Cardiac Troponin Market Size to Surpass USD 5.17 Billion by 2030, exhibiting a CAGR of 8.1%
Fortune Business Insights
6 min read
According to the report by Fortune Business Insights, the global cardiac troponin market size is projected to reach USD 5.17 billion by 2030, at a CAGR of 8.1% during the forecast period, 2023-2030
Cardiac Troponin Market
Cardiac Troponin Market Forecast, 2023-2030
Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The global cardiac troponin market is projected to grow from USD 3.01 billion in 2023 to USD 5.17 billion by 2030, exhibiting a CAGR of 8.1% during the forecast period. The growing point-of-care test adoption in hospital emergency departments is expected to drive the cardiac troponin market growth during the projected period.
Fortune Business Insights™ mentioned this in a report titled, “Cardiac Troponin Market, 2023-2030.”
May 2022 – Clinical Pathology Laboratories implements Roche’s generation 5 cardiac troponin T assay. The new assay is a highly sensitive cardiac troponin, which enables precise and more sensitive detection at low troponin concentrations.
Key Takeaways:
Cardiac troponin is a diagnostic biomarker that detects cardiac muscle injury. Troponin I (cTnI) and troponin T (cTnT) are the cardiac regulatory proteins involved in controlling calcium-mediated interaction between actin and myosin.
North America held the largest market share in 2022, generating a revenue of USD 1.14 billion.
Rising cases of cardiovascular diseases is one of the main factors for the market growth.
Market segments is anticipated to witness significant growth over the projected period.
List of Key Market Players Profiled in the Report:
“Companies leading the global Cardiac Troponin Market are F. Hoffmann-La Roche Ltd. (Switzerland), bioMérieux SA (France), Abbott (U.S.), Siemens Healthineers AG (Germany), Eurolyser Diagnostica GmbH (Germany), QuidelOrtho (Quidel Corporation) (U.S.), PerkinElmer Inc. (U.S.), Beckman Coulter, Inc. (Danaher) (U.S.), RESPONSE BIOMEDICAL (Canada), LifeSign LLC. (U.S.)”
Growing Importance of Troponin I Tests Propelled the Troponin I Segment Growth
Based on product, the market is divided into troponin T and troponin I. The troponin I segment accounted for the largest cardiac troponin market share in 2022. The growing importance of troponin I tests for predicting cardiovascular diseases and heart attack risks propelled segment growth.
Rising Adoption of POC Testing to Aid Point-of-Care (POC) Testing Segment Growth
By setting, the market is segmented into laboratory testing and point-of-care (POC) testing. The point-of-care (POC) segment growth is expected to experience highest growth during the forecast period. The growth is attributed to the rising adoption of point-of-care (POC) testing in new product launches, resource-limited settings, and rising regulatory approvals for POC testing products.
Rising Use of Cardiac Troponin to Detect Acute Coronary Syndrome Disease Propel Acute Coronary Syndrome Segment Growth
Based on indication, the market is segmented into myocardial infarction, congestive heart failure, acute coronary syndrome, and others. The acute coronary syndrome segment accounted for the largest market share in 2022 owing to the rising use of these tests to detect acute coronary syndrome disease globally.
Increased Hospitalizations During COVID-19 Pandemic to Aid Hospitals & Clinics Segment Growth
By end-user, the market is categorized into hospitals & clinics, diagnostic laboratories, and homecare settings & others. The hospitals & clinics segment held the largest market share during the projected period owing to the increased hospitalization and use of cardiac troponin tests during the pandemic to determine the myocardial infarction possibility in COVID-19 patients.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Rising Key Players’ Focus on New Product Launches to Drive Market Growth
The key market players are increasing their focus on developing new and technologically advanced products, which is expected to drive market growth during the forecast period. The rising focus of key players to meet the unmet demands of the increasing patient population is estimated to aid market growth.
Regional Insights
North America to Dominate the Market Due to the Rising Prevalence of Cardiovascular Diseases
The North American market share accounted for USD 1.14 billion in 2022 and is anticipated to dominate the market during the projected period. The increasing product approvals by regulatory bodies, rising prevalence of cardiovascular diseases, and high availability of advanced products propel market growth in North America.
Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the rising strategic initiatives by key players to expand their product portfolio.
Competitive Landscape
Rising Mergers and Acquisitions Between Major Players Augments Market Growth
The market comprises several major market players, including Abbott, Beckman Coulter, Inc., bioMérieux SA, PerkinElmer Inc., and others. The increasing number of mergers and acquisitions and new product launches between these key players is anticipated to drive market growth during the forecast period.
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