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Cardiac Biomarker Diagnostic Test Kits Market to Grow to $2.5bn by 2025

According to the latest market report published by Future Market Insights (FMI) titled ‘Global Cardiac Biomarker Diagnostic Test Kits: Global Industry Analysis 2013–2017 and Opportunity Assessment, 2018–2028’, the global cardiac biomarker diagnostic test kits market is projected to expand at a compound annual growth rate (CAGR) of 5.1% during the 2018–2028 forecast period, reaching $2.5bn by the end of 2028.

Global cardiac biomarker diagnostic test kits market dynamics

Chest pain is a common symptom in the emergency department (ED), accounting for between eight and ten million visits per year in the US.

An increasing number of patients visiting the emergency department is expected to create growth opportunities for the cardiac biomarker diagnostic test kits market.

Obesity has become a global health challenge in the past few decades, with every sixth person being obese. According to the World Health Organisation (WHO), the number of obese people worldwide has doubled in the last two decades. This growing population is at a high risk of developing cardiovascular diseases and is expected to consequently increase the demand for cardiac biomarker diagnostic test kits.

The leading manufacturers of cardiac biomarker diagnostic test kits are focusing on collaborating with universities and associations to develop and expand their product portfolio. However, less availability of novel cardiac biomarker diagnostic test kits due to comprehensive approval procedures is expected to hamper the growth of the market over the next decade.

Global cardiac biomarker diagnostic test kits market forecast

The global cardiac biomarker diagnostic test kits market is segmented on the basis of product type, indication, end users and regions.

Based on product type, the cardiac biomarker diagnostic test kits market has been segmented into areas such as brain natriuretic peptides (BNP) test kits, creatine kinase MB (CK-MB) test kits, troponin (I&T) tests kits and myoglobin test kits. The BNP test kits segment dominated the global market with a value of $682.9m in 2017. It is expected to be the most lucrative segment throughout the forecast period. The BNP test kits segment is also projected to be a fast-growing segment at a CAGR of 6.8% over the 2018–2028 forecast period.

On the basis of indication, the cardiac biomarker diagnostic test kits market is segmented into areas such as angina pectoris, acute myocardial infarction and congestive heart failure. By indication, the angina pectoris sector is expected to be the most lucrative with an estimated 41.4% value share by the end of 2028, growing at a CAGR of 3.6%. The congestive heart failure segment is expected to be a fast-growing segment in the cardiac biomarker diagnostic test kits market, projected to grow at a CAGR of 6.7% to reach a market value of $357.8m by 2028.

Based on end-users, the cardiac biomarker diagnostic test kits market is segmented into hospitals, diagnostic laboratories, outpatient clinics and academic and research institutes. The diagnostic laboratories segment is expected to dominate the market in 2018 as a large number of patients visit diagnostic laboratories cardiovascular disease. Revenue from the diagnostic laboratories segment is expected to increase at a CAGR of 5.9% over the 2018–2028 forecast period, to reach $997.4m by 2028.

Based on region, the cardiac biomarker diagnostic test kits market has been segmented into North America, Latin America, Western Europe, Eastern Europe, the Asia-Pacific excluding Japan (APEJ), China, Japan and the Middle East and Africa (MEA). North America dominated the market with maximum value share in 2017.

By value, one-third of the cardiac biomarker diagnostic test kits market is accounted by the US due to the increasing prevalence of cardiovascular diseases athe nd rising adoption of cardiac biomarker diagnostic test kits. The APECJ market is expected to be fast-growing due to an increasing obese population and expansion strategies followed by the key manufacturers in the region. Latin America and the MEA are expected to witness slow growth due to low awareness regarding the benefits of cardiac biomarker diagnostic test kits for the diagnosis of cardiovascular diseases.

Global cardiac biomarker diagnostic test kits market competitive landscape

Examples of some of the key players operating in the global cardiac biomarker diagnostic test kits market are Abbott Laboratories, Danaher Corporation, Bio-Rad Laboratories, Thermo Fisher Scientific, Becton, Dickinson and Company, F. Hoffmann-La Roche, Siemens, bioMérieux and Randox Laboratories.

The global market is highly fragmented, with the top six players estimated to account for around a 75% market share.

Abbott Laboratories accounted for a maximum share of the global cardiac biomarker diagnostic test kits market in 2017, due to the acquisition of Alere, which has helped the company to expand its product portfolio. The acquisition marks a key strategy followed by all the leading manufacturers of cardiac biomarker diagnostic test kits market to expand their business. The companies are focusing on acquiring local manufacturers to expand their product portfolio and also to increase their market share.

To request a sample report with a table of contents and figures, click here.

To preview analysis of the global cardiac biomarker diagnostics test kits market, segmented by product type and indication, click here.

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