Asia Pacific Emerges as a High-Growth Region in the Cardiac Marker Testing Market, Fueled by Government Investments and Growing Clinical Laboratories

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Nov 10, 2023, 17:45 ET

DUBLIN, Nov. 10, 2023 /PRNewswire/ -- The "Cardiac Marker Testing Market by Biomarker (Troponin, CK-MB, BNP, hs-CRP, Myoglobin), Product (Instrument (Chemiluminescence, ELISA), Reagents & Kits), Disease (MI, CHF, Atherosclerosis), User, ASP & Buying Criteria - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global cardiac marker testing market is poised for substantial growth, with projections estimating it to reach USD 6.9 billion by 2028, a significant increase from its 2022 value of USD 4.1 billion. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period. Several factors contribute to the expansion of the cardiac marker testing market.

Key Drivers of Market Growth

Aging Population: The increasing global aging population has led to a higher prevalence of cardiovascular diseases. This demographic shift emphasizes the importance of cardiac marker testing in the early detection and management of heart-related conditions.
Rising Cardiovascular Diseases: Cardiovascular diseases are on the rise worldwide, making cardiac marker testing an essential tool for the diagnosis and monitoring of these conditions.
Research and Funding: Public and private organizations are investing in research to discover new cardiac biomarkers. This funding supports the development of advanced diagnostic methods, contributing to market growth.
Early Detection: Cardiac marker testing plays a critical role in the early detection of heart failure diseases, enhancing the accuracy of heart condition diagnoses and enabling timely interventions.

Troponin I and T Lead Biomarker Segment

The market's biomarker segmentation includes Troponin I and T, Creatine Kinase-MB (CK-MB), Brain Natriuretic Peptide (BNP and NT-PROBNP), Myoglobin, High-sensitivity C-reactive Protein (hs-CRP), and other cardiac biomarkers. The Troponin I and T segment is expected to hold the largest market share throughout the forecast period of 2022-2028. This dominance is driven by their exceptional sensitivity and specificity, prolonged elevation duration, and ease of use by lab technicians.

Laboratory Testing Facilities Preferred End-User

The end-user segment comprises laboratory testing facilities, academic institutes, and point-of-care testing facilities. In 2022, laboratory testing facilities represented the largest share, accounting for 61.2% of the global cardiac marker testing market. The growth of this segment is attributed to its increased testing efficiency, superior sensitivity, diagnostic precision compared to point-of-care testing, and the preference for laboratory testing over point-of-care options.

Asia Pacific Exhibits Significant Growth Potential

During the forecast period from 2023 to 2028, the Asia Pacific (APAC) region is expected to experience substantial growth in the cardiac marker testing market. APAC includes countries such as India, China, Japan, Australia, South Korea, and RoAPAC. Several drivers contribute to this growth:

Government Investments: Government agencies in emerging countries are investing in healthcare infrastructure, driving market growth.
Clinical Laboratories: The rise of independent clinical laboratories in the region is increasing demand for cardiac marker testing.
Patient Population: A substantial patient population in the Asia Pacific region is boosting the need for advanced diagnostic methods.
Industry Initiatives: Industry players are strategically expanding their offerings of cardiac testing products in the Asia Pacific region, further enhancing market growth.

Premium Insights

Rising Prevalence of Cardiovascular Diseases to Drive Market
Laboratory Testing Facilities Segment Accounted for Largest Share of North American Market in 2022
North America Will Continue to Dominate Market During Forecast Period
China to Register Highest Growth During Forecast Period

Market Dynamics

Drivers

Rising Prevalence of Cardiovascular Diseases
Increasing Geriatric Population and Subsequent Rise in Heart Conditions Worldwide
Growing Research and Funding Initiatives from Public and Private Organizations
Rising Clinical Studies for Identification of Novel Cardiac Biomarkers

Restraints

Technical Issues Related to Sample Collection and Storage
Unfavorable Regulatory Processes and Limited Reimbursement Structure

Opportunities

Point-Of-Care Testing with Cardiac Biomarkers
Ongoing Research on Novel Cardiac Biomarkers for Cardiovascular Diseases
Emerging Markets

Challenges

Challenges Associated with Biomarker Assay Validation

Companies Mentioned

Abbott Laboratories
Alfa Scientific Designs, Inc.
Atlas Medical GmbH
Becton, Dickinson and Company
Bio-Rad Laboratories, Inc.
Biomerieux Sa
Boditech Med Inc.
Btnx Inc.
Cardiogenics Holdings Inc.
Creative Diagnostics
Ctk Biotech, Inc.
Danaher Corporation
Diasorin S.P.A.
F. Hoffmann-La Roche AG
Guangzhou Wondfo Biotech Co. Ltd.
Lifesign LLC
Lsi Medience Corporation (Phc Holdings Corporation)
Perkinelmer Inc.
Quidel Corporation
Randox Laboratories
Response Biomedical
Siemens Healthineers AG
Thermo Fisher Scientific Inc.
Tosoh Corporation
Tulip Diagnostics (P) Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/ule2xa

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