Cardiac Biomarkers Market Insight
The cardiac biomarkers market is pervasively growing at a rapid pace. Market growth attributes to the evolving biomarker technology led by the increased research and development activities and substantial investments. Besides, the increasing prevalence of cardiovascular diseases, cardiac ischemia, and acute coronary syndrome (ACS) drive the growth of the global cardiac biomarkers market.
Simultaneously, augmenting demand for diagnosis and treatment of cardiovascular diseases escalates the market growth on the global platform. According to Market Research Future (MRFR), the global cardiac biomarkers market valuation is expected to reach USD 4236.02 MN by 2025, registering 16.36% CAGR throughout the forecast period (2019-2025). The increasing adoption of outsourcing services is a recent trend in the market.
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Additionally, factors such as widened uptake of biomarkers technologies, a growing number of contract research organizations, and the cost-effective clinical trials substantiate the market growth. Moreover, rising numbers of biotechnology companies, alongside the high investments in the pharmaceutical industry, boost the market growth. Also, the increasing popularity of POC cardiac testing kits impacts market growth positively.
The spreading awareness about the availability of effective diagnosis and treatment processes and the growing demand for personalized medicine contribute to market growth. On the other hand, the high capital investment required for the discovery, development, and clinical trials of the biomarker is expected to act as a major growth impeding factor.
Also, factors such as the availability of other efficient methods for the diagnosis of cardiovascular diseases and the high cost of biomarkers hamper the growth of the market. Nevertheless, government grants and initiatives released to drive required R&D activities in the field would support the market growth throughout the predicted period. Besides, the availability of affordable treatment options for advanced cardiac treatments propels the growth of the market.
Cardiac Biomarkers Market – Segmentation
The analysis is segmented into four dynamics;
By Type: Myocardial muscle Creatine Kinase (CK-MB), Troponins (T and I), Myoglobin, Brain Natriuretic Peptide (BNPs) or NT-proBNP, Ischemia Modified Albumin (IMA), and others.
By Location of Testing: Point of Care Testing, Laboratory Testing, and others.
By Application: Acute Coronary Syndrome, Congestive Heart Failure, Myocardial Infarction, Atherosclerosis, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Cardiac Biomarkers Market – Regional Analysis
North America dominates the global cardiac biomarkers market. The largest market share attributes to the high prevalence of cardiac diseases and coronary heart disease (CHD) and contributions from the strongly expanding US cardiac biomarkers market. Besides, factors such as rapid research & development initiatives and substantial R&D investments in the field of biomarkers foster regional market growth.
Additional factors, such as the availability of favorable reimbursement policies, high healthcare expenditures, and increasing government initiatives & funding to discover advanced medical treatment options, substantiate the growth of the market. The North American cardiac biomarkers market is projected to retain its dominance over the global market throughout the review period.
Europe stands second in the global cardiac biomarkers. Market growth is driven by the strong presence of major industry players and the availability of advanced treatment facilities. Moreover, favorable governmental support and initiatives propel the market growth in the region. Besides, factors such as proliferating healthcare sectors in the region, alongside the resurging economy, foster the market growth brilliantly. The European cardiac biomarkers market is estimated to grow at a substantial CAGR during the assessment period.
The Asia Pacific, cardiac biomarkers market has emerged a promisingly growing market, globally. Factors such as the rapidly developing healthcare industry, availability of affordable treatments, and increasing per capita healthcare expenses strongly boost the growth of the region’s cardiac biomarkers market. Additionally, factors such as the increasing incidences of cardiovascular diseases are the major driving forces for the market growth.
India and China provide immense growth opportunities to the cardiac biomarkers market, accounting for the vast population and large unmet clinical needs. Furthermore, raising awareness about the availability of new treatment methods and improving living standards of demographics propel the growth of the APAC cardiac biomarkers market.
Cardiac Biomarkers Market – Competitive Analysis
Highly competitive cardiac biomarkers market appears to be fragmented. Major players focus on optimizing situational awareness to ensure their mission success. They seek market expansion through various strategic activities such as M&A, innovation, increasing investments in R&D, and cost-effective product portfolio.
Cardiac Biomarkers Market Major Players:
Players leading the global cardiac biomarkers market include Abbott Laboratories (US), ACS Biomarker (The Netherlands), BD (Becton, Dickinson and Company) (US), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (US), Danaher Corporation (US), Hoffmann-La Roche Ltd (Switzerland), Johnson and Johnson (US), Quidel Corporation (US), Randox Laboratories Limited (UK), Siemens AG (Germany), Thermo Fisher Scientific, Inc. (US), Trivitron Healthcare Pvt. Ltd. (India), and Novartis (Switzerland), among others.
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Cardiac Biomarkers Industry/Innovation/Related News:
May 21, 2020 —- Amarin Corporation plc (Ireland), a leading biopharmaceutical company, announced support for a clinical trial to find out the effects of its drug class VASCEPA on inflammatory biomarkers and other patient outcomes in individuals with COVID-19. VASCEPA is an FDA-approved drug intended to use in the treatment of cardiovascular disease, or Type 1&2 diabetes, and additional risk factors for heart disease.
The clinical effects of VASCEPA are multi-factorial, and it is believed that VASCEPA could play a beneficial clinical role in helping patients infected by a coronavirus. Among other biological effects of a COVID-19 infection, include the high risk of cardiovascular disease, which increases the rate of mortality and severances of the virus effects.