Market Trends of Cardiac Biomarkers Industry
This section covers the major market trends shaping the Cardiac Biomarkers Market according to our research experts:
Troponin is Expected to be the Fastest Growing Segment During the Forecast Period
Troponin tests are becoming a lucrative market due to their benefits in detecting myocardial infarction and congestive heart failure and their efficiency in diagnosing cardiovascular disorders in a timely and accurate manner compared to other tests. According to a study that came out in August 2021 in the National Library of Medicine, cardiac troponins are the best blood test for people who might have acute myocardial infarction or cardiac heart failure.This is because they are specific and sensitive biomarkers of cardiac ischemia. The levels of cardiac troponin in the blood can be detected using sensitive and highly sensitive assays. Such high levels of specificity and efficacy of troponin tests are expected to drive the growth of the studied segment.
The growing burden of cardiac diseases is anticipated to drive the demand for the troponin biomarkers segment. For instance, according to the study published in Frontiers in Cardiovascular Medicine in September 2021, in the United States, a myocardial infarction occurs every 40 seconds, with an estimated annual incidence of 605,000 new cases and 200,000 recurrent cases and a prevalence of 3.0% among adults aged 20 years and older. Also, the MDPI Journal research article published in September 2021 reported that the worldwide prevalence of peripheral arterial disease (PAD) is estimated to be 3-12%, affecting nearly 27 million people in America and Europe. The same source also reported that in Europe, the prevalence of PAD is estimated at around 17.8% between the ages of 45 and 55. Such a high prevalence of cardiovascular diseases is expected to contribute to the growing demand for effective diagnostics such as troponin tests, thereby fueling segment growth.
Moreover, the major market players are focusing on developing advanced products for the diagnosis of cardiovascular diseases. For instance, in April 2021, Siemens Healthcare earned the CE Mark for its cardiac troponin point-of-care test. The Atellica VTLi Patient-Side Immunoassay Analyzer is a device that offers a point-of-care test to help diagnose heart attacks.
Thus, the rising incidence of cardiovascular diseases, the high efficacy of troponin tests, and increasing product launches are expected to contribute to the growth of the studied segment.
North America is Expected to Witness a Growth in Wireless ECG Devices Market Over the Forecast Period
North America is expected to hold a significant share of the market over the forecast period. The high burden of cardiovascular diseases in the region and the increased spending on the research and development of cardiovascular disease diagnostics are expected to drive the cardiac biomarkers market in the region during the forecast period.
For instance, as per the 2022 Heart Disease and Stroke Statistics Update Fact Sheet, approximately every 40 seconds, a person in the United States is anticipated to have a myocardial infarction. Likewise, the CDC updated its report in September 2021 and reported that approximately 6.5 million people aged 40 and older in the United States have peripheral arterial disease. Also, as per the February 2022 report from the Heart and Stroke Foundation of Canada, 750,000 people are living with heart failure, and 100,000 people are diagnosed with heart failure each year in the country.
Furthermore, the increasing market players' strategies in this region to develop innovative cardiac biomarker tests are expected to contribute to the growth of the market in this region. For instance, in July 2021, Beckman Coulter, a global clinical diagnostics leader, entered into definitive agreements with Quidel Corporation to obtain all rights related to the manufacture, distribution, and sale of a BNP assay for its Beckman Coulter analyzers for congestive heart failure.
Therefore, given the above-mentioned factors, such as the growing demand for effective diagnostics and the increasing incidence of cardiovascular diseases, the presence of major players is expected to contribute to the growth of the market in this region.
