PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454120
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454120
Myoglobin Market size was valued at USD 98.45 Million in 2023, expanding at a CAGR of 4.1% from 2024 to 2032.
A small, globular protein called myoglobin is present in the heart and skeletal muscles of animals. It was the first protein whose 3D structure was fully understood using X-ray crystallography. This protein's primary job is to store and supply oxygen to muscles that are exercising hard when blood oxygen delivery is momentarily inadequate. It helps diving mammals like whales and seals stay underwater for extended periods of time because it is abundant in their muscles. The molecular structures of hemoglobin and myoglobin, the proteins that bind oxygen to blood cells, are identical because heme, a crucial component, is present. Heme facilitates the binding of oxygen to both hemoglobin and myoglobin.
Myoglobin Market- Market Dynamics
Rising prevalence of CVDs drives market growth
One significant factor propelling the myoglobin market's rise is the rising incidence of cardiovascular diseases (CVDs). Cardiovascular disorders, which impact a large percentage of the population, include heart failure and myocardial infarctions. They are a major worldwide health problem. As to the research from the Heart Failure Society of America, it is anticipated that by 2030, the number of Americans suffering from heart failure would rise from 6.5 million to over 8 million. The essential protein myoglobin, which is present in both skeletal and cardiac muscles, is essential for the detection and tracking of cardiac disorders. More effective and fast diagnostic procedures are required to assess heart health and identify abnormalities due to the rising frequency of CVDs. Myoglobin is a vital biomarker that can help identify myocardial injury early on, allowing for prompt medical attention and possibly better patient outcomes.
Myoglobin Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.1% over the forecast period (2024-2032)
Based on product segmentation, the Human Myoglobin segment is expected to capture the largest revenue share over the projected period
Based on application segmentation, the hospitals segment is expected to dominate the market over the projected period
Based on region, North America is expected to dominate the market over the forecast period
The Global Myoglobin Market is segmented based on Product, Application and Region.
Based on the product, the Myoglobin market is bifurcated into Human Myoglobin and Animal Myoglobin. The Human Myoglobin segment is expected to capture the largest revenue share over the projected period. In clinical settings and medical research, the role of human myoglobin has grown. Hemoprotein myoglobin, which is mostly present in muscle tissues, is an essential biomarker for several medical diseases, particularly in the field of cardiology.
Based on the application, the global Myoglobin market is segmented into Hospital, Research Institutes and Others. The hospitals segment is expected to dominate the market over the projected period. The main centers for patient care are hospitals, and there is a growing need for rapid and precise diagnoses. Myoglobin tests and assays are essential for quickly detecting cardiac injury and supporting the early detection of heart-related problems such myocardial infarctions or heart attacks.
Myoglobin Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market over the forecast period. The need for myoglobin-based diagnostics has increased due to the region's increased heart-related illness prevalence and growing awareness of cardiovascular health. Furthermore, the developed healthcare system and research community in North America offer a supportive atmosphere for the advancement and use of myoglobin-based diagnostic tools. The need for myoglobin assays is also being further fueled by continuous improvements in medical technology, such as point-of-care testing, which increases the assays' accessibility and accuracy. North America is a strong market for myoglobin because to the region's dedication to innovative healthcare solutions and emphasis on improving patient outcomes. As long as research and innovation in the healthcare industry continue to flourish, there is potential for continued growth.
The key players operating in the market are Randox Laboratories, Beckman Coulter, Abbott Diagnostics, Siemens Healthcare Diagnostics, Boditech Med, Biomerieux, Roche Diagnostics Corp, Ortho-Clinical Diagnostics, Singulex and Alere. These players adopted various strategies to gain major market share in the industry including product launch, acquisition, collaboration and others.
In December 2022, Precision fermentation has been used by Argentine business Ergo Bioscience to create plant-based substitutes for animal components. Casein and myoglobin are examples of this. Ergo Bioscience teamed up with Aethera Biotech in November 2022 to expand its precision fermentation bioprocesses. The collaboration will be centered on enhancing the biotech procedures used to produce casein and myoglobin without using animals.
GLOBAL MYOGLOBIN MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Randox Laboratories
Beckman Coulter
Abbott Diagnostics
Siemens Healthcare Diagnostics
Boditech Med
Biomerieux
Roche Diagnostics Corp
Ortho-Clinical Diagnostics
Singulex
Alere