Cardiac Reader System Market - Key Research Findings
- Cardiac reader system market size registered in 2018 – Nearly US$ 1,400 Mn.
- The cardiac reader system market is expected to observe a CAGR of More than 5% over 2019-2027.
- The WHO’s recent statistical data underscores the alarming prevalence of obesity, potentially increasing susceptibility to acquire cardiovascular diseases.
- More than 17 million people die every year due to CVDs, which is estimated to be 31% of all deaths across the globe.
- Around 1.9 billion adults are suffering from excess weight, of which over 65% are obese. This survey highlights that around 13% of the adult population worldwide, is suffering from obesity.
- North America will remain the high-growth regional market for cardiac reader systems.
- North America’s market for cardiac reader system will be spearheaded by the US owing to the presence of a large number of hospitals and diagnostic centres.
- In Europe, Germany and France are among the prominent countries with a large number of clinics and hospitals.
- The significant boost in sales of Chemiluminiscenece Immunoassay Analyzers (CLIA) is expected to boost the market for cardiac reader system.
Top 3 Factors Shaping the Cardiac Reader System Market
High prevalence of CVDs to uplift demand for cardiac reader systems
The prevalence of CVDs is rising and the occurrence of heart failure is rapidly becoming a commonplace cause of death, recently. The current patient pool of cardiovascular diseases roughly equates 26 million, globally. In the US alone, the occurrence of myocardial infraction is around 3.3% and the incidence of angina pectoris is around 4.5%, which is estimated to rise over coming years. The subsequent rise in the rate of early detection is estimated to boost the sales of cardiac reader systems in the global market.
Expanding geriatric patient population to drive adoption of cardiac reader systems
The geriatric population across the globe is expanding and according to the National Institutes of Health (NIH), about 8.5% of the global population was aged 65 years and above in 2016. By the end of 2050, this percentage is estimated to grow to about 17%. While aging people have been at a higher risk of acquiring CVDs such as myocardial infarction, heart failure, and angina pectoris, it is highly likely that the expansion of geriatric population will provide a direct impetus to the demand for cardiac reader systems.
Obesity to boost cardiac reader system sales
With each sixth person being overweight, obesity has become a global health challenge since the past few decades. As per WHO’s findings, the global number of overweight people has doubled since the last two decades. The World Health Organization has also projected that 1.9 billion adults are suffering from excess weight. This survey also expects that about 13% of the world’s geriatric population is suffering from excess weight, which is another factor contributing to cardiac reader system sales.
Cardiac Reader System Market Structure Analysis
- The global cardiac reader system market represents a consolidated competition landscape, wherein the Tier 1 companies hold a revenue share of more than 75%.
- Some of the top companies in the cardiac reader system market include Beckman Coulter Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., and Siemens AG among others, a majority of which are focusing on the markets in Middle East, Africa, and Asia Pacific.
- Technical improvements in cardiac reader systems will be a prominent developmental strategy of competing vendors in the market.
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Innovative Cardiac Reader Systems - Identifying the Preliminary CVD Risks
In the wake of alarming prevalence rate of cardiovascular diseases (CVDs), it has become imperative for the makers of cardiac reader systems to engineer devices that deliver on-the-spot, accurate diagnosis. The FMI study indicates cardiac markers experiencing impressive consumption within the drug development sector, particularly targeting better management of CVD progression, which is shaping adoption of cardiac reader systems landscape.
The Market to Expand 1.5X between 2019 and 2027
The soaring need for faster patient triaging in cases of pre-hospital and emergency care is translating into the ascending sales of cardiac reader systems. The continued inadequacy of cardiac markers to be used in suspected stroke management will remain the key factor upraising the demand for R&D of innovative markers and cardiac reader systems.
Asian Countries – The Hotbed of Opportunities
With a strong base of globally leading manufacturers, further assisted by frequent FDA approvals, cardiac reader system sales will continue to be the highest in developed regions. Characterized by the ever-high awareness about the risk factors and timely diagnosis of CVDs, the North American market has been at the vanguard of the global cardiac reader system landscape.
How Growth will Unfold
While hospitals and clinics have been spearheading the end use category of cardiac reader system landscape, they continue to account for more than 2/5th of overall sales. Research however prompts relatively higher sales opportunities arising in ambulatory surgical centers and diagnostic laboratories.
Rapidly improving levels of awareness about cardiac conditions and the associated risk factors is directing a gradual shift toward diagnostic laboratories, which are relatively easily accessible. Constant rise in the emergency use cases is abeting high adoption at ambulatory surgical centers.
CARDIAC READER SYSTEM MARKET TAXONOMY
The global Cardiac Reader System market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Benchtop Analyzers
- Compact Analyzers
- Enzyme Immunoassay Analyzers
- Chemiluminiscenece Immunoassay Analyzers
- Magnetic Immuno-Chromatographic Assay Analyzers
- Immuno-Fluorescence Analyzers
- Creatine Kinase
- Hospitals and Clinics/li>
- Ambulatory Surgical Centers
- Other End Use
- North America
- Latin America