The Global Cardiac Biomarker Diagnostic Test Kits Industry is gearing up for an extraordinary surge, according to the latest market projections. With a projected worth of US$ 1,950 million in 2023 and a remarkable compound annual growth rate (CAGR) of 5.1% expected from 2023 to 2033, industry experts anticipate a substantial valuation of US$ 3,206.73 million by the end of the forecast period.
This optimistic forecast, grounded in comprehensive market research and analysis, sheds light on the promising trajectory of the cardiac biomarker diagnostic test kits industry. The market’s robust expansion underscores the escalating demand for advanced diagnostic tools dedicated to identifying and managing cardiovascular diseases. This growing interest makes the sector particularly attractive to investors, healthcare professionals, and manufacturers alike.
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Global Cardiac Biomarker Diagnostic Test Kits Industry: Dynamics
Chest pain is a common emergency department (ED) presentation accounting for 8-10 million visits per year in the U.S. The increasing number of patient visits in the emergency department is expected to create growth opportunities for the cardiac biomarker diagnostic test kits market. Obesity has become a global health challenge in the past few decades, with every sixth person being obese. According to the WHO, the number of obese population around the globe has doubled in the last two decades. The growing obese population, which is at a high risk of developing cardiovascular diseases, is expected to consequently increase the demand for cardiac biomarker diagnostic test kits. Moreover, the leading manufacturers of cardiac biomarker diagnostic test kits are focusing on collaborating with universities and associations to develop and expand their product portfolio. On the other hand, less availability of novel cardiac biomarker diagnostic test kits due to tedious approval procedures is expected to hamper the growth of the cardiac biomarker diagnostic test kits market over the next decade.
Global Cardiac Biomarker Diagnostic Test Kits Industry: Forecast
The Global Cardiac Biomarker Diagnostic Test Kits Industry is segmented based on product type, indication, end users and regions. Based on product type, the Global Cardiac Biomarker Diagnostic Test Kits Industry has been segmented into Brain Natriuretic Peptide (BNPs) Test Kits, Creatine Kinase MB (CK-MB) Test Kits, Troponin (I&T) Tests Kits, Myoglobin Test Kits and other test kits. By product type, the BNP test kits segment dominated the global cardiac biomarker diagnostic test kits market with market value of US$ 682.9 Mn in 2017 and is expected to be the most lucrative segment throughout the forecast period. The BNP test kits segment in the Global Cardiac Biomarker Diagnostic Test Kits Industry is also projected to be the fast-growing segment, and to grow at CAGR of 6.8% over 2018-2028.
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Based on indication, the cardiac biomarker diagnostic test kits market is segmented into Angina Pectoris, Acute Myocardial Infarction, Congestive Heart Failure, and others. By indication, the Angina Pectoris is expected to be the most lucrative segment in the Global Cardiac Biomarker Diagnostic Test Kits Industry and is estimated to account for 45.2% value share in 2018 and to account for 41.4% value share by 2028 end, growing at a CAGR of 3.6%. The congestive heart failure segment by indication is expected to be the fast-growing segment in the Global Cardiac Biomarker Diagnostic Test Kits Industry. The congestive heart failure segment is projected to grow at a CAGR of 6.7% over the forecast period to reach a market value of US$ 357.8 Mn by 2028.
Based on end users, the Global Cardiac Biomarker Diagnostic Test Kits Industry has been segmented into hospitals, diagnostic laboratories, outpatient clinics, academic and research institutes. The diagnostic laboratories segment is expected to dominate the Global Cardiac Biomarker Diagnostic Test Kits Industry in 2018 as a large number of patients visit diagnostic laboratories for the diagnosis of cardiovascular disease. Revenue from the diagnostic laboratories segment is expected to increase at a CAGR of 5.9% over 2018-2028, to reach US$ 997.4 Mn by 2028.
Based on region, the Cardiac Biomarker Diagnostic Test Kits Industry has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, China, Japan and Middle East & Africa. North America dominated the Global Cardiac Biomarker Diagnostic Test Kits Industry with maximum value share in 2017. Chest pain is a common emergency department (ED) presentation in the region accounting for 8-10 million visits per year in the U.S., among which 20% of patients are diagnosed with the help of cardiac biomarker diagnostic test kits for cardiovascular diseases. One-third share of the cardiac biomarker diagnostic test kits market by value is accounted by the U.S. due to increasing prevalence of cardiovascular diseases and rising adoption of cardiac biomarker diagnostic test kits. APECJ is expected to be the fast-growing regional markets for cardiac biomarker diagnostic test kits due to increasing number of obese population and expansion strategies followed by the key manufacturers in the region. Latin America and MEA are expected to witness sluggish growth in the Global Cardiac Biomarker Diagnostic Test Kits Industry due to low awareness regarding the benefits of cardiac biomarker diagnostic test kits for the diagnosis of cardiovascular diseases.
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Global Cardiac Biomarker Diagnostic Test Kits Industry: Competitive Landscape
Examples of some of the key players operating in the Global Cardiac Biomarker Diagnostic Test Kits Industry are Abbott Laboratories, Danaher Corporation, Bio-Rad Laboratories, Thermo Fisher Scientific, Inc., Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Siemens AG, bioMérieux SA, Randox Laboratories Ltd. The Global Cardiac Biomarker Diagnostic Test Kits Industry is highly fragmented, with top six players, estimated to account for approximately 75% market share. Abbott Laboratories accounted maximum share of the Global Cardiac Biomarker Diagnostic Test Kits Industry in 2017, due to the acquisition of Alere Inc., which has helped the company to expand its product portfolio. The acquisition is the key strategy followed by all the leading manufacturers of cardiac biomarker diagnostic test kits market to expand their business. The companies of the cardiac biomarker diagnostic test kits market are focusing on acquiring local manufacturers to expand their product portfolio and also increase their market share.
Author
Sabyasachi Ghosh (Associate Vice President at Future Industry Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Industry Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Industry Insights (FMI)
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