The Worldwide Cardiac Marker Testing Industry is Expected to Reach $5.5 Billion by 2025 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–Jan 29, 2021–
The "Global Cardiac Marker Testing Market by Product (Reagent, Instrument), Component (Troponin I & T, CK-MB, Myoglobin, BNP, hsCRP), Disease (Myocardial Infarction, Congestive Heart Failure, Atheresclerosis), End-user (Lab, PoC, Academia), and Region – Forecast to 2025" report has been added to ResearchAndMarkets.com’s offering.
The global cardiac marker testing market is projected to reach USD 5.5 billion by 2025 from USD 3.6 billion in 2020, at a CAGR of 8.9%.
The growth in the cardiac marker testing market is majorly driven by the growing incidence of cardiovascular diseases, rapidly increasing geriatric population, growing funding from public and private organizations for research on cardiac biomarkers, and ongoing clinical trials for the identification of novel cardiac biomarkers. However, factors such as technical problems related to sample collection and storage and issues related to regulatory and reimbursement systems are expected to restrain market growth to a certain extent.
The cardiac marker testing market is also faced a period of short-term negative growth, which can be attributed to factors such as a greater than 50% drop in the number of patients with cardiovascular conditions and those diagnosed with myocardial infarction. All areas of cardiology service provision sustained significant reductions, which included outpatient clinics, investigations, procedures, and cardiology community services such as cardiac rehabilitation.
Wide use of reagents and kits in all basic diagnostic activities in laboratories, academic institutes, and POC settings is expected to result in the segment occupying the majority of the cardiac marker testing market share
Growing number of cardiac marker testing procedures, accessibility to a wide range of cardiac biomarker reagents and kits, and the growing demand for reliable, specific, and faster detection of cardiovascular diseases at an early stage are the key growth factors for this segment.
Troponin I and T estimated to be the fastest-growing market
Troponin I and T is estimated to be the fastest-growing segment in the cardiac marker testing market. The large share of this segment can be attributed high sensitivity and specificity, long elevation times, and rapid prediction of outcome or mortality.
The Asia-Pacific market to grow at the highest CAGR during the forecast period
The cardiac marker testing market is segmented into five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific is estimated to be the fastest-growing market for cardiac marker testing during the forecast period. The Asia-Pacific market is driven due increased healthcare spending by a larger population base, healthcare infrastructure modernization, and the rising penetration of cutting-edge clinical laboratory technologies (especially in rural areas) in Asia-Pacific countries.
Market Dynamics
Drivers

  • Growing Incidence of Cardiovascular Diseases
  • Rapidly Increasing Geriatric Population and the Subsequent Increase in the Burden of Heart Diseases Worldwide
  • Growing Funding from Public and Private Organizations for Research on Cardiac Biomarkers
  • Ongoing Clinical Trials for the Identification of Novel Cardiac Biomarkers

Restraints

  • Technical Problems Related to Sample Collection and Storage
  • Issues Related to Regulatory and Reimbursement Systems

Opportunities

  • Point-Of-Care Testing (POCT) with Cardiac Biomarkers
  • Ongoing Research on Novel Cardiac Biomarkers for Cardiovascular Diseases
  • Emerging Markets to Offer High-Growth Opportunities for Market Players

Companies Mentioned

  • Abbott Laboratories
  • Becton, Dickinson and Company
  • Bio-Rad Laboratories, Inc.
  • bioMerieux SA
  • Danaher Corporation
  • Diasorin
  • F. Hoffmann-La Roche AG
  • Guangzhou Wondfo Biotech Co. Ltd.
  • LSI Medience Corporation
  • Ortho Clinical Diagnostics
  • Perkinelmer, Inc.
  • Randox Laboratories
  • Siemens Healthineers AG
  • Thermo Fisher Scientific
  • Tosoh Corporation

For more information about this report visit https://www.researchandmarkets.com/r/ebz4jq
View source version on businesswire.com:https://www.businesswire.com/news/home/20210129005296/en/
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KEYWORD:
INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES CARDIOLOGY
SOURCE: Research and Markets
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PUB: 01/29/2021 08:00 AM/DISC: 01/29/2021 08:01 AM
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