Cardiovascular Diagnostic Testing Market To Reach $ 15.43 Billion Globally By 2030 At 8.3% CAGR: Allied Market Research
The increase in medical technological innovations, the initiatives to educate patients and the increase in the geriatric population along with the increase in the prevalence of cardiovascular diseases have driven the growth of the global cardiovascular diagnostic tests market.
PORTLAND, Ore., December 16, 2021 / PRNewswire / – Allied Market Research recently released a report titled, “Cardiovascular Diagnostic Tests Market by type (laboratory developed tests and in vitro diagnostic tests), panel (atherosclerotic cardiovascular disease risk panel with score) and end user (laboratory testing facilities, academic institutes and point-of-care testing facilities) : Analysis of Global Opportunities and Industry Forecast, 2021-2030 “. According to the report, the global cardiovascular diagnostic testing industry has generated $ 6.87 billion in 2020, and is expected to reach $ 15.43 billion by 2030, with a CAGR of 8.3% from 2021 to 2030.
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Main determinants of market growth
The increase in medical technological innovations, the initiatives to educate patients and the increase in the geriatric population along with the increase in the prevalence of cardiovascular diseases have driven the growth of the global cardiovascular diagnostic tests market. However, changes in FDA regulations and LDT guidelines, along with limited insurance coverage and the high cost of devices are hampering market growth. On the contrary, the development of health infrastructure in emerging countries should open up new opportunities for market players in the future.
The Covid-19 pandemic is having a positive impact on the market because the Covid-19 infection has severe imprecations in the cardiovascular system.
The Covid-19 pandemic can promote several cardiovascular disorders such as arrhythmias, myocardial damage and acute coronary syndrome.
The Covid-19 pandemic has highlighted the importance of reliable diagnostic tests and the rapid development of new tests.
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In vitro diagnostic testing segment dominated the market
By type, in vitro diagnostic segment held the largest share in 2020, accounting for over 90% of the global cardiovascular diagnostic assay market, due to increasing demand for non-invasive diagnostic techniques and technological advancements. allowing the replacement of old conventional devices. with new ones. However, the lab-grown test segment is expected to post the highest CAGR of 11.2% during the forecast period, as it offers accurate and quality testing for several cardiovascular diseases.
The segment of point-of-service testing facilities to represent the highest CAGR until 2030
By end-user, the point-of-care testing facilities segment is expected to represent the highest CAGR of 8.7% during the forecast period as it enables rapid detection of analytes near the patient, which facilitates rapid medical decisions and better diagnosis, management, and monitoring. However, the laboratory testing facilities segment held the largest share in 2020, contributing more than two-fifths of the global cardiovascular diagnostic testing market, due to the increase in the prevalence of cardiovascular disease and the increase in cardiovascular disease prevalence. demand for laboratory tests.
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North America held the lion’s share
By Region, The Global Cardiovascular Diagnostic Tests Market Across North America dominated the market in 2020, accounting for more than two-fifths of the market, due to the high prevalence of cardiovascular disease, increased awareness of various heart diseases, and the presence of a large number of domestic diagnostic machine manufacturers in vitro. However, the market through Asia Pacific is expected to register the highest CAGR of 9.4% during the forecast period, due to high per capita income, improved health infrastructure and increased disposable income.
Becton, Dickinson and company
Bio-Rad Laboratories, Inc.
F. Hoffmann-La Roche Ltée
Thermo Fisher Scientific, Inc.
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