Cardiac biomarkers are proteins found in the blood that can be easily used to detect any damages or injuries in the heart. They play a vital role in the diagnosis of cardiovascular diseases as their levels may increase due to various cardiovascular conditions like myocardial infarction, congestive heart failure or myocarditis. With the increasing prevalence of cardiovascular diseases worldwide, the demand for cardiac biomarkers to facilitate efficient diagnosis is growing rapidly.

The global cardiac biomarkers market is estimated to be valued at US$ 9836.55 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity in diagnosis of cardiovascular diseases is expected to drive the growth of the Global cardiac biomarkers market Size over the forecast period. According to World Health Organization, cardiovascular diseases account for over 17.9 million deaths globally each year. Efficient diagnosis of cardiovascular diseases is crucial for timely intervention and management. Cardiac biomarkers facilitate early and accurate diagnosis of various cardiovascular conditions which helps in improving the treatment outcomes. Moreover, ongoing research and development for developing new biomarkers with higher sensitivity and specificity for specific cardiovascular conditions is further expanding the application areas of cardiac biomarkers. This wide scope for applications in diagnosis of prevalent cardiovascular diseases makes it a huge market opportunity for cardiac biomarkers over the next few years.

Porter's Analysis

Threat of new entrants: Low as it requires high R&D investment and regulatory approvals to introduce new biomarkers.

Bargaining power of buyers: Moderate as buyers have many choices but biomarkers help in faster diagnosis.

Bargaining power of suppliers: Low as suppliers need to adhere to quality standards and production scale is also limited.

Threat of new substitutes: Low as there are no close substitutes for cardiac biomarkers in diagnostics.

Competitive rivalry: High as major players compete on innovation, quality and service.

SWOT Analysis

Strengths: Growing geriatric population is prone to cardiac diseases. Biomarkers help in early detection.

Weaknesses: Low biomarker specificity can give false positives. Require specialized tests and analysts for interpretation.

Opportunities: Emerging markets offer high growth potential. Personalized diagnostics and POC testing will drive the market.

Threats: Stringent regulations delay product approvals. Reimbursement policies vary globally.

Key Takeaways

The global Cardiac Biomarkers Market is expected to witness high growth at a CAGR of 10% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 9836.55 Mn by 2023.

North America currently dominates the market due to presence of major players, advanced healthcare infrastructure and rising awareness on cardiac health. However, Asia Pacific is expected to exhibit the fastest growth rate owing to growing medical tourism, increasing healthcare spending and rising cases of lifestyle diseases.

Key players operating in the cardiac biomarkers market are Abbott Laboratories, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Randox Laboratories Ltd., Siemens Healthineers, and BioMérieux SA. Major players are focusing on new product launches, geographic expansions and mergers & acquisitions to strengthen their market presence.

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