The heart attack diagnostics market is expected to reach USD 15.4 billion by 2024, according to a new report by Grand View Research, Inc. The heart attack diagnostics market is anticipated to witness a lucrative growth during the forecast period from2016 to 2024. From 2001 to 2011, age-standardized, heart attack incidence rates have significantly decreased worldwide. However, the overall risk factors and the disease burden remains large, thereby rendering the heart attack diagnostic sectors a profitable growth prospect. This growth is attributed to a majority of factors, such as high prevalence of coronary heart diseases, increased tobacco smoking, and obesity, enhanced adoption of unhealthy diet is resulting in a high cholesterol incidence in individuals, particularly in the rising geriatric population. However, the low Medicare reimbursement provided for the mobile cardiac outpatient telemetry electrocardiogram (ECG) and the progressively declining heart attack incidence rates are expected to hamper the market growth.
The heart attack diagnostics market has been classified by product into electrocardiogram, which measures the electrical activity of the heart; echocardiogram, a form of ultrasound test that provides images of the heart; blood tests that measure the expression of certain proteins in excess, such as troponin levels, and cardiac enzymes; and other diagnostic products. The ECG segment is expected to witness a significant growth rate in developing countries, owing to the technological advances coupled with increasing applications of ECG. Although, the increasing demand for cost effective, rapid blood tests such as troponin and Creatine Kinase MB Isoenzyme (CK-MB) is likely to acquire major market share in the near future. The key countries landscape included in the report are U.S., Canada, Germany, UK, China, India, Brazil, Mexico, South Africa, and Middle East. The Asia Pacific region is anticipated to be the fastest growing region during the forecast period. On the other hand, North America is estimated to dominate the global heart attack diagnostics market.
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Further key findings from the study suggest:
- North America is estimated to dominate the global heart attack diagnostics market. The increasing awareness about heart attacks, its causative and risk factors, and enhanced uptake and acceptance of technologically advanced diagnostics is expected to contribute to the market growth.
- The Asia Pacific region is expected to be the fastest growing region during the forecast period. to The reason being the considerably large burden of heart diseases in certain developing regions, such as in India, where 2.4 million people die annually due to heart diseases. As a result of the soaring incidences of heart diseases, an urgent requirement to undertake awareness measures and incorporate advanced diagnostics is expected to fuel the market growth.
- The troponin blood test type is the largest grossing segment and is expected to capture the largest share in 2015, especially in developing countries including Brazil, China, and India. Its applications as a cardiac monitoring device and its indispensable use as a heart attack diagnostic tool will be a contributing factor supporting the market growth. The industry comprises of several local as well as global players. Some of the major players of this industry include Siemens Healthcare GmbH, Schiller AG, GE Healthcare, and Hitachi Medical Systems.
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Grand View Research has segmented the heart attack diagnostics market on the basis of product and region: