PUBLISHER: The Business Research Company | PRODUCT CODE: 1414086
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414086
“Cardiac Biomarkers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cardiac biomarkers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cardiac biomarkers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cardiac biomarkers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cardiac biomarkers represent substances released by the heart into the bloodstream during periods of injury or stress, aiding in the detection and measurement of various cardiac and vascular conditions.
The primary categories of cardiac biomarkers encompass creatine kinase (CK-MB), troponins, myoglobin, natriuretic peptides (BNP and NT-proBNP), ischemia-modified albumin (IMA), among others. Creatine kinase (CK) is an enzyme present in multiple body tissues, including muscles and the brain, commonly utilized in diagnosing myocardial infarction (MI), commonly known as a heart attack. These biomarkers find application across diverse testing settings such as point-of-care and laboratory-based assessments. They serve multiple diagnostic purposes, including testing for myocardial infarction, congestive heart failure, acute coronary syndrome (ACS), atherosclerosis, among other cardiac conditions. Hospitals and specialized clinics heavily rely on these biomarkers in their diagnostic protocols.
The cardiac biomarkers market research report is one of a series of new reports from The Business Research Company that provides cardiac biomarkers market statistics, including cardiac biomarkers industry global market size, regional shares, competitors with a cardiac biomarkers market share, detailed cardiac biomarkers market segments, market trends and opportunities, and any further data you may need to thrive in the cardiac biomarkers industry. This cardiac biomarkers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cardiac biomarkers market size has grown rapidly in recent years. It will grow from $17.22 billion in 2023 to $19.48 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth observed in the past period can be traced back to several key factors. These include a notable rise in healthcare expenditure, the facilitation of FDA approvals and regulatory support, demographic shifts toward an aging population, extensive awareness programs, advancements in high-sensitivity troponin tests, and a concurrent increase in the prevalence of cardiovascular diseases. These factors collectively contributed to the growth experienced during that timeframe in the realm of cardiac biomarkers and related diagnostics.
The cardiac biomarkers market size is expected to see rapid growth in the next few years. It will grow to $31.88 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The anticipated growth in the forthcoming period is poised to result from several driving forces. These encompass the escalating burden of chronic diseases, an increased emphasis on early disease detection initiatives, the continual expansion of the geriatric population, ongoing development in emerging markets, and a heightened focus on the utilization of biomarker panels.
The anticipated surge in cardiac biomarker market growth is closely linked to the increasing prevalence of cardiovascular disorders. These ailments encompass a range of heart and blood vessel conditions, including coronary artery disease, heart failure, and strokes. Cardiac biomarkers, released into the bloodstream due to specific cardiovascular disorders such as heart attacks, heart failure, and arrhythmias, offer vital diagnostic and prognostic information when measured via laboratory tests. For instance, the Centers for Disease Control and Prevention reported that in 2021, coronary artery disease (CAD) claimed 375,476 lives, affecting approximately 1 in 20 adults aged 20 and older. Alarmingly, about 2 in 10 CAD-related deaths occur in individuals under 65 years old. Hence, the escalating prevalence of cardiovascular disorders significantly fuels the growth of the cardiac biomarker market.
The upsurge in healthcare expenditures stands as a catalyst for the burgeoning cardiac biomarker market. Health expenditures encompass all costs associated with delivering health services, including cardiac biomarker-related expenses aiming to enhance early detection, personalized treatment, and effective resource allocation for cardiovascular diseases. For example, the Centers for Medicare & Medicaid Services reported a 2.7% increase, totaling $12,914 per person in healthcare spending in the United States in 2021, amounting to $4.3 trillion. Notably, healthcare spending constituted 18.3% of the country's GDP. Thus, the surge in healthcare expenditures significantly drives the expansion of the cardiac biomarker market.
Technological advancements represent a pivotal trend gaining momentum in the cardiac biomarker market. Companies within this sector are actively embracing new technologies to fortify their market positions. For instance, Roche Diagnostics introduced five new solutions utilizing Elecsys technology in April 2021, catering to two vital cardiac biomarkers, highly sensitive cardiac troponin T (cTnT-hs) and the N-terminal pro-brain natriuretic peptide test (NT-proBNP). These solutions aid in cardiac risk identification, improving diagnosis, and facilitating early treatment by identifying cardiovascular risk factors.
Prominent companies in the cardiac biomarker market are dedicated to developing innovative assays to expand their product portfolios, aiming to enhance patient outcomes and address unmet medical needs. These innovative biomarker assays contribute to advancements in cardiac diagnostics, improving accuracy and diagnostic capabilities. For instance, in October 2023, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. launched two new cardiac biomarkers, high-sensitivity troponin I (hs-cTnI) and NT-proBNP. These additions augment Mindray's varied portfolio of cardiac biomarkers, bolstering capabilities in diagnosing and managing cardiovascular diseases (CVDs).
In September 2021, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., a China-based leader in medical devices and solutions, completed the acquisition of HyTest Ltd. The acquisition's financial details remain undisclosed. Through this strategic move, Mindray seeks to solidify its standing within the global In-Vitro Diagnostics (IVD) market while extending its reach into Europe and other international markets. Furthermore, the acquisition aims to bolster Mindray's ongoing research and development initiatives, fostering the exploration of novel technologies and fostering collaborations within academic circles. HyTest Ltd., headquartered in Finland, specializes in providing in-vitro diagnostic reagents, particularly excelling in the field of cardiac biomarkers.
Major companies operating in the cardiac biomarkers market report are bioMerieux Inc., Bio-Rad Laboratories, F. Hoffmann-La Roche AG, Siemens AG, Thermo Fisher Scientific Inc., Creative Diagnostics, Randox Laboratories Ltd., Becton Dickinson and Company, Tosoh Corporation, Life Diagnostics, PerkinElmer Inc., Quidel Corporation, ACS Biomarker BV, LSI Medience Corp., BioDot, Alere Inc., Biosensors International Group, Biosynex SA, CardioGenics Holdings Inc., Danaher Corporation, Cortez Diagnostics Inc., DIALAB GmbH, Eurolyser Diagnostica GmbH, Grifols SA, Hologic Inc., InfraRedx Inc., Labcorp Corp., Lepu Medical Technology, Myriad Genetics, Nanosphere Inc., Biora Therapeutics Inc., Quest Diagnostics
North America was the largest region in the cardiac biomarkers market in 2023. The regions covered in the cardiac biomarkers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cardiac biomarkers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The cardiac biomarkers market consists of sales of assays and reagents, point-of-care testing (POCT) devices, instruments, and software solutions. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.