Cardiac Biomarkers Market to Reach USD 26.33 billion with CAGR of 11.2% by 2027; Approval for High-Sensitivity Troponin I Assays (TnIH) by FDA to Spur Opportunities, states Fortune Business Insights™
Fortune Business Insights
7 min read
Key Companies Covered in the Cardiac Biomarkers Market Research Report Are F. Hoffmann-La Roche AG, Abbott, Siemens AG, Creative Diagnostics, Beckman Coulter, Inc., Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., bioMérieux SA and other key market players
Pune, Oct. 05, 2020 (GLOBE NEWSWIRE) -- The global cardiac biomarkers market size is expected to reach USD 26.33 billion by 2027, exhibiting a CAGR of 11.2% during the forecast period. The growing incidence of critical cardiac conditions, including myocardial infarction, heart attack, and acute coronary syndrome (ACS) will subsequently inflate demand for cardiac biomarkers in the forthcoming years. The market size stood at USD 13.15 billion in 2019. The increasing prevalence of cardiovascular diseases will spur opportunities for the market during the forecast period.
Key Development:
May 2016: Philips, a Dutch multinational conglomerate corporation headquartered in Amsterdam launched Minicare I-20 system for cardiac troponin testing. The handheld blood test for rapid diagnosis of heart attack.
Highlights of the Report:
Analysis of the impact of Covid-19 that the market would face in the near future.
In-depth analysis of the growth drivers and obstacles.
Profile of all the companies operating in the market.
Elaborate data about the dominating region.
Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
Cardiovascular Interventions to Promote Biomarkers Adoption
The increasing R&D investments by key players for the introduction of robust and novel cardiac biomarkers to benefit patients in diagnosis, prognosis and predictive analysis of cardiovascular disorders will enable speedy expansion of the market. The innovation in clinical cardiology and cardiovascular interventions can be an essential factor in fostering the growth of the market.
Moreover, the increasing product launches by key players will augur well for the market in the forthcoming years. For instance, In July 2018, Siemens announced that it has received the U.S. Food and Drug Administration (FDA) approval for high-sensitivity troponin I assays (TnIH). The test will be beneficial in the early diagnosis of myocardial infarctions without the need for serial tropic testing.
Similarly, in September 2019, Abbott unveiled ARCHITECT STAT High Sensitivity Troponin-I blood test after receiving the approval from the U.S. Food and Drug Administration (FDA) approval. The test will help in detecting heart attacks in real-time, and more accurately than contemporary troponin tests.
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Shortage of POC Testing Kits to Restrict Revenue Proliferation
The unavailability of POC testing kits and delayed test results of the laboratory-based tests will consequently restrict the growth of the market. The longer time period required to obtain results from lab-based biomarker tests will dwindle the acceptance of biomarkers in the forthcoming years. For instance, creatine kinase-MB (CK-MB), a form of enzyme found in heart muscle cells can only be detected in a patient with a heart attack in about 3-6 hours after the onset of chest pain.
Thus, the great deal of time required for evaluation or diagnosis of heart disease will restrict the market growth. In addition, the lack of awareness regarding cardiac biomarkers tests among patient population, and limited reimbursement for tests in the developing countries will obstruct the market.
Increasing Prevalence of Cardiovascular Diseases to Propel Market in North America
The market in North America stood at USD 5.23 billion in 2019. North America is expected to the largest market share during the forecast period owing to the rising prevalence of cardiovascular diseases. For instance, as per the American College of Cardiology Foundation around about 1.05 million patients were suffering from coronary disorders in the United States in 2019.
Europe is predicted to witness a high growth rate between 2020 to 2027 due to rising cases of acute coronary syndrome and myocardial infarction. Asia Pacific is likely to grow rapidly during the forecast period owing to the large patient population in the region. Moreover, the introduction of technologically advanced cardiac biomarkers will boost cardiac biomarkers market growth in Asia Pacific.
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