Global Cardiac Biomarkers Market - Segmented by Type Of Marker, Application, Location Of Testing and Geography - Growth, Trends, and Forecast (2018 - 2023)
The cardiac biomarkers market is expected to register a CAGR of about 18.5%, during the forecast period. Biomarkers have an essential role in the diagnosis, management, risk stratification, and clinical decision-making in the patients suffering from disease. Cardiac biomarkers are measurable and quantifiable biological parameters, which are detected in the blood and serve as indices for physiological and pathological assessment by a specialized immunoassay.
Increasing Prevalence of Cardiovascular Diseases
Myocardial infarction is caused is one of the conditions that occur due to cardiovascular diseases. It causes significant mortality and morbidity. Timely diagnosis of heart conditions allow clinicians to analyze the risk of their patients and prescribe relevant treatment. Biomarkers enable us for timely identification of cardiovascular conditions and help patients prevent conditions, like myocardial infarction and acute coronary syndrome. Increasing awareness about early diagnosis using cardiovascular biomarkers among patients and healthcare providers, along with factors, like growing funding from public and private organizations for R&D and technological advancements using cardiac will drive the market in the forecasted period.
After the identification of a biomarker data from the discovery tools indicate that it may answer the clinical question posed, its successful translation will require an assay that must meet stringent requirements. This step represents a critical cause of failure for biomarkers, as the development of a robust and reproducible assay, with appropriate sensitivity, specificity, and precision, depends on a standards-based discovery process. For assays to be submitted for FDA qualification or clinical validation the test must be analytically validated and, depending on the targeted clinical application, evaluated in one or more clinical trials. Finally, as the assay moves to later discovery, it is important to define how clinical decision making will be impacted by the assay, and increasingly careful considerations to the economics of manufacturing, competing technologies, and scale must also be considered. All these steps require a lot of time and slow down the overall development process. Other factors, such as poor reimbursement policies will restrain the market growth.
Geographical or Segment Scenario
North America is projected to lead the global market, as there is a high demand for testing due to high rate of CVD prevalence and growing awareness towards application cardiac biomarkers in cardiac diagnostics. Asia-Pacific is estimated to register the fastest CAGR owing to the increasing disposable incomes, affordable solutions, and increased funding in R&D in the field advanced cardiac treatments.
Key Developments in the Market
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