Cardiac Marker Testing Market by Biomarker (Troponin, CK-MB, BNP, hs-CRP, Myoglobin), Product (Instrument (Chemiluminescence, ELISA), Reagents & Kits), Disease (MI, CHF, Atherosclerosis), User, ASP & Buying Criteria - Global Forecast to 2028
The global cardiac marker testing market in terms of revenue was estimated to be worth $4.4 billion in 2023 and is poised to reach $6.9 billion by 2028, growing at a CAGR of 9.4% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Increase in chronic heart conditions and aging population, increasing research & funding initiatives from organizations and worldwide rise in prevalence of cardiovascular diseases are a few drivers that collectively contribute to the growth of the cardiac marker testing industry, and as healthcare technologies continue to evolve, the demand for cardiac marker testing is expected to rise further in the upcoming years. However, challenges for regulatory issues, sampling collection and storage limits the market growth.
Attractive Opportunities in the Cardiac Marker Testing Market
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Cardiac Marker Testing Market: Market Dynamics
Driver: Increase in prevalence of cardiovascular diseases
The escalating prevalence of cardiovascular diseases stands as a significant driving force in the cardiac marker testing industry. This trend underscores a growing demand for advanced diagnostic solutions, compelling the healthcare industry to invest in innovative cardiac marker testing technologies. As heart-related conditions become more prevalent, the market is witnessing a surge in the adoption of these tests, emphasizing the critical need for accurate and efficient diagnostic tools. This demand, fueled by the rising incidence of cardiovascular diseases, is reshaping the landscape of cardiac marker testing and driving advancements in the sector.
Restraint: Issues related to storage and sampling collection
In epidemiological studies, cardiac biomarkers play a crucial role in investigating various stages of diseases in humans. This process necessitates meticulous handling and storage of valuable biological samples to extract extensive information from limited specimens. Maintaining stringent quality control is imperative to ensure the appropriate storage conditions, preventing data loss. The effectiveness of cardiac biomarker studies utilizing archived specimens heavily relies on the integrity of these samples and the methods employed in their processing, collection, and storage. Technical challenges in both sample collection and storage have the potential to impede the growth of the overall cardiac biomarkers market, particularly in the laboratory-based testing segment.
Opportunity: Emerging markets offering growth opportunities
Rapidly growing economies like India and China present substantial growth prospects in the field of cardiac diagnostics due to the expanding patient base caused by the rising prevalence of cardiovascular diseases in these nations. China has witnessed a significant surge in cardiovascular disease (CVD) due to heightened risk factors like high blood cholesterol, obesity, and diabetes mellitus. The escalating burden of cardiovascular diseases in these emerging economies is set to boost the demand for early disease diagnostics, thereby accelerating the adoption of cardiac marker testing products.
Cardiac Marker Testing Market Ecosystem
Major companies in this market include well-established and financially stable suppliers of cardiac marker testing. Prominent companies in this market include F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (US), Danaher Corporation (US), Siemens Healthineers AG (Germany), PerkinElmer, Inc. (US), bioMérieux SA (France), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), among several others.
Reagents and kits segment of the cardiac marker testing industry to register significant growth rate over the forecast period of 2022-2028
Based on the product, the cardiac marker testing market is segmented into reagents and kits and instruments. Reagents and Kits segment to register a significant growth rate over the forecast period of 2022-2028. The expansion of the market for cardiac marker testing reagents and kits can be credited to the escalating volume of cardiac biomarker tests conducted, driven by the global prevalence of cardiovascular diseases (CVD) and the growing elderly demographic. This surge in demand for swift CVD diagnosis has led to the widespread adoption of rapid cardiac biomarker test kits. Furthermore, the market's growth is further bolstered by the introduction of new cardiac biomarker test kits by industry players.
Troponin I and T segment of the cardiac marker testing industry is the largest biomarker segment in 2022.
Cardiac troponin stands as the preferred biomarker for diagnosing acute myocardial infarction (AMI) due to its exceptional sensitivity and specificity. Recently, the cardiac marker testing market has witnessed the introduction of several high-sensitivity troponin assays, capable of detecting the protein swiftly and at significantly lower levels than standard troponin tests. Additionally, troponin biomarkers play a crucial role in identifying the risk of future heart events, even in asymptomatic individuals. These factors are expected to drive the growth of this segment in the forthcoming years.
Asia-Pacific region of the cardiac marker testing industry is expected to be the highest CAGR during the forecast period.
The cardiac marker testing market is divided into key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the largest market share in the global diagnostic imaging service market. However, the Asia Pacific region is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is primarily attributed to the increasing incidence of cardiovascular diseases (CVD), a rise in testing procedures, improvements in healthcare infrastructure, and the widespread adoption of advanced immunoassay technology by clinical laboratories. Additionally, the market in the Asia Pacific region is set to receive a boost from the growing number of local manufacturers offering cardiac marker testing products and the increasing establishment of diagnostic laboratories in the area.
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As of 2022, prominent players in the market are F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (US), Danaher Corporation (US), Siemens Healthineers AG (Germany), PerkinElmer, Inc. (US), bioMérieux SA (France), Becton, Dickinson and Company (US), Thermo Fisher Scientific Inc. (US), Bio-Rad Laboratories, Inc. (US), DiaSorin (Italy), and Tosoh Corporation (Japan), LSI Medience Corporation (Japan), Quidel Corporation (US), among others.
Scope of the Cardiac Marker Testing Industry:
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$4.4 billion |
|
Estimated Value by 2028 |
$6.9 billion |
|
Revenue Rate |
Poised to grow at a CAGR of 9.4% |
|
Market Driver |
Increase in prevalence of cardiovascular diseases |
|
Market Opportunity |
Emerging markets offering growth opportunities |
This report has segmented the global cardiac marker testing market to forecast revenue and analyze trends in each of the following submarkets:
By Product Type
- Reagents and Kits
-
Instruments
- Chemiluminescence
- Immunofluorescence
- ELISA
- Immunochromatography
By biomarker type
- Troponin I and T
- Creatine kinase-MB(CK-MB)
- Brain Natriuretic peptide (Bnp Or Nt-Probnp)
- Myoglobin
- High-sensitivity C-reactive protein(hs-CRP)
- Other Cardiac Biomarkers
By diseases
- Myocardial Infarction
- Congestive Heart Failure
- Acute Coronary Syndrome
- Atherosclerosis
- Ischemia
By End User
-
Laboratory Testing Facilities
- Hospital Labs
- Reference Labs
- Contract Testing Labs
- Point-Of-Care Testing Facilities
- Academic Institutions
By region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
-
Latin America
- Brazil
- Mexico
- MEA
Recent market Developments of Cardiac Marker Testing Industry
- In 2023, BD announced that it had received FDA approval for its BD Vacutainer Troponin I Ultra test to be used in point-of-care settings which makes the BD Vacutainer Troponin I Ultra test the first and only FDA-approved point-of-care troponin test for the diagnosis of acute myocardial infarction (AMI).
- In 2023, Bio-Rad launched the Bio-Plex 2300 Troponin I Assay, a new high-sensitivity troponin I test that can detect cardiac damage earlier than other troponin tests..
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global cardiac marker testing market?
The global cardiac marker testing market boasts a total revenue value of $6.9 billion by 2028.
What is the estimated growth rate (CAGR) of the global cardiac marker testing market?
The global cardiac marker testing market has an estimated compound annual growth rate (CAGR) of 9.4% and a revenue size in the region of $4.4 billion in 2023.
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This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, key market dynamics, key players, competitive landscape, industry trends, and key player strategies.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Factiva, Bloomberg Businessweek, and D&B Hoovers), white papers, company house documents, investor presentations, annual reports, and SEC filings of companies. Secondary research was used to identify and collect information useful for the market-oriented, technical, extensive, and commercial study of the cardiac marker testing market. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and recent developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
Comprehensive primary research was conducted following an initial understanding of the cardiac marker testing market from secondary research sources. Numerous primary interviews were carried out, encompassing perspectives from both demand (including research institutes, healthcare providers, hospital laboratories, and point-of-care testing facilities) and supply sides (involving developers, manufacturers, and distributors of cardiac marker testing products). The interviewees comprised industry experts from the in vitro diagnostics (IVD) sector, including CEOs, directors, sales heads, VPs and marketing managers from tier 1, 2, and 3 companies providing cardiac biomarker test kits and instruments globally.
Approximately 65% of the interviews were conducted with representatives from the supply side, while the remaining 35% were from the demand side. A rigorous primary research approach was employed to validate the report's contents and bridge any information gaps. Interviews were conducted through telephonic and email communications, where questionnaires were tailored and sent to primary participants based on their convenience.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2022, Tier 1 = >USD 2 billion, Tier 2 = USD 50 million to USD 2 billion, and Tier 3 = <USD 50 million.
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Market Estimation Methodology
In this report, the global cardiac marker testing market size was arrived at by using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the cardiac marker testing business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as directors, CEOs, and key marketing executives.
To calculate the global market value, segmental revenues were calculated based on the revenue mapping of major solution/service providers. This process involved the following steps:
- Generating a list of major global players operating in the cardiac marker testing market
- Mapping annual revenues generated by major global players from the cardiac marker testing market segment (or nearest reported product category/ business unit)
- Revenue mapping of key players to cover a major share of the global market, as of 2022
- Extrapolating the global value of the cardiac marker testing industry
Global cardiac marker testing market: Bottom-Up Approach
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Global cardiac marker testing market: Top-Down Approach
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global cardiac marker testing market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the cardiac marker testing market was validated using both top-down and bottom-up approaches.
Market Definition
Cardiac marker testing encompasses a suite of medical diagnostic examinations designed to analyze specific biomolecules, termed cardiac markers, within the bloodstream. These markers, including enzymes, hormones, and proteins, are released when the heart sustains damage or stress, typically in the context of conditions like heart attacks or cardiovascular diseases.
These tests play a crucial role in diagnosing a range of cardiac ailments, gauging the seriousness of cardiac incidents, monitoring patients afflicted with heart conditions, and evaluating the efficacy of treatments. Cardiac marker testing empowers healthcare professionals with accurate and timely diagnostic information, facilitating precise medical interventions and enhancing overall patient outcomes.
Key Stakeholders
- Product manufacturers, distributors, and suppliers
- Diagnostic laboratories and point-of-care testing centers
- Research laboratories and CROs
- Ambulatory testing centers
- Contract testing laboratories
- Academic universities and medical research centers
- Research and development (R&D) centers
- Market research and consulting firms
Objectives of the Study
- To define, describe, and forecast the cardiac marker testing market based on product, procedure, biomarker type, diseases, end user, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the total market.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
- To profile the key market players and comprehensively analyze their market shares and core competencies.
- To forecast the revenue of the market segments with respect to five main regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), the Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.
- To track and analyze competitive developments such as new product launches and approvals; agreements, expansions, acquisitions, partnerships; and collaborations in the cardiac marker testing market.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the present global cardiac marker testing market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top fifteen companies.
Company Information
- Detailed analysis and profiling of additional market players (up to 15)
Geographic Analysis
- Further breakdown of the Rest of Europe cardiac marker testing market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal among other
- Further breakdown of the Rest of Asia Pacific cardiac marker testing market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
- Further breakdown of the Rest of the world cardiac marker testing market into Latin America, MEA, and Africa
Generating Response ...
Growth opportunities and latent adjacency in Cardiac Marker Testing Market