Precision Cardiology Market Report: By Offering (Service, Product), Sample (Blood, Non-Blood), Technology (Sequencing, Polymerase Chain Reaction, Microarray), Application (Cardiomyopathy, Arrhythmia, Aortopathy and Vascular Diseases, Familial Hypercholesterolemia, Congenital Heart Defects and Syndromes), End User (Hospitals and Diagnostic Laboratories, Academic and Research Institutes) – Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The precision cardiology market size stood at $1,011.5 million in 2021, and it is expected to rise at a growth rate of 12.8% during 2021–2030. The market growth is supported by the reducing cost of sequencing methods, growing awareness of early screening of cardiovascular diseases (CVDs), and rising burden of CVDs. For instance, according to the World Health Organization (WHO), around 17.9 million people died from CVDs in 2019, accounting for around 31% of total deaths worldwide.

Moreover, the global market is undergoing a significant change with regard to advancements that have already taken place and are currently invading the market space. Additionally, with the emergence of advanced molecular technologies, there is immense potential for precision cardiology in emerging markets.

During the COVID-19 pandemic, the market witnessed a massive drop in year-on-year growth, which was majorly attributed to the temporary halt in research activities pertaining to precision cardiology coupled with the low influx of patients in hospitals due to the changed healthcare priorities. Also, manufacturers delayed their product launches, owing to the ensuing restrictions.

Since 2021, market players have adopted several strategies to bolster sales and negate the impact of the pandemic, which include aggressive marketing and discounted prices offered for existing portfolios. For instance, in June 2021, GENinCode partnered with EVERSANA Life Sciences LLC as its commercial partner to access the U.S. market for the GENinCode portfolio of polygenic CVD products, specifically focused on genetic risks. Moreover, with the restrictions gradually being removed from several regions around the world, coupled with research activities resuming normalcy, the market will recover in the coming years.

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Service Category Seized the Foremost Market Share

As of 2021, the precision cardiology market was subjugated by the service category, holding a market share, of around 80%. This is primarily attributed to the rising emphasis on the adoption of precision medicine in clinical settings. Moreover, underlying factors, such as sedentary lifestyle, unhealthy diet, obesity, and the growing population of pre-diabetics and diabetics worldwide, are imposing a combinatorial effect upon the global burden of CVDs, which results in the rising precision diagnosis’ services demand.

Non-Blood Samples Category To Cultivate at Highest Rate

The non-blood samples category is predicted to grow at a healthy CAGR in the market during 2021–2030. This can be primarily due to the clinical utilities of non-blood samples, which have been well-established and documented for conducting precision tests. Moreover, the companies operating in the market are actively involved in developing advanced tests based on non-blood-based samples, such as saliva and buccal swab specimens, which, in turn, boost the sales of these samples.

Sequencing Method of Precision Diagnosis Generates Maximum Revenue

The sequencing category accounted for the highest revenue, over $600 million, in 2021. The category is also expected to witness the same trend in the coming years. This is due to its clinical advantages, including higher accuracy, low cost of sequencing, broader coverage, and high scalability.

Cardiomyopathy Application Apprehended the Major Stake

The cardiomyopathy application accounts for the largest demand for precision cardiology tests, and the category is expected to generate a revenue of over $800 million by 2030. This is attributed to the increasing global incidence of various types of cardiomyopathies, the rising focus on research for the development of novel molecular diagnostic solutions, and the surging adoption of precision medicines, among others. For instance, according to the American College of Cardiology, the global prevalence of alcoholic cardiomyopathy was 708,000 cases in 2019.

Hospitals and Diagnostic Laboratories Are Key End Users of Precision Cardiology Testing

Hospitals and diagnostic laboratories are at the forefront of being the primary end users of precision cardiology testing for the diagnosis of CVDs. Hospitals and diagnostic laboratories offer a wide range of expertise in pathology and advanced laboratory diagnostics for precision testing. These laboratories include state-of-the-art testing services required for conducting in-depth biomarker analysis with a strong foundation of consultation for various CVDs.

North American Is the Principal Contributor to the Market

In 2021, North America held the highest revenue share in the precision cardiology market. This is ascribed to the presence of major market players in the U.S. and the significant adoption of advanced products and services in clinical and research settings. Moreover, government initiatives targeting the correlation of genetic biomarkers with cardiovascular care have significantly propelled the overall market scenario in the region.

Moreover, the U.S. Food and Drug Administration (FDA) and the Clinical Laboratory Improvement Amendments (CLIA) have played key roles in the development of effective and appropriate guidelines and policies for the adoption of precision medicinal products and services in the region. Further, with a highly dynamic market along with a consistently rising number of emerging companies offering end-to-end services, the North American market is likely to continue leading throughout the prediction period.

Increasing Prevalence of Chronic Diseases Propels the Market Growth

Factors such as the geriatric population, sedentary lifestyle, unhealthy eating habits, diabetes, tobacco consumption, and family history of CVDs are some prominent risk factors imposing a combinatorial impact upon the high prevalence of CVDs. For instance, according to the Center for Disease Control and Prevention (CDC), about 659,000 people in the U.S. die from heart disease each year. Moreover, as per the Heart Foundation, more than 4 million Australians are having CVDs. In addition, according to the European Heart Network, CVDs cause 3.9 million deaths each year in Europe.

Diagnostics is the first step toward reducing the incidence of CVDs. With the ever-evolving knowledge about molecular alterations associated with CVDs, including hereditary cardiac conditions, there is an urgent need for the identification of efficient and advanced diagnostic techniques for reducing the clinical burden caused by such diseases. Moreover, various end users, such as hospitals and diagnostic laboratories, are implementing molecular diagnostic tests for the assessment of CVDs to offer better clinical insights, further providing early treatment solutions.

Market Players Are Involved in Product Launches and Approvals to Gain a Significant Position

Key players in the precision cardiology industry are highly involved in product launches and approvals to gain a competitive edge. For instance:

• In January 2022, GENinCode, one of the emerging predictive genetics companies, filed a pre-submission application to the FDA for its new Cardio inCode-SCORE. Cardio inCode-SCORE is an IVD test that assesses an individual's combined genetic and clinical risks for predicting and preventing CVDs.
• In January 2022, DNA Genotek Inc., a wholly-owned subsidiary of OraSure Technologies Inc., announced that it had received a general use 510(k) clearance from the U.S. FDA for its Oragene•Dx family of products. The Oragene•Dx products, including ORAcollect•Dx Saliva Swab Collection Kit, are being widely used by service providers offering cardiovascular genetic tests.

Key Players in Precision Cardiology Market Are:

• ARUP Laboratories
• CENTOGENE N.V.
• Eurofins Scientific
• Exact Sciences Corporation
• Fulgent Genetics Inc.
• Illumina Inc.
• Thermo Fisher Scientific Inc.
• Abbott Laboratories

Market Size Breakdown by Segment

The report offers comprehensive market segmentation analysis along with market estimation for the period 2017–2030.

Based on Offering

• Service
• Product

Based on Sample

• Blood
• Non-Blood
  • Saliva
  • Buccal swabs

Based on Technology

• Sequencing
  • Next-generation sequencing (NGS)
  • Sanger sequencing
• Polymerase Chain Reaction (PCR)
• Microarray

Based on Application

• Cardiomyopathy
• Arrhythmia
• Aortopathy and Vascular Diseases
• Familial Hypercholesterolemia (FH)
• Congenital Heart Defects and Syndromes

Based on End User

• Hospitals and Diagnostic Laboratories
• Academic and Research Institutes

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • Italy
  • France
  • Spain
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa