Cardiac Biomarkers Market To Generate Revenue Worth $20,718.8 Million by 2030
- Published: August 2022
The global cardiac biomarkers market is projected to generate $20,718.8 million in revenue in 2030, advancing at a CAGR of 10.5% during 2021–2030. The growth of the market can be attributed to the high investment in the healthcare sector by governments and industry giants, rising geriatric population, and increasing incidence of cardiac diseases across the world.
Troponin Is Highest Revenue Contributor in Market
Troponin held the largest revenue share, of over 35%, in 2021, and it is expected to maintain its dominance during the forecast period. This can be ascribed to the growing prevalence of acute coronary syndrome, myocardial infarction, and congestive heart failure across the world. Furthermore, troponin is gaining popularity because of its diagnostic efficacy and selectivity, which makes it ideal for the predictive diagnosis of cardiovascular problems.
Acute coronary syndrome will witness the second-highest CAGR in the market, owing to the rapidly increasing incidence of this disease in low- and middle-income economies. The incidence of acute coronary syndrome is rising because of the increase in the rate of urbanization and a rise in the number of people with desk jobs, which propel the overall cardiac biomarkers market growth.
Geographically, North America accounted for the largest cardiac biomarkers market share in 2021, and it is expected to grow with a significant CAGR during the forecast period. This can be attributed to the rising usage of biomarkers in customized medicine, numerous development strategies adopted by market giants and pharmaceutical firms in this region, and a high usage of biomarkers in cardiac disease diagnostics.
APAC is expected to witness the fastest growth during the forecast period. This will be due to the increasing affordability of advanced cardiac testing, modernizing healthcare infrastructure, and rising disposable income. Furthermore, the rising prevalence of cardiovascular diseases in this region has increased the need for better diagnoses as well as brought about a significant rise in the government spending for medical research. Moreover, emerging economies, such as China, India, and South Korea, contribute significantly to the regional market, with their developing healthcare infrastructure.
Strategic Developments of Key Players in Market
Collaborations, partnerships, acquisitions, and product launches are the major strategic developments in the cardiac biomarkers market. For instance, in July 2021, Beckman Coulter Inc. partnered with Quidel Corporation to obtain all the rights to a BNP assay for Beckman Coulter analyzers, including for the manufacturing, distribution, and sales, under the name Access BNP.
Similarly, in May 2022, Quidel Corporation acquired Ortho Clinical Diagnostics Holdings plc, which has been renamed QuidelOrtho Corporation, to offer a cardiac assay named VITROS.
Some of the major market players are Abbott Laboratories F. Hoffmann-La Roche Ltd., bioMérieux Inc., Creative Diagnostics, Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., and Siemens Healthineers.