Market Trends of Heart Attack Diagnostics Industry
This section covers the major market trends shaping the Heart Attack Diagnostics Market according to our research experts:
Rapid Blood Tests like Troponin Expected to Occupy a Significant Market Share
Over the forecast period, the ECG domain may see some high growth rates in low- and middle-income countries, while developed countries may observe a major growth in rapid blood test and enzyme-based diagnostics techniques, like the Troponin T diagnostic kit and the Creatine Kinase MB Isoenzyme (CK-MB) diagnostic technique. These are highly sensitive and rapid tests that give results in an hour or two (the currently available ones provide results in six or seven hours), giving doctors a few extra hours, which may be enough to save a patient's life.
Moreover, the developing countries may not be limited to ECG-based tests only, thereby creating a huge market for rapid blood tests, mainly due to their large populations. For example, India and China witness millions of deaths every year due to cardiovascular diseases. ECG is a more complex system that can only be performed if the patient is physically available. There are no such limitations for blood and enzyme-based diagnostic techniques. In a country like India, where basic healthcare facilities are inaccessible by most of the population, these blood tests can be performed anywhere, such as in mobile hospitals. The Troponin market reached a valuation of USD 1 billion in 2017, and by 2025, it may become a market worth more than USD 2 billion.
North America Expected to Dominate the Market
As per a report by teh US Centers for Disease Control (CDC), every 40 seconds, an American may have a heart attack. The treatment for heart attacks is one of the most expensive ones in US hospitals. According to the American Heart Association, by 2035, around 45% of the United States population is likely to suffer from heart disease, due to factors like high obesity, high smoking, and unhealthy lifestyles, which may lead to heart attacks and other related issues. Thus, North America is expected to dominate the heart attack diagnostics market over the forecast period (2021 - 2026). Some other reasons that may be a factor in this are the quality healthcare infrastructure and the high scope for innovation.
In Canada, the number of deaths due to heart attacks and cardiovascular diseases are as low as 189 people out of every 100,000 (2019), out of which the rate of deaths due to heart attacks is low. On the other hand, in Mexico, the death rate due to heart attacks and cardiovascular diseases is high. Around 24% of all deaths in Mexico are due to cardiovascular diseases, mainly because of the high level of consumption of tobacco and alcohol, and poor health infrastructure.
