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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