to become significant markets in the coming decade. Between 2024 and 2032, while North America might continue its reign, the anticipated explosive growth in Asia suggests a potential shift in market dynamics.
Competitive Trends
Shifting focus to Competitive Trends, 2023 saw established giants and emerging players vying for market share. Companies like Abbott, Quidel Corporation, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., Danaher, BIOMERIEUX, Bio-Rad Laboratories, Inc., Randox Laboratories Ltd., Creative Diagnostics, and Life Diagnostics, with their vast portfolios and global outreach, were at the forefront. However, companies like Quidel and BioMerieux started making substantial inroads with their innovative diagnostic solutions. As we move from 2024 to 2032, the landscape is expected to witness collaborations, mergers, and acquisitions. Established players will likely focus on expanding their portfolios, while emerging players might explore niche segments or partner with tech companies to bring about disruptive diagnostic solutions.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Cardiac Biomarkers market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Cardiac Biomarkers market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Type
Application
End-Use
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Cardiac Biomarkers market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Cardiac Biomarkers market?
Which is the largest regional market for Cardiac Biomarkers market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Cardiac Biomarkers market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Cardiac Biomarkers market worldwide?
FIG. 10Market Positioning of Key Cardiac Biomarkers Market Players, 2023
FIG. 11Global Cardiac Biomarkers Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032