by Cardiac biomarkers are proteins that are released into the bloodstream when the heart muscle is stressed or damaged. Some key cardiac biomarkers include troponin, CK-MB, myoglobin, BNP, and CRP. These biomarkers play a vital role in the diagnosis and prognosis of cardiovascular diseases such as myocardial infarction, congestive heart failure, acute coronary syndrome, and myocardial ischemia among others. The rising prevalence of cardiovascular diseases across the world due to changing lifestyle patterns and growing geriatric population is a major driver for the cardiac biomarkers market. According to estimates, cardiovascular diseases account for over 17 million deaths annually and over 800,000 deaths in the United States alone. Cardiac biomarkers help in early diagnosis of cardiovascular conditions which leads to quick clinical intervention and management of diseases. This significantly improves patient outcomes.
The global cardiac biomarkers market is estimated to be valued at US$ 9836.55 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Global cardiac biomarkers market Size is the growing adoption of high sensitivity troponin assays. Troponin has emerged as the gold standard cardiac biomarker for detection of myocardial injury. Earlier troponin assays had low sensitivity but recent advances have led to development of high sensitivity troponin assays which can detect even minute amounts of troponin released into blood with 99% accuracy. This has significantly improved early diagnosis and risk stratification of cardiovascular conditions. Another major trend is the growing demand for biomarker panels and multi-marker testing. Using a combination of multiple cardiac biomarkers provides more accurate and reliable information about cardiac injury compared to single biomarker testing. Biomarker panels also aid in differentiating between cardiac and non-cardiac causes of chest pain. This is expected to drive the usage of cardiac biomarker panels over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the cardiac biomarkers market requires substantial financial resources and clinical expertise. However, large established players have advantages of brand recognition and economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate as the availability of substitutes provides options to buyers. However, personalized diagnosis and therapy needs plays an important role in their choice.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of numerous raw material suppliers and contract manufacturers. Suppliers do not have pricing leverage.
Threat of new substitutes: The threat of new substitutes is low as new biomarkers and technologies need regulatory approvals before being commercialized at scale. However, substitutes from alternative diagnostic modalities pose competition.
Competitive rivalry: The market features tight competition among the key global players. Companies compete based on test accuracy, reliability, workflow efficiency and service.
Key Takeaways
The global Cardiac Biomarkers market is expected to witness high growth. The market size for 2023 is US$ 9836.55 Mn and is anticipated to reach ~US$ 18 billion by 2030, growing at a CAGR of 10% over the forecast period.
North America dominates the market currently owing to the widespread adoption of advanced technologies and presence of leading players in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by increasing healthcare expenditure, rising geriatric population and growing access to healthcare facilities in emerging economies.
Key players operating in the Cardiac Biomarkers market are Abbott Laboratories, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Randox Laboratories Ltd., Siemens Healthineers, and BioMérierux SA. The market is competitive with key players differentiating through testing accuracy, efficiency and introduction of novel biomarkers. Companies are focusing on regional expansions and strategic partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
