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Cardiac Troponin Market 2024 - By Key Players, Regional Overview, Opportunities, Challenges And Outlook By 2033
Cardiac Troponin Market
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According to The Business Research Company's, The cardiac troponin market size has grown rapidly in recent years. It will grow from $3.49 billion in 2023 to $3.85 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to rising prevalence of cardiovascular diseases, increasing awareness and early diagnosis of heart conditions, expanding healthcare infrastructure in emerging markets, growth in the elderly population, introduction of high-sensitivity cardiac troponin assays.
The cardiac troponin market size is expected to see rapid growth in the next few years. It will grow to $5.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to rising prevalence of lifestyle-related cardiovascular conditions, expansion of cardiac care units in hospitals, increasing adoption of home healthcare, growth in personalized medicine, and demand for more efficient and cost-effective diagnostic solutions. Major trends in the forecast period include adoption of machine learning algorithms for data interpretation in cardiac care, expanding applications of cardiac troponin beyond acute coronary syndrome, advancements in multiplex testing for simultaneous biomarker analysis, development of novel biomarkers alongside troponin, and personalized medicine.
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Market Drivers and Trends:
The increasing prevalence of heart-related conditions is expected to propel the growth of the cardiac troponin market going forward. Heart-related conditions encompass a range of cardiovascular diseases, including coronary artery disease, heart failure, arrhythmias, and congenital heart defects, affecting the structure and function of the heart. The increasing prevalence of heart-related conditions is driven by factors such as aging populations, sedentary lifestyles, poor dietary habits, and rising rates of obesity and hypertension. Cardiac troponin is crucial in diagnosing heart-related conditions by serving as a highly sensitive biomarker for detecting heart muscle damage, particularly in cases of heart attacks and other cardiac events. For instance, according to the Report on Registration of Births and Deaths 2023 by the Registry of Births and Deaths, Immigration and Checkpoints Authority, Singapore and Ministry Of Health, the total number of deaths attributed to ischemic heart diseases reached 5,302, reflecting a slight increase from 5,290 recorded in 2022. Therefore, the increasing prevalence of heart-related conditions will drive the growth of the cardiac troponin market.
Major companies operating in the cardiac troponin market are focusing on developing new technology, such as human serum-based quality control, to ensure accurate and reliable high-sensitivity troponin testing by providing multi-analyte controls. Human serum-based quality control in cardiac troponin testing ensures test accuracy and reliability by using human serum with known troponin concentrations to verify the assay's performance. For instance, in May 2023, Bio-Rad Laboratories, Inc., a US-based biotechnology research company, introduced Cardiac Advance, a four-level, multi-analyte quality control specifically designed for high-sensitivity troponin testing. These liquid, human-serum-based controls are offered in InteliQ 3-mL tubes, Liquichek 3-mL standard, and 2.5-mL compact vials. The controls feature 10 cardiac analytes, including troponin, CK-MB, BNP/proBNP, and myoglobin, and are compatible with Siemens and Roche testing platforms. The products are available in the U.S., Europe, and selected Asian markets.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Merck KGaA, Siemens Healthineers AG, Becton Dickinson and Company, Laboratory Corporation of America Holdings (Labcorp), Zoetis Inc., bioMérieux SA, Beckman Coulter Inc., QuidelOrtho Corporation, Sysmex Corporation, Bio-Rad Laboratories Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Radiometer Medical ApS, Randox Laboratories Ltd., Fujirebio Diagnostics Inc., Meso Scale Diagnostics LLC., Singulex Inc., Diazyme Laboratories Inc., Response Biomedical Corporation, Eurolyser Diagnostica GmbH, LifeSign LLC
Cardiac Troponin Market 2024 Key Insights:
• The cardiac troponin market size is expected to see rapid growth in the next few years. It will grow to $5.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
• Rising Heart Disease Prevalence To Fuel Cardiac Troponin Market Growth
• Advanced Cardiac Quality Control For Enhanced Troponin Testing
• North America was the largest region in the cardiac troponin market in 2023
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