WELLESLEY, Mass, June 27, 2018 (GLOBE NEWSWIRE) -- The increasing need to provide cost-effective and noninvasive diagnostic techniques to test for cardiovascular disease, as well as technological advancements using cardiac biomarker combinations, are major drivers of the global market for cardiac biomarkers. A new BCC Research report projects that this market will reach $9.9 billion by 2022 and examines it by types of biomarkers and geographic regions.
The aging population is giving rise to increasing prevalence of cardiovascular disease. Cardiac biomarkers found in blood have become increasingly accurate for evaluating cardiac abnormalities. This field is also being pumped up by increased funding from public–private organizations for research on cardiac biomarkers. From a total of $6.3 billion in 2017, this market is projected to expand at a five-year compound annual growth rate (CAGR) of 9.5%, according to BCC Research’s new report, Cardiac Biomarkers: Technologies and Global Markets.
Principal restraints affecting growth and development of the global cardiac biomarkers market include regulatory and reimbursement issues; increased competitive activity and highly competitive product-pricing strategies by the leading suppliers; clinical and specific product–related issues associated with troponin I and troponin T testing.
Research Highlights
- The fastest-growing segment of the cardiac biomarkers market is galectin-3, with a predicted CAGR of 57.6%, while the segment with the slowest growth is creatine kinase–myocardial band (CK-MB), with a predicted CAGR of −2.8%.
- North America is the largest geographic region by revenue, with an estimated 42.1% global market share.
- Roche has the largest global market share (an estimated 26.0%) for cardiac biomarkers; the second largest market shareholder is Abbott Laboratories (Alere), with an estimated 23.2%.
“Since the measurement of cardiac troponin was originally described in 1989, there has been a revolution in the technology associated with cardiac marker measurement,” said Paul Taylor, BCC Research analyst. “The production of sensitive, specific assays that can be used in real time has been a quantum leap in the laboratory. A variety of innovative wireless connectivity technologies have been incorporated into the latest devices.”
Asia-Pacific Region Poised to Surpass Europe
It is estimated that over BCC Research’s forecast period, the share of the global cardiac biomarkers market held by North America will slowly decline, while shares of the Asia-Pacific and Latin America regions will increase. At a predicted CAGR of 10.7%, Asia-Pacific will overtake Europe in terms of revenue to become the second largest regional market. Similarly, the Central and Latin America market is projected to achieve a CAGR of 10.6%.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.