Market Trends of Creatine Kinase Reagent Industry
This section covers the major market trends shaping the Creatine Kinase Reagent Market according to our research experts:
Acute Coronary Syndrome (ACS) Dominates the Market and is Expected to Continue Doing the Same during the Forecast Period
- Acute Coronary Syndrome (ACS) is expected to hold a significant share in the creatine kinase reagent market during the forecast period owing to the rising prevalence of coronary artery diseases (CADs) globally.
- ACS is a result of plaque disruption in coronary arteries. As per the National Institutes of Health (NIH) 2022 statistics, the R&D spending by the government in the United States for atherosclerosis was USD 387 million in 2020, USD 413 million in 2021, and USD 430 million in 2022. The country's increasing research and development spending on atherosclerosis is estimated to boost segment growth.
- The segment's growth is anticipated to impact the increasing elderly population worldwide significantly. The vast population is expected to fuel the segment's expansion because the elderly population is susceptible to many chronic ailments, including acute coronary syndrome.
- For instance, in Sub-Saharan Africa, the population of people 65 and older is expected to be 3.0% by the end of 2022 and will likely increase to 3.3% by 2030. In Northern Africa and Western Asia, the population of people 65 and older is expected to be 5.5% by the end of 2022 and will likely increase to 7.0% by 2030. Similar estimates indicate that it will be 6.4% in Central and Southern Asia in 2022 and 8.1% by 2030. Therefore, the high burden of the geriatric population is anticipated to propel the segment growth during the forecast period.
North America Dominates the Market and is Expected to Continue Doing the Same during the Forecast Period
North America is a prominent market due to well-established end-use industries such as molecular biology laboratories, research institutes, and pharmaceutical companies.
The increasing prevalence of cardiovascular diseases in the United States is driving the growth of the market. According to the CDC's 2022 update, heart disease is the leading cause of death in the United States. The same source also reports that every year about 805,000 Americans have a heart attack. Out of these, 605,000 result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Creatine kinase deficiency eventually leads to congestive heart failure. The huge number of heart attacks creates the opportunity for the high utility of creatine kinase reagents to detect and manage future heart complications, thereby boosting the market growth during the forecast period.
Additionally, as per the February 2022 report from the Heart and Stroke Foundation of Canada, 750,000 people are living with heart failure, and 100,000 people are diagnosed with the condition every year in the country. The same source reported that Canada's healthcare costs associated with heart failure are predicted to reach USD 2.8 billion per year by 2030. Hence, with a high number of heart patients along with the increasing economic burden due to heart failure in the country, the market studied is expected to witness high growth over the forecast period in the North America region.
