Cardiac biomarkers are biochemical compounds which are released into the bloodstream when the heart is damaged or stressed. They help in diagnostic testing and risk assessment of patients with suspected acute coronary syndrome and myocardial infarction. Cardiac troponin, CK-MB, myoglobin, BNP & NT-proBNP are some of the commonly used cardiac biomarkers. The cardiac biomarkers market has gained significance as diagnostic tests using these biomarkers help in timely diagnosis and risk stratification of patients with cardiac issues.

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 6.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

The increasing prevalence of cardiac diseases across the world presents a major market opportunity for growth of cardiac biomarkers. Cardiovascular diseases are currently one of the leading causes of mortality and require urgent diagnosis and treatment. According to the World Health Organization, cardiovascular diseases account for over 17.9 million deaths annually across the globe. Early diagnosis can significantly reduce mortality and enable timely intervention. Cardiac biomarkers help hospitals and diagnostic labs in rapid diagnosis of patients dealing with chest pain, myocardial infarction or other cardiac issues. This enables quick triaging of high risk patients and management of their treatment. The growing need for timely diagnosis of cardiac diseases will continue driving the demand for cardiac biomarkers over the forecast period.

Porter's Analysis

Threat of new entrants: The threat of new entrants in the cardiac biomarkers market is moderate. Startup costs for R&D and regulatory approvals pose barriers. However, the lucrative growth prospects attract new players.
 

Bargaining power of buyers: The bargaining power of buyers is medium to high. Due to availability of substitutes, buyers can negotiate on price and quality.
 

Bargaining power of suppliers: The bargaining power of suppliers is low to medium. Due to presence of several raw material suppliers, buyers can switch easily without impacting production.
 

Threat of new substitutes: The threat of new substitutes is medium. Frequent new product launches by competitors increases substitution threat. However,biomarkers have distinct clinical applications reducing impact.
 

Competitive rivalry: The cardiac biomarkers market sees fierce competition due to presence of global key players. Companies focus on new product development and strategic collaborations.

SWOT Analysis

Strength: Wide clinical use in diagnosis,risk assessment and monitoring of myocardial infarction.Growing incidence of cardiovascular diseases worldwide is driving demand.
 

Weakness: Specificity issues can give false positive results.High capital investment for R&D.
 

Opportunity: Emerging economies offer lucrative opportunitiesdue to increasing healthcare spending.Novel biomarkers in the pipeline widen diagnosis avenues.
 

Threats: Stringent regulations delay approvals and increase compliance costs.Reimbursement policies vary significantly across regions.

Key Takeaways

The Global Cardiac Biomarkers Market Demand is expected to witness high growth during the forecast period of 2023-2030. The market size for 2024 is estimated to be US$ 9836.55 Mn representing a CAGR of around 6.0% over the forecast period.

Regional analysis indicates that North America dominates the global cardiac biomarkers market currently due to high awareness levels and advanced healthcare infrastructure. However, Asia Pacific is expected to be the fastest growing region on account of rising geriatric population, improving access to diagnostics and government initiatives.

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. Leading players focus on new product launches, partnerships and geographical expansion to strengthen their market foothold.

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