Global Cardiac Biomarkers Market is expected to garner $2,085.9 million by 2020, registering a CAGR of 18.9% during the forecast period 2015-2020.
Ability of cardiac markers for accurate and rapid prediction of heart failure after the onset of chest pain has added boost to the market growth. In addition, promising features such as high accuracy, quick outcomes and economic pricing of cardiac point of care (POC) testing is driving the growth of cardiac biomarker market, globally. To keep the momentum of cardiac marker tests, the key manufacturers offers customized solutions. The commercial application of multi-menu options for cardiac testing using different combinations of cardiac biomarkers and target-oriented solutions are the key opportunities of the market. However, limited specificity in some cases and side effects such as skeletal muscle injury is restraining the growth cardiac biomarkers markets.
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Cardiac biomarkers are protein-based traceable components that are used as an indicator to determine the biological state for prognostic and diagnostic applications related to cardiac conditions. The industry has witnessed commercialization of advanced and accurate type of cardiac biomarkers, which offer an innovative platform for diagnosis of cardiac diseases.
Relentless focus on R&D activities by market players and rise in patient awareness related to cardiac biomarkers in untapped economies such as India and China fuel the growth of the market. Moreover, increase in applications of cardiac biomarkers as point-of-care (POC) testing provides rapid results for chronic conditions, which in turn, facilitates the market growth. However, issues related to specificity and sensitivity of single measurement cardiac biomarkers, stringent government regulations, and premium pricing restrain the market growth. On the other hand, the life-saving benefits regarding multi-assay biomarkers would create new opportunities in terms of the revenue generation and penetration of innovative cardiac biomarkers in the future.
Key findings of Cardiac Biomarkers Market:
- Troponin segment is expected to maintain its lead in terms of revenue generation during the forecast period.
- The revenue accrue by the myocardial infarction segment would grow by nearly three-folds through 2020.
- Laboratory location of testing market segment would dominate the global market during the forecast period.
- Point-of-care location of testing segment is expected to register a CAGR of 22% from 2015 to 2020.
- Countries including India and China offer potential for growth owing to large number of undiagnosed cardiac patients.
North America would continue to lead the market owing to high awareness, and favorable healthcare reimbursement policies. In addition, Asia Pacific would emerge as one of the most lucrative regions and would closely follow Europe in terms of revenue. Prime factor fueling the growth of Asia Pacific region includes, presence of a large number of undiagnosed cardiac patients, rapid urbanization, rising disposable income, and growing awareness about cardiac disease management programs i.e. Quick cardiac checkup (QCC).
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Based on geography, the global cardiac biomarker market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America leads the global market, owing to the high demand for cardiac testing, high CVD prevalence rate and growing awareness towards cardiac diagnostics solutions. Asia-Pacific is growing at the fastest CAGR due to the modernization, increasing disposable incomes and rising affordability for the advanced cardiac treatments.
Key companies profiled in this market include
- Roche Diagnostics,
- Abbott Laboratories,
- Siemens Healthcare,
- Alere Inc.,
- Dickinson and Company,
- Bio-Rad Laboratories,
- Randox laboratories,
- Beckman Coulter,
- Thermo Fisher Scientific.
Product launch and technological advancements are the few strategies adopted by the key players of global market. The companies are currently focusing on innovative technologies such as automated, multi-assay using combinations of cardiac biomarkers and point-of-care cardiac biomarker devices.
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