Market Trends of Myoglobin Industry
Diagnostic Laboratories Segment Holds Significant Share in Myoglobin Market
Diagnostic laboratories are diagnostic centres where all different types of diagnostics are performed. Usually, they have high-quality equipment, and the results obtained from these laboratories are accurate. Diagnostic laboratories are found to be crucial to the entire healthcare system, in terms of both quality of care and financial performance. The demand for diagnostics labs is increasing as the patient population is found to be increasing and people mostly prefer to visit diagnostics labs to diagnose diseases. Additionally, these labs can process high workloads faster.
The growing burden of cardiac diseases is expected to increase demand for diagnosis of these diseases, thereby boosting segment growth. For instance, the "UK Factsheet January 2022" published by the "British Heart Foundation (BHF)" shows that around 7.6 million people are living with heart and circulatory diseases in the United Kingdom. Thus, the significant burden of heart disease is expected to lead to a rise in demand for myoglobin tests or reagents over the forecast period.
Thus, all the aforementioned factors are expected to boost segment growth over the forecast period.
North America Holds Significant Share in the Market and Expected to Grow in Forecast Period
The myoglobin market holds a significant share in the North American region due to the factors such as the well-established biotechnology industry in the United States and the growing investments in the research and development (R&D) of cardiac biomarkers. In addition, the growing burden of cardiovascular diseases in the region further propels the growth of the market. For instance, according to the National Center for Health Statistics published in May 2021, the proportion of people who have chronic cardiac diseases has increased to 4.9% in 2021 from 4.6% in 2020. As a result, the market is anticipated to grow in the region over the course of the projected period due to the rising incidence of cardiovascular diseases.
Additionally, as per the CDC report published in October 2022, every year, about 805,000 people in the United States have a heart attack. Of these, 605,000 are a first heart attack. Myoglobin is an important biomarker in the diagnosis of cardiac diseases and hence rising prevalence of cardiac diseases is expected to boost the market over the forecast period.
Hence, with the rising concerns regarding cardiovascular disorders and increasing spending on the R&D of novel biomarkers, the market is expected to grow over the forecast period.
