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Cardiac Marker Market: Size, Trends, Growth Analysis, and Future Projections
Cardiac Marker Global Market Report 2024
According to The Business Research Company's, The cardiac marker market size has grown rapidly in recent years. It will grow from $10.4 billion in 2023 to $11.55 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to increased incidence of cardiovascular diseases, aging population and cardiovascular risk, awareness programs and health screenings, integration of biomarkers in clinical practice, stringent regulatory standards and guidelines.
The cardiac marker market size is expected to see rapid growth in the next few years. It will grow to $18.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to rising burden of lifestyle-related diseases, remote monitoring and telemedicine, personalized medicine and precision diagnostics, point-of-care testing (poct) adoption, collaborations and partnerships in healthcare. Major trends in the forecast period include biomarker discovery and validation, personalized medicine approaches, technological advancements in assay platforms, integration of high-sensitivity troponin tests, rise in cardiovascular disease prevalence.
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Market Drivers and Trends:
The rising prevalence of cardiac diseases is expected to propel the growth of the cardiac marker market going forward. Cardiac diseases are a group of conditions that affect the structure or operation of the heart and cause a range of medical problems. Cardiac markers are used to diagnose and monitor various cardiac conditions, including heart attacks, angina, heart failure, and other cardiovascular diseases. Thus, the demand for diagnostic tests or cardiac markers has increased. For instance, according to the British Heart Foundation, a cardiovascular research charity in the UK, in England, there were 30,000 more deaths from coronary heart disease from the start of the pandemic to August 2022. A record 346,000 persons were on a cardiac waiting list by the end of August 2022. Therefore, the rising prevalence of cardiac diseases will fuel the cardiac marker market's growth.
Product innovation is a key trend gaining popularity in the cardiac marker market. Major market players are focusing on innovative solutions to strengthen their position in the market. For instance, in September 2022, MiRxes, a Singapore-based biotechnology company, validated a microRNA-based diagnostic test for the early detection and diagnosis of the illness. When commercialized, the test will enhance MiRxes' portfolio of blood tests for cancer, offering a full range of early detection options to lessen the increasing clinical and socioeconomic burden of life-threatening illnesses, including cancer and cardio-pulmonary disorders.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Abbott Laboratories Inc.; Siemens AG; Danaher Corporation; BioMérieux SA; F. Hoffmann-La Roche AG; Beckman Coulter Inc.; Bio-Rad Laboratories Inc.; Thermo Fisher Scientific Inc.; Guangzhou Wondifo Biotech Co. Ltd.; Creative Diagnostics; PerkinElmer Inc.; Tosoh Corporation; Quidel Corporation; Randox Laboratories Ltd.; Getinge Group; LSI Medience Corporation; Ortho Clinical Diagnostics; DiaSorin; Advanced Sterilization Products Services Inc.; 3M Company; Belimed AG; Cantel Medical Corporation; MELAG Medizintechnik GmbH & Co. KG.; Atom Medical Corporation; Bionet America Inc.; Bistos Inc.; CareFusion Corporation; Clinical Innovations LLC; Abcam plc; General Electric Company
Cardiac Marker Market 2024 Key Insights:
• The cardiac marker market size will grow to $18.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Cardiac Marker Market Surge Is Addressing The Growing Prevalence Of Cardiovascular Diseases
• Mirxes' Microrna-Based Diagnostic Test Revolutionizes Early Detection In The Cardiac Marker Market
• North America was the largest region in the cardiac marker market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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