Precision cardiology Market is Anticipated to Register Impressive Growth Through 2027
Increasing
prevalence of cardiovascular diseases along with the launch of optimized
treatment solutions to meet the diverse treatment needs of CVD patient’s is driving
the growth of global precision cardiology market.
According
to TechSci report on, “Precision
cardiology Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2023-2027”,
the global precision cardiology market is expected to grow at an impressive CAGR
during the forecast period of 2023-2027, owing to the rising number of several cardiovascular diseases (CVD) such as heart
attacks, coronary artery disease, heart stroke, congenital heart disease, etc.
In addition, the rising adoption of sedentary lifestyle, lack of physical activities,
high consumption of alcohol, increased intake of food high in sodium, sugar and
fats are also adding to the increasing rates of CVDs across the globe.
According to a report by the World Health Organization, cardiovascular diseases
are the leading cause of deaths across the globe. In 2019, approx. 17.9 million
people died from CVDs, which accounts for 32% of the overall global deaths. Out
of these, nearly 85% of CVD-related deaths were either due to heart attack or
stroke. As a result, the demand for tailored treatment solutions to treat and
prevent CVD is surging, which is creating a positive impact on the global
precision cardiology market. Besides, growing awareness regarding the benefits
associated with precision cardiology has resulted in its increased adoption by
the healthcare providers. Furthermore, biotechnology companies are investing in
the development of precision cardiology tests based on sequencing technologies.
This is expected to support the physicians in offering precision care in the
field of cardiology. Market players are also actively engaging in new product
launches to address the diverse treatment needs of cardiovascular diseases, which
is expected to further boost the market growth in the coming years.
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The
global precision cardiology market is segmented on the basis of offering,
sample type, technology, application, end users, competitive landscape, and
regional distribution. Based on offering, the market is bifurcated into
products and services. The product segment is projected to hold a prominent
market share in the global precision cardiology market in the coming years as
they are used widely utilized in performing many cardiology tests or treatments
and surgeries.
Based
on sample type, the market is divided into between blood and non-blood. Among
these, the blood segment is anticipated to hold a significant market share over
the forecast period. This is primarily because blood test includes a series of
assessments and helps the healthcare professional in diagnosing different types
of blood levels, exclude the risk of heart attacks, and check if the patient has
any infection or anaemia. The most common type of blood tests used to assess
the cardiovascular and heart condition include cardiac enzyme tests and full body
count (FBC). As a result, the blood sample segment is estimated to have a
higher significance than the non-blood sample segment in the global precision
cardiology market during the forecast period.
By technology, the market is bifurcated into sequencing,
polymerase chain reaction, microarray, and others. Among these, the sequencing
segment is projected to hold a considerable market share in the coming years. Compared
to other alternatives, the sequencing technology has the ability to detect a
higher percentage of differentially expressed genes, particularly genes with
low expression. Moreover, unlike microarray, sequencing does not require
species. It can detect novel transcripts, gene fusions, and other previously
unknown changes that microarrays cannot. As a result, sequencing technology is
highly preferred by cardiologists.
On
the basis of end user, the global market is segmented hospitals & clinics,
academic & research institutions, and others. Among these, the academic & research
institutions are anticipated to hold a prominent market share in the coming
years. This is mainly because precision cardiology is still under research and
development phase. Several institutes and physicians are increasingly
incorporating various technologies to bring out the best-in-class tailored
approach to deal with the distinctive and critical treatment needs of
cardiovascular diseases. As a result, precision cardiology is conducted more in
academic and research institutes than hospitals & clinics.
A list of major
market players of the global precision cardiology market includes:
- Eurofins Genomics
LLC
- Laboratory
Corporation of America Holdings
- Thermos Fischer
Scientific, Inc.
- PerkinElmer, Inc.
- Sema4 OpCo, Inc.
- Quest Diagnostics
Inc.
- OraSure
Technologies, Inc.
- OPKO Health, Inc.
- Invitae
Corporation
- Illumina, Inc.
- Fulgent Genetics,
Inc.
- Exact Sciences
Corporation
- CENTOGENE N.V.
- Konica Minolta,
Inc.
- Devyser
Diagnostics AB
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“North America
is projected to hold a significant share of the global precision cardiology
market during the forecast period. This is primarily due to the presence of
leading market players such as PerkinElmer Inc, Quest Diagnostics, and
Laboratory Corporation of America Holdings, coupled with the increasing
adoption of high-fidelity precision cardiology tests to diagnose CVDs. Moreover,
the rising investments by the federal organizations for the development of
precision cardiology tests are also supporting the market growth in the region.
Besides, the Asia-Pacific is anticipated to be the fastest growing region
during the forecast period. This is majorly accredited to the rising incidences
of cardiovascular diseases, rising healthcare awareness, and emerging economy
resulting in higher focus on research and development of advanced cardiology
tests,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Precision Cardiology Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Offering
(Products v/s Service), By Sample Type (Blood v/s Non-Blood), By Technology
(Sequencing, Polymerase Chain Reaction, Microarray, Others), By Application
(Cardiomyopathy, Arrhythmia, Aortopathy and Vascular Diseases, Others), By End
User (Hospitals & Clinics, Academic & Research Institutions, Others)
and Region” has evaluated the future growth potential of global precision
cardiology market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global precision cardiology
market.
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