Cardiac biomarker diagnostic kits are diagnostic equipment used measure the biomarkers release in the blood, thereby aiding risk detection in patients suffering from cardiac diseases. Further, these devices aid in determining appropriate therapy for the patients depending on the assessed risk. They are increasingly adopted in hospitals and other healthcare facilities to evaluate the risks of cardiovascular diseases. The global cardiac biomarker diagnostic kits market is prophesized to grow at 5.4 % CAGR during the forecast period which is 2018 to 2016. These biomarker diagnostic devices offer accurate risk stratification in a minimal time frame. These factors have highly boosted the global cardiac biomarker diagnostic kits market’s growth.
Rising Incidence of Cardiovascular Diseases to Boost Growth
Cardiovascular diseases is a leading cause of deaths worldwide. According to World Health Organization (WHO), CVDs account for 31% of global deaths and take the lives of 179 million people globally. This has led to a tremendous increase in demand for biomarker diagnostic devices, thereby propelling the global cardiac biomarker diagnostic kits market’s growth. Additionally, a growing geriatric population has highly driven the market’s growth as they more prone to heart diseases.
Moreover, there has been a significant rise in the per capita income of people from developed and developing countries. This has led to an increase in expenditure on healthcare and cropped demand for advanced diagnostic devices. Consequently, there is an increase in the production of cardiac biomarker diagnostic kits, thus expediting the cardiac biomarker diagnostic kits market’s growth. Additionally, the recent changes in lifestyle have led to a rising incidence of lifestyle diseases, thereby propelling the global cardiac biomarker diagnostic kits market. Another factor driving the market’s growth is the economic pricing of these kits.
Strategic Mergers and Acquisitions to Spell Opportunities
Perpetual technological advancements pertaining to the development of new cardiovascular biomarkers and new product launches have burgeoned the growth of cardiac biomarker diagnostic kits market. In addition, rising awareness about several healthcare issues and benefits of biomarker diagnostic devices has propelled the market’s growth. Several private and public organizations are working on spreading awareness regarding importance of early diagnosis of heart diseases, thus aiding the cardiac biomarker diagnostic kits market to expand its frontiers. Moreover, strategic acquisitions such as the acquisition of Alere by Abbott Laboratories have significantly magnified the market’s expansion. Along with this, Abbott has launched a ultra-sensitive troponin-I blood test that can predict heart attacks and other anomalies in the heart well in advance. This has spelled several growth opportunities for the cardiac biomarker diagnostic kits market’s growth.
Stringent Regulatory Procedures to Impede the Market’s Growth
Along with numerous factors favoring the market’s expansion, there are a few hindrances that may impede the global cardiac biomarker diagnostic kits market’s growth. Regulatory bodies of numerous countries have laid down stringent regulations pertaining to the approval of biomarker devices. This leads to a considerable delay in new product launches, thereby acting as a major restraint in the cardiac biomarker diagnostic kits. Nonetheless, inorganic strategies adopted by the prominent players in the market coupled with research and development activities will aid the cardiac biomarker diagnostic kits market expand its global frontiers.
North America to Grow Substantially Owing to Rising Awareness
In terms of geography, North America is expected to dominate the global cardiac biomarker diagnostic kits market. This is on account of a rising expenditure on healthcare facilities and growing awareness regarding heart diseases. Asia Pacific is expected to grow substantially during the forecast period owing to a rising prevalence of cardiovascular diseases.