Cardiac biomarkers market size is projected to reach USD 16,119.8 Million at a CAGR of 10.3% by the end of the forecast period
The Cardiac Biomarkers Market is expected to reach USD 11.12 Billion by 2030 at 13.90% CAGR during the forecast period 2022-2030.The cardiac biomarkers market size was valued at USD 4236.02 Million in 2019. The cardiac biomarkers are widely used as an integrated diagnostic approach for various cardiovascular diseases. The key factors that drive the cardiac biomarkers market are the increasing prevalence of cardiovascular diseases and lifestyle diseases, increasing prevalence of cardiovascular diseases and lifestyle diseases, increase in demand for disease-specific treatment & research in which cardiac biomarkers are used, technological advancements in cardiac biomarkers, and favorable government initiatives to create awareness related to cardiovascular diseases. However, a lack of awareness among people is expected to hamper market growth.
SRL Diagnostics has confirmed the introduction of ‘Heart Assure’, which is a specialized test that helps understand the risks associated with a cardiac event. The renowned diagnostic company has to say that the sensitivity Troponin I (hsTnI) can be described as a simple blood test for precisely predicting a cardiac injury/event by offering an accurate heart health risk score.
Covid 19 Impact
The COVID-19 outbreak has been spreading rapidly globally. However, the demand for cardiac biomarkers have not been hampered as it is an essential product used during emergencies. The number of patient visits to hospitals and specialty centers has also not been affected, thus maintaining the balance of patients getting assessed with cardiac biomarkers. With the widespread COVID-19 disease across the globe, the number of patients suffering from cardiovascular diseases is also increasing, which in turn is positively affecting the market growth. Studies also showed that people severely infected with Covid-19 are at greater risk of chronic right heart failure, pulmonary hypertension, and diastolic dysfunction, which will positively impact the cardiac biomarker market.
The businesses of the market players remain unaffected as the demand for cardiac biomarkers remains unaltered. However, the small players in the market have been moderately affected, as they do not have a high manufacturing capacity and have a distribution reach that only spans specific areas. Also, the key players of the market have long-term tie-ups with government institutes and hospitals. At this time of the epidemic, the consumers stick to long-term agreement plans rather than suppliers' switching.
Despite the governmental efforts to mitigate the spread of COVID, there has been a significant impact on the supply of chief materials for different manufacturing activities. However, on the bright side, Bristol Myers Squibb confirms that the U.S. Food and Drug Administration (FDA) accepted its new drug application for CAMZYOS (mavacamten) for indication to reduce the requirement for septal reduction therapy (SRT).
This is a crucial application since the need for cardiac biomarkers has risen following the COVID-19 outbreak, given the increased effect on the upper respiratory tract of patients. This leads to several cardiac diseases like cardiac injury, acute coronary syndrome and arrhythmia.
Cardiovascular disease is the leading cause of death globally. According to the American College of Cardiology, approximately every 40 seconds, an American will have a myocardial infarction. There is a rising prevalence of lifestyle-related diseases, such as diabetes and hypertension. For instance, according to the WHO, an estimated 1.13 billion people globally suffer from hypertension. In addition, the increasing population of critically ill geriatric population and need to be periodically monitored, and their loved ones need to be informed about their health status from time to time. Therefore, the advantages of cardiac biomarkers which aids to treat cardiovascular disease and other lifestyle disease is propelling the market growth.
Current research for cardiac biomarkers is limited. Moreover, most individuals are unaware of this product. This is a restraint on the market, with doctors not being quick to adopt biomarkers. Through research, these restrictions will go away, but that demands time and resources. The current emphasis on healthcare that the COVID pandemic ensured globally can boost this market by subsidizing its research, especially considering that post-COVID individuals are more susceptible to chronic cardiovascular conditions. In turn, this can be used to raise awareness for the product and enhance the appeal of a home-administered simple test.
To augment the accuracy level of predicting cardiac arrest for better treatment, a research team from Johns Hopkins University has developed an artificial intelligence/AI system that is based on raw images of the heart of the patient as well as the data with respect to their demographics. Called the Survival Study of Cardiac Arrhythmia Risk or SSCAR, this AI system is able to assess patterns that are otherwise not visible through the naked eye and therefore, are able to predict the possibility of a sudden cardiac arrest in the next ten years. The advanced AI system gathers all the information beyond the mass and volume, the only features collected by a standard clinical cardiac image analysis.
Value Chain Analysis
The value chain analysis of the cardiac biomarkers market is very different from the normal industry. The products are being used to assess patients suffering from specific conditions such as heart failure and acute coronary syndrome. There are five steps within the value chain of this market which include R&D, manufacturing, distribution & sales, and post-sales monitoring.
The key players active in the cardiac biomarkers market focus on new product development through research collaborations to study the safety and efficacy of potential cardiac biomarkers products. This process consists of heavy brainstorming requires high knowledge and efficiency. The process of product development of cardiac biomarkers starts with conceptualization, followed by the design of the product, then the development, and the testing. The manufacturing stage of the cardiac biomarkers devices involves the supply of raw materials and manufacturing products for customers. In this process, the final product helps in measuring the biomarkers released in a cardiac disorder. In the distribution & sales stage, the product is marketed aggressively, and awareness about the product is spread among the end users to increase sales. Lastly, the post-marketing monitoring stage begins with a periodic safety update report of the product, which is to be submitted to the US FDA after the product arrives at the market. Marketing and sales strategies play a crucial part in understanding the characteristics of the product industry in which one is competing. This segment gives a low value to the overall value chain. The reporting of adverse events associated with cardiac biomarkers needs to be addressed in this phase.
The market has been segmented based on cardiac biomarker type - Creatine Kinase (CK-MB), Troponins T and I, myoglobin, BNPs, IMA, and others. Troponins I and T are the highest revenue-generating segment in the overall cardiac biomarker market due to their prodigious specificity and their ability to accurately detect the cardiac events of Acute Coronary Syndrome (ACS). It is also anticipated to exhibit the highest growth during the forecast period.
Based on application, the market is segmented into myocardial infarction, congestive heart failure, acute coronary syndrome, atherosclerosis, and others. Myocardial Infarction (MI) holds the highest market share in the global cardiac biomarker market, followed by Acute Coronary Syndrome (ACS) due to the highest prevalence rate among cardiovascular diseases (CVDs). Myocardial infarction is projected to grow at the highest CAGR of 11.5% during the study period.
The location of the testing segment is classified as point-of-care testing and laboratory testing. Doctors and clinicians largely prefer point-of-care cardiac testing for quick monitoring patients with chest pain in an emergency care unit, therefore, accounting for the fastest CAGR.
In June 2022, LumiraDx Limited confirmed the expansion and diversification of its range with CE Mark for its NT-proBNP and D-Dimer test. The commercialization of the former is expected to happen by the end of 2022, which will accelerate smoother clinical decision-making.
Global Cardiac Biomarkers Market Share, by Region, 2019 (%)
Source: MRFR Analysis
Based on region, the global cardiac biomarker market is segmented into the Americas, Europe, Asia-Pacific, and Middle East & Africa. Americas leads the global market due to the high demand for cardiac testing, high CVD prevalence rate, and growing awareness of cardiac diagnostics solutions. Asia-Pacific is growing at the fastest CAGR due to modernization, increasing disposable incomes, and rising affordability for advanced cardiac treatments.
The Americas dominated the cardiac biomarker market in 2019 and is likely to continue to command during the assessment period. This can be attributed to the high prevalence of cardiovascular diseases & diabetes, product launch, and acquisition in this region. As per the Centers for Disease Control and Prevention, heart disease is one of the leading causes of death in the US.
Around 655,000 Americans die from heart disease each year, or one person dies every 36 seconds in the US from cardiovascular disease. Heart disease costs the US about USD 219 billion each year from 2014 to 2015. Furthermore, the key players in the regional market are also focused on product development and launch to expand their product portfolio.
Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022 to 2030. This is owing to the high incidence of cardiovascular diseases, COPD, and diabetes. As per the American Diabetes Association, more than 60% of the entire diabetic population lives in Asia. India and China are highly populated countries. Moreover, various initiatives taken by the governments in Asia-Pacific to support the healthcare system are also fueling the regional market's growth. For instance, in August 2020, the Government of India announced a national health ID for every Indian to create a centralized mechanism to identify every participating user in the National Health Stack uniquely.
Furthermore, the rising per capita disposable income of middle-class families, which accounts for a large population in Asia, results in individuals spending more on health. This is driving the growth of the cardiac biomarkers market in the region during the forecast period.
A study published in the American Journal of Obstetrics and Gynecology shows that a blood test, which leverages artificial intelligence (AI) and genetic biomarkers, can prenatally identify fetal congenital heart defects. the research team assessed the ability of multiple AI approaches, combined with genomic data, to identify altered gene pathways that are important in the development of congenital heart defects. findings indicate that a minimally invasive congenital heart defect identification method could be an important first step in establishing effective postnatal action plans for at-risk infants.
The global cardiac biomarkers market is moderately fragmented with rising competition, product launches, rising collaborative partnerships, and other strategic decisions that are undertaken to achieve operational efficiency. The vendors compete based on cost, quality, timely availability, and reliability of products offered. The growth of key market players is dependent on market conditions, government support, and industry development. For example, COVID-19 has played an important role in the increase in demand for cardiac biomarkers.
Hoffmann-La Roche Ltd (Switzerland), a leading medical imaging company, held a majority share in the global cardiac biomarkers market in 2019. The company has a strong product portfolio in the market with a wide customer base in Troponin cardiac biomarkers. Also, the company has a strong global presence in the market. F. Hoffmann-La Roche Ltd invests in the research and development of new products to enhance its product portfolio. It also focuses on expanding its presence in several regions by undertaking strategies such as mergers and acquisitions. The Roche NT-proBNP test, Roche CARDIAC POC Troponin T, and Roche GDF-15 are some of its product offerings that utilize cardiac biomarkers.
The prominent players in the global cardiac biomarkers market are Novartis AG (Switzerland), Quidel Corporation (US), ACS Biomarker B.V (Netherlands), Randox Laboratories Ltd (UK), Trivitron Healthcare (India), F. Hoffman La Roche Ltd (Switzerland), Johnson & Johnson Services Inc. (US), Abbott Laboratories (US), Siemens (Germany), Thermo Fisher Scientific Inc (US), Bio-Rad Laboratories, Inc (US), Danaher Corporation (US), and Biomérieux SA (France).
The study covers the existing short-term and long-term market effect, helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in the Americas, Europe, Asia-Pacific, and Middle East & Africa. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, Value Chain, and impact of COVID-19 on the market.
Global Cardiac Biomarkers Market, by Type
Global Cardiac BiomarkersMarket, by Application
Global Cardiac BiomarkersMarket, by Indication
Global Cardiac BiomarkersMarket, by location of testing
Global Cardiac BiomarkersMarket, by Region
|Market Size||2027: Significant|
|CAGR||(16.36%) : 2019-2027|
|Historical Data||2017 & 2018|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Location of Testing, and Region|
|Geographies Covered||Americas, Europe, Asia-Pacific, Middle East & Africa|
|Key Vendors||Novartis AG (Switzerland), Quidel Corporation (US), ACSBiomarker B.V (Netherlands), Randox Laboratories Ltd (UK), Trivitron Healthcare (India), F. Hoffman La Roche Ltd (Switzerland), Johnson & Johnson Services Inc (US), Abbott Laboratories (US), Siemens (Germany), Thermo Fisher Scientific Inc (US), Bio-Rad Laboratories, Inc (US), Danaher Corporation (US), and Biomérieux SA (France)|
|Key Market Opportunities||Healthcare reforms and developing healthcare infrastructure|
|Key Market Drivers||Increasing prevalence of cardiovascular and lifestyle-related diseases • Increase in demand for disease-specific treatment & research in which cardiac biomarkers are used|
The cardiac biomarkers market size was valued at USD 4236.02 Million in 2019
The cardiac biomarkers market is projected to grow at approximately 13.90% CAGR during the forecast period (2022-2030).
Increasing adoption of outsourcing services.
North America holds the largest share in the global Cardiac biomarkers market, followed by Europe and the Asia Pacific, respectively.
ACS Biomarker (The Netherlands), Abbott Laboratories (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US), bioMérieux SA (France), Danaher Corporation (US), Johnson and Johnson (US), Hoffmann-La Roche Ltd (Switzerland), Quidel Corporation (US), Siemens AG (Germany), Randox Laboratories Limited (UK), Thermo Fisher Scientific, Inc. (US), Novartis (Switzerland), and Trivitron Healthcare Pvt. Ltd. (India), are some of the major players operating in the cardiac biomarkers market.