Cardiac biomarkers are biochemical indicators that are released into blood circulation upon injury or damage to cardiac muscles. They are used for diagnosis of conditions such as myocardial infarction and congestive heart failure. Cardiac troponin, Creatine Kinase-MB (CK-MB), myoglobin, heart-type fatty acid binding protein (H-FABP), and ischemia modified albumin (IMA) are some of the commonly used cardiac biomarkers. The increasing incidences of cardiovascular diseases has boosted the demand for highly sensitive and specific tests to accurately diagnose and manage these conditions. As per the World Health Organization, cardiovascular diseases are the leading cause of deaths globally and are responsible for over 17 million deaths every year. Moreover, changing lifestyles and rapidly ageing population have further elevated the risks of developing heart ailments.
The global Cardiac Biomarkers Market is estimated to be valued at US$ 9836.55 Mn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prominence of precision medicine is one of the key trends in the cardiac biomarkers market. Next generation sequencing techniques are enabling profiling of genes, proteomics, and metabolomics in patients to gain deeper insights into mechanisms, pathways, and biomarkers associated with heart diseases. This is further facilitating development of personalized diagnostic and treatment approaches. For instance, researchers from Finland have identified over 150 novel genetic variants linked to cardiovascular disorders by investigating molecular phenotypes in a large cohort of Finns. Advancements in high throughput -omics technologies are expected to drive discovery of new cardiac biomarkers with high sensitivity and specificity in the coming years, thereby improving management of cardiovascular conditions.
Porter’s Analysis
Threat of new entrants: The cardiac biomarkers market has high introduction costs for research, development and production of biomarkers, which acts as a deterrent for new entrants. However, increasing investments in biomarker technology can reduce barriers for new players.
Bargaining power of buyers: In the cardiac biomarkers market, the demand for technologically advanced and personalized diagnostics is growing among hospitals and diagnostic centers. This empowers them to negotiate on price factors with supplier companies.
Bargaining power of suppliers: A few major companies dominate the supply of cardiac biomarkers and associated diagnostic kits. This gives them bargaining power over pricing and terms of purchase for buyers in the market.
Threat of new substitutes: No close substitutes currently exist for cardiac biomarkers used in detection of myocardial infarction and other cardiovascular conditions. Biomarkers have high switching costs for existing applications in diagnostics.
Competitive rivalry: The cardiac biomarkers market has the presence of several international players. The competition is high based on parameters like portfolio expansion, pricing strategies, production efficiency and marketing initiatives to gain higher market shares.
Key Takeaways
The Global Cardiac Biomarkers Market Share is expected to witness high growth. The global Cardiac Biomarkers Market is estimated to be valued at US$ 9836.55 Mn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
Regional analysis comprises:
North America accounts for the largest share in the cardiac biomarkers market due to growing incidences of cardiovascular diseases, developed healthcare infrastructure and presence of major market players in the region.
Asia Pacific region is estimated to grow at highest CAGR during the forecast years with rapidly developing healthcare sector and increasing healthcare investments by governments in this region.
Key players related content comprises:
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 BioMérieux SA. These companies are focusing on new product launches and geographic expansions to solidify their market presence.
For more details on the report, Read- https://www.insightprobing.com/cardiac-biomarkers-market-growth-demand-and-overview/
Explore more trending article on this topic: https://www.shayaricenter.com/natures-barcodes-biomarkers-illuminate-paths-to-wellness-and-scientific-breakthroughs
