The global precision cardiology market is projected to generate $2,998.4 million revenue in 2030, advancing at a CAGR of 12.8% during 2021–2030. This growth can be mainly due to the rising burden of cardiovascular diseases (CVDs), increasing focus on early screening of CVDs, and decreasing cost of sequencing, among others. Moreover, the significant investments by emerging and key companies to meet the industry demand and the rise in adoption of research-based precision products by academic and research institutes are also boosting the market growth.
The COVID-19 pandemic hampered the demand for precision cardiology diagnosis, on account of certain restrictions led down by governments, which stopped patients to go to hospitals and diagnostic centers for regular check-ups. This led to huge losses faced by market players during this period. Also, a temporary halt in research activities pertaining to the precision diagnosis of CVDs coupled with the low influx of patients in hospitals due to the changed healthcare priorities, negatively impacted the market during the pandemic time.
On the other hand, after lifting of restrictions, the market players have adopted different strategic plans to sell old products at discounted prices and others, which will help boost the market growth in the coming years.
Among end users, the hospitals and diagnostic laboratories category holds the largest market share. Moreover, this end user is expected to actively incorporate the largest number of precision tests in the near future, on account of shifting focus toward precision medicine, increasing the global burden of CVDs, and changing lifestyle patterns.
Moreover, the application of precision cardiology in arrhythmia is expected to exhibit the highest CAGR, approximately 14%, over the projection timeframe. The increasing number of patients suffering from arrhythmia, the rising emphasis on research for the discovery of novel biomarkers associated with arrhythmias, the growing focus on the adoption of cardiovascular genetic tests, and the surging adoption of precision medicines are the major factors boosting the market growth in this category.
Geographically, North America accounted for the largest market share in 2021. This is mainly driven by technological innovations to enhance and advance the overall scope of precision medicinal solutions for CVDs. Moreover, several advanced research and development (R&D) projects in the region, particularly focused on expanding the already acquired genomic data, have further aided in exploring multi-omics approaches, in order to better cater to advanced treatments of various diseases, including CVDs.
Players operating in the precision cardiology industry have been extensively involved in business expansions to stay ahead of their competitors. For instance, in December 2020, Sema4 OpCo Inc. announced that it had opened a state-of-the-art clinical laboratory in Connecticut, the U.S. The newly built 70,000-square-feet facility is designed to process industry-leading, information-based genetic tests, including those that are intended for CVDs.
Some of the key enterprises in the precision cardiology market are ARUP Laboratories, Eurofins Scientific Inc., Quest Diagnostics Incorporated, Fulgent Genetics Inc., CENTOGENE N.V., Exact Sciences Corporation, PerkinElmer Inc., Thermo Fisher Scientific Inc., Illumina Inc., Konica Minolta Inc., OPKO Health Inc., Invitae Corporation, OraSure Technologies Inc., Sema4 OpCo Inc., and Abbott Laboratories.