Significant Growth in Cardiovascular Diagnostic Testing: Market to Reach $15.43 Billion by 2030
Cardiovascular diagnostic market was valued at $6,876.29 million in 2020, and is projected to reach $15,430.46 million by 2030, registering a CAGR of 8.3% from 2021 to 2030. Cardiovascular diseases are a leading cause of mortality in humans, and millions of individuals worldwide die from acute cardiovascular events every year. Several Laboratory developed tests as well as in-vitro diagnostic tests are used for diagnostic and prognostic purposes.
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Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Siemens AG, Becton, Tosoh Corporation, Bio-Rad Laboratories, Inc., bioMรฉrieux, Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd, Abbott Laboratories, Dickinson and Company
Rise in medical technology innovations, initiatives to spread awareness among patients, and surge in geriatric population along with rise in prevalence of cardiovascular diseases have boosted the growth of the global cardiovascular diagnostic testing market.
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Major determinants of the market growth
Rise in medical technology innovations, initiatives to spread awareness among patients, and surge in geriatric population along with rise in prevalence of cardiovascular diseases have boosted the growth of the global cardiovascular diagnostic testing market. However, changes in FDA regulation and guidance of LDTs and limited insurance coverage and high cost of devices hinder the market growth. On the contrary, development of healthcare infrastructure in emerging nations is expected to open new opportunities for the market players in the future.
Covid-19 scenario:
- The Covid-19 pandemic has a positive impact on the market as the Covid-19 infection has severe imprecations in the cardiovascular system.
- The Covid-19 pandemic can promote several cardiovascular disorders such as arrhythmias, myocardial injury, and acute coronary syndrome.
- The Covid-19 pandemic has highlighted the importance of reliable diagnostic tests and the quick development of novel assays.
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The in-vitro diagnostic test segment dominated the market
By type, the in-vitro diagnostic segment held the largest share in 2020, accounting for more than 90% of the global cardiovascular diagnostic testing market, due to increase in demand for non-invasive diagnostic techniques and technological advancements that allow replacing old conventional devices with new ones. However, the laboratory-developed test segment is projected to manifest the highest CAGR of 11.2% during the forecast period, as they offer accurate, quality testing for several cardiovascular diseases.
The point of care testing facilities segment to portray the highest CAGR through 2030
By end user, the point of care testing facilities segment is expected to portray the highest CAGR of 8.7% during the forecast period, as it enables rapid detection of analytes near to the patient, which facilitates quick medical decisions and better disease diagnosis, management, and monitoring. However, the laboratory testing facilities segment held the largest share in 2020, contributing to more than two-fifths of the global cardiovascular diagnostic testing market, owing to rise in prevalence of cardiovascular diseases and increase in demand for laboratory testing.
Major market players
- Abbott Laboratories
- bioMรฉrieux, Inc.
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc.
- F. Hoffmann-La Roche Ltd
- Danaher Corporation
- PerkinElmer, Inc.
- Thermo Fisher Scientific, Inc.
- Siemens AG
- Tosoh Corporation
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