Market Leader - Cardiac Marker Testing Market

Posted April 21, 2022 by snehalshaha

The global Cardiac marker testing market size is projected to reach USD 5.5 billion by 2025 from USD 3.6 billion in 2020, at a CAGR of 8.9%
The global Cardiac marker testing market size is projected to reach USD 5.5 billion by 2025 from USD 3.6 billion in 2020, at a CAGR of 8.9% during the forecast period such as the growing incidence of cardiovascular diseases, rapidly increasing geriatric population, growing funding from public and private organizations for research on cardiac biomarkers, and ongoing clinical trials for the identification of novel cardiac biomarkers. However, factors such as technical problems related to sample collection and storage and issues related to regulatory and reimbursement systems are expected to restrain market growth to a certain extent.

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Roche Diagnostics Ltd. (Switzerland), Abbott Laboratories (US), Siemens Healthineers AG (Germany), and Danaher Corporation (US) were the top players in the global cardiac marker testing market. The other prominent players operating in this market include bioMérieux SA (France), LSI Medience Corporation (Japan), Ortho Clinical Diagnostics (US), Randox laboratories Ltd. (UK), Guangzhou Wondfo Biotech Co., Ltd (China), DiaSorin S.p.A. (Italy), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US), PerkinElmer Inc. (US), Thermo Fisher Scientific Inc. (US), Tosoh Corporation (Japan), Trajan Scientific and Medical (Australia),
Meridian Life Science, Inc. (US), Trinity Biotech (Ireland), Response Biomedical (Canada), and Boditech Med, Inc. (South Korea). The analysis of market developments between 2017 and 2020 revealed that several growth strategies such as research collaborations and strategic market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the cardiac marker testing market.

Roche Diagnostics was the largest player in the cardiac marker testing market. Roche Diagnostics has established itself as a leader in the cardiac markers market. The company invests a significant amount in R&D activities to launch advanced products in the market. To remain competitive in the market, the company also focuses on inorganic growth strategies such as agreements and acquisitions. These strategies enable the company to expand its point-of-care molecular testing portfolio. The company’s focus on product integration, through the launch of holistic and user-friendly products, will help it to further strengthen its presence in the cardiac marker testing market.

Abbott Laboratories held the second position in the cardiac marker testing market. The company has a strong presence in the US and seeks to enhance its geographical presence by strengthening its business operations in emerging markets. The company has a strong product portfolio, and its FDA- and CE-approved products have helped it to gain a sizable share of the market. Abbott is presently focusing on developing next-generation instrument platforms, such as the PLEX-ID platform and other advanced patient self-testing technologies. Abbott focuses on inorganic growth strategies, such as collaborations and acquisitions, to enhance its product portfolio and expand its geographical presence. The company’s extensive research and development activities for product development and its on-going clinical trials for newly developed products will enable it to further enhance its share in the cardiac marker testing market.

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Siemens Healthineers is among the leading players in the cardiac marker testing market due to its robust product portfolio. The company has a broad range of testing systems for various segments, including hematology, molecular, urinalysis, cardiac testing, and blood gas testing. The company is engaged in developing and manufacturing new products in the cardiac marker testing market. Over the years, the company has strategically enhanced its presence in the market by pursuing a number of inorganic and organic growth strategies, such as agreements, product launches, and acquisitions. For instance, in October 2019, Siemens Healthineers acquired Corindus. This acquisition helped the company to extend its product portfolio in the vascular robotics area. Such strategic initiatives aimed at the diversification of its portfolio have helped the company to grow significantly.

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Issued By snehals
Country United States
Categories Biotech , Business , Health
Tags cardiac marker testing market
Last Updated April 21, 2022