New York, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on the “Global Heart Attack Diagnostics Market” for the forecast period, i.e., 2023-2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Heart Attack Diagnostics Market Size:
The global heart attack diagnostics market is predicted to generate around USD 27.20 billion by 2033 and grow at a CAGR of ~7.9% over the forecast period. In addition, the market garnered a revenue of USD 12.66 billion in 2022. The expansion of the market can be largely ascribed to the increase in heart attack victims worldwide. In the United States, the Centers for Disease Control and Prevention estimate that nearly 805,000 individuals experience cardiac arrest each year. Among these,605,000 of them are in cardiac arrest for the first time. Individuals who have previously had heart failure are impacted in 200,000 cases.
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One or more of the arteries that feed the heart with blood and oxygen become blocked during a heart attack. People’s susceptibility to heart failure is rising as a result of bad lifestyle choices. Additionally, other conditions like kidney failure and growing obesity both contribute to cardiac arrests. A number of diagnostic techniques can also be used to determine whether someone is having a cardiac arrest. As a result of technical improvements, diagnostic treatments are becoming more valuable. Approximately, 1 in 5 deaths worldwide is attributed to a bad diet. Unhealthy diets which cause conditions like cardiovascular disorders, several types of cancers, and type 2 diabetes, were linked to an estimated 11.5 million fatalities in 2017.
Global Heart Attack Diagnostics Market: Key Takeaways
- North American region acquires a noteworthy share of the revenue
- The hospitals and clinics segment to influence the revenue graph
- The blood testing segment retains a sizable presence in the market
Growing Consumption of Alcohol and Tobacco and Global Geriatric Population Growth to Fuel the Market Growth
According to a recent World Bank report, there were 747,238,580 people over 60 in the world as of the end of 2021 and the rate is expected to rise. Those who are elderly or part of an aging population are more susceptible to cardiovascular diseases. Adults with cardiovascular diseases (CVD) are more prone to develop CVD on account of their advanced age, which is boosted by risk factors like fragility, obesity, and diabetes. In addition, older people are more susceptible to cardiac illnesses and they are more prone to get cardiac arrests. Hence the elevating rate of the geriatric population drives the market growth.
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The two main risk factors for CVD are alcohol intake and smoking frequently, coexist. Alcohol use is strongly linked to an increased risk of heart problems and stroke. A poll of persons 18 and older found that 85.6% of them admitted to drinking alcohol at some point in their life. 3 or more drinks of alcohol per day and cigarette smoking both have negative consequences for some types of cardiovascular disease, which are possibly cumulative. Increases in blood pressure, blood triglyceride levels, stroke, and congestive heart failure risk are a few instances of these negative effects. For instance, it is projected that 30.8million adults in the U.S. smoke cigarette. More than 16 million Americans are afflicted with illnesses brought on by smoking. Therefore, prolonged use of drinking and smoking can be blamed for the expansion of the market.
Global Heart Attack Diagnostics Market: Regional Synopsis
The global heart attack diagnostics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and the Africa region.
Growing Healthcare Spending and Rising Prevalence of CVD to Steer the North American Market
In 2022, the market in North America retained the biggest market share of 40%, supported by the increasing prevalence of cardiac illnesses and significant healthcare spending. The Center for Medicare and Medicaid Services estimates that healthcare spending in the U.S. amounted to USD 4.1 trillion in 2020. Or 19.7% of (GDP) Gross Domestic Product. Additionally, it is anticipated that U.S. healthcare spending to be increased by 5.4% annually to reach USD 6.2 trillion by 2028. The North American market is anticipated to experience strong growth over the forecast period on account of factors including an advanced technological healthcare infrastructure, a high prevalence of chronic diseases such as diabetes, and hypertension, as well as the presence of significant market players in the region.
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Growing Elderly Population and Increasing Healthcare Expenditure to Drive the Asia Pacific Market
Nonetheless, the Asia Pacific region is expected to experience the fastest market growth owing to the region’s enhanced healthcare infrastructure, growing life expectancy, increasing cardiovascular cases, and growing share of the elderly population. Particularly impacted by this are nations such as China and India on account of their high rates of development and economic growth. For instance, according to the findings of a comprehensive study carried out throughout India, most of the respondents who experienced cardiac difficulties in 2020 were 60 years of age or older. In addition, over 45% of deaths in China are caused by CVD, which is the world’s leading cause of mortality. Furthermore, the rising healthcare spending further drives the market in the region over the forecast period. To illustrate, China’s healthcare expenditure was 5.35% in 2019 up from 5.07% in 2017.
The study further incorporates Y-O-Y growth, demand & supply, and future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa)
Global Heart Attack Diagnostics Market, Segmentation by End User
- Hospitals & Clinics
- Diagnostic Center
- Ambulatory & Surgical Centers
Owing to the high volume of surgical procedures carried out in hospital settings, the hospital & clinics segment held the biggest market share of 65% in 2022. It was noted that over 850,000 cardiac operations are carried out annually in the U.S. Additionally, it is predicted that over the forecast period, growth of the segment can be aided by the rising number of hospitals around the world. There were around 8240 hospitals in Japan and 6,095 hospitals in the United States in 2020. The rising number of hospitals raises the demand for heart attack diagnostics and fuels the expansion of the market.
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Global Heart Attack Diagnostics Market, Segmentation by Test
- Electrocardiography
- Blood Tests
- Computerized Cardiac Tomography
- Echocardiography
- Coronary Angiography
- Others
Owing to its remarkable specificity and its capacity to reliably identify cardiac events such as acute coronary syndrome, MI, and other cardiac ailments, the blood tests segment is growing substantially during the forecast period. In 2020, 7.3% of New York state’s adults reported having a heart attack, angina/coronary cardiac disease, or stroke. Further, on account of their short turnaround times, precise results, and efficient identification of myocardial infarction, blood tests such as troponin are regarded as the gold standard approach. The troponin tests are estimated to occupy the bulk of the shares in the blood test segment. Moreover, its usage as a heart attack diagnostic tool and its vital application as a cardiac monitoring device also led to the growth of the segment. Based on American Hospital Association (AHA) statistics, there were 6090 hospitals in the U.S. in 2019. The rising number of hospitals increases the application of blood testing procedures for detecting cardiovascular diseases.
Global Heart Attack Diagnostics Market, Segmentation by Type
- Non-Invasive
- Minimally Invasive
Few of the well-known market leaders in the global heart attack diagnostics market profiled by Research Nester are Abbott, ACS Diagnostics, Asahi Kasei Corporation, AstraZeneca, Beckman Coulter, Inc., Hill-Rom Services, Inc., Koninklijke Philips NV, General Electric Company, Toshiba Corporation, Schiller Americas, inc., and others.
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Recent Developments in Global Heart Attack Diagnostics Market
- On September 26th, 2018, Abbott achieved CE certification for its first troponin test, which could help forecast heart attacks for those who appear to be in good condition to be waned in advance of a heart attack.
- On September 5th,2022, General Electric Company, a leader in medical technology, diagnostics, and digital solutions, introduced the Optima IGS 320, the nation’s first AI-enabled cath lab, paving the way for the advancement of cardiac care in India.
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