The global cardiovascular diagnostic testing market revenue was US$ 6,876.27 million in 2020. The global cardiovascular diagnostic testing market revenue is forecast to reach US$ 15,430.44 million by 2030, growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2021-2030.
The term cardiovascular diseases (CVDs) refers to a group of conditions related to the heart and blood vessels, including coronary heart disease, cerebrovascular disease, and rheumatic heart disease. Approximately four out of five CVD deaths occur from heart attacks and strokes, and one-third of these deaths happen prematurely in people under age 70. Millions of people worldwide die every year from acute cardiovascular events, making it one of the leading causes of morbidity and mortality in humans.
Factors Influencing Market Growth
An increase in geriatrics population, an increase in cardiovascular disease prevalence, and an increase in unhealthy diets and a sedentary lifestyle contribute to the growth of the cardiovascular diagnostic testing market.
The development of treatment procedures and technological advancements in the cardiovascular diagnostic testing market support its growth.
Due to federal regulations and guidance for laboratory-developed tests (LDTs), limited insurance coverage, and high costs of devices used in diagnostic testing for cardiovascular diseases, the market for cardiovascular diagnostic testing may have slow growth.
The developing economies of Asia-Pacific and LAMEA present lucrative opportunities for cardiovascular diagnostic testing due to improvements in healthcare infrastructure and a rise in patient demand for better healthcare services.
Impact Analysis of COVID-19
COVID-19 pandemic had positively impacted the global cardiovascular diagnostic testing market. A rising prevalence of conditions like diabetes, heart disease, and others makes patients more vulnerable to COVID-19. Moreover, patients with pre-existing heart disease who suffer from COVID-19 are more likely to suffer a heart attack or develop congestive heart failure. The National Health Commission reports that 35% of COVID-19 patients suffer from hypertension and 17% from heart disease. A reliable diagnostic test and the swift development of innovative assays have become more important in the wake of the COVID-19 outbreak. Furthermore, Coronavirus infection damages the inner walls of veins and arteries, which can cause inflammation, leakage, and blood clots, which can compromise blood flow to the heart or other parts of the body. Due to this, timely diagnosis becomes vital if one has a pre-existing heart condition.
Regional Insights
Region-wise, North America held dominance in the global market and is forecast to maintain its position during the forecast period. This is primarily due to a rise in coronary disease incidences. This region is commonly associated with high blood pressure, high- and low-density lipoprotein cholesterol, and smoking, which can all contribute to a rise in heart diseases.
Leading Competitors
The leading prominent companies profiled in the global cardiovascular diagnostic testing market are:
Abbott Laboratories
Becton, Dickinson, and Company
bioMrieux, Inc.
Bio-Rad Laboratories, Inc.
Danaher Corporation
F. Hoffmann-La Roche Ltd
PerkinElmer, Inc.
Siemens AG
Thermo Fisher Scientific, Inc.
Tosoh Corporation
Other Prominent Players
Scope of the Report
The global cardiovascular diagnostic testing market segmentation focuses on Type, End-User, and Region.
Segmentation based on Type
Laboratory Developed Test
Lipoprotein Test
Angiotensin Test
Fibrinogen Test
Serum Uric Acid Test
High-sensitivity C-reactive protein (hs-CRP)
In-Vitro Diagnostic Test
Electrocardiogram Test
Echocardiography Test
Transesophageal Echocardiogram Test
Others
Segmentation based on End-User
Laboratory Testing Facilities
Academic Institutes
Point-of-care Testing Facilities
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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