The rise of a value-based healthcare system in the US has opened more opportunities for the cardiac biomarker diagnostic industry, finds Frost & Sullivan
MOUNTAIN VIEW, California, Jan. 7, 2016 /PRNewswire/ -- Even though brain natriuretic peptide (BNP)/pro-BNP and troponin biomarkers are the gold standard for the diagnosis of cardiac diseases, end users will soon see additional alternative biomarkers entering the market. By 2024, emerging biomarkers, such as ST2 Galectin-3, are becoming more sensitive in diagnosing cardiovascular disease will penetrate the lab-based and point-of-care (POC) end user segments.
Analysis from Frost & Sullivan, Analysis of the Cardiac Biomarker Diagnostics Market (http://bit.ly/1PsCAzd), finds the market earned revenues of $551.0 million in 2014 and estimates this to reach $813.8 million in 2021 at a compound annual growth rate of 5.7 percent.
For complimentary access to more information on this research, please visit: http://bit.ly/1OuEcH7.
The biggest opportunity for cardiac biomarker diagnostic manufacturers lies in providing a wholesome platform allowing for quick yet well-rounded diagnoses of patients. Companies such as Siemens are at an advantage in terms of product development, as they are leaders in both clinical diagnosis and diagnostic imaging.
"Obtaining an accurate and early diagnosis is no longer as challenging with the increased use of advanced POC tests (POCTs)," said Frost & Sullivan Transformational Health Industry Analyst Aish Vivekanandan. "The higher adoption of POCTs in clinical and ambulatory settings has given a significant boost to the cardiac biomarker diagnostics market."
An additional impetus has been the implementation of the U.S. Affordable Care Act (ACA), designed to improve healthcare accessibility. The ACA initiated a shift towards value-based care, which has increased the pressure on hospitals to invest in more efficient and accurate products.
"POCT is growing at a faster rate than lab-based tests and will spur the growth in this market, however lab-based tests remain the "gold" standard," observed Vivekanandan. "The growing budget constraints and the push for value based healthcare opens opportunities for the POCT market as it offers a quick turn-around-time, providing early diagnosis which is crucial for surviving heart diseases."
There is tremendous opportunity for cardiac biomarker diagnostics to be used as a companion diagnostic tool to monitor patients undergoing drug treatment. Additionally, they could integrate digital apps enabling access to consumer behavior analytics as well as offer consultations and services for biomarker testing for long-term success.
Analysis of the Cardiac Biomarker Diagnostics Market is part of the Life Sciences(http://ww2.frost.com/research/industry/healthcare/life-sciences) Growth Partnership Service program. Frost & Sullivan's related studies include: Analysis of the US Clinical Laboratories Market, US Nucleic Acid Purification and Isolation Markets, Analysis of the Global Flow Cytometry Market, and Analysis of the US and European Diabetes Diagnostics Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Analysis of the Cardiac Biomarker Diagnostics Market
Corporate Communications – North America
SOURCE Frost & Sullivan