|Base Year Market Size
|USD 950 Million
|Forecast Year Market Size
|USD 3.17 Billion
|Fastest Growing Market
The global Precision Cardiology Market Size was valued USD 950 million in 2021 and is predicted to reach USD 3.17 billion by 2030, increasing at a CAGR of 12.75% from 2022 to 2030. The precision cardiology sector is one of the most constantly growing and dynamic markets, according to healthcare specialists. As the prevalence of cardiovascular disease rises, so does the demand for early screening and sequencing.
Medical practitioners that practice precision cardiology take a multidisciplinary approach to treating and preventing cardiovascular disease by taking into account the unique interactions between an individual's genetics, lifestyle, and environmental exposures. Rather than relying on a single path phenotype for all individuals with the same symptoms, this approach takes into account the unique characteristics of each individual patient and treats them as such. Because of the growing burden of cardiovascular illness, the increased emphasis on early disease screening, and the reducing cost of sequencing technology, the precision cardiology business is currently experiencing a growth spurt.
The advancement of precision cardiology tests based on cutting-edge sequencing technology is expected to help doctors make more informed clinical judgments in the field of cardiovascular care. To find new genetic biomarkers related to cardiovascular illness and use them in the creation of new medicines, researchers can use enhanced precision cardiology tests developed by the scientific community. Precision cardiology market growth is being fuelled by a number of causes, including the increasing use of research-based product offerings by academic and research institutions, as well as considerable investments by rising and legacy companies.
There are many contributing reasons to the high prevalence of cardiovascular disease, including ageing, sedentary Behaviour, poor eating habits, diabetes, cigarette use, and a family history of the disease. For example, the CDC estimates that over 659,000 Americans die each year as a result of heart disease. In addition, according to the Heart Foundation, over 4 million People in Australia suffer from cardiovascular disease (CVD). A total of 3.9 million Europeans die each year as a result of cardiovascular disease, as per the European Heart Network.
The first step in lowering the incidence of cardiovascular diseases (CVDs) is to improve diagnostics. CVDs, particularly inherited heart disorders, are becoming increasingly complex, and new diagnostic methods are urgently needed to help alleviate the clinical burden they place on patients and their caregivers. End users like hospitals and diagnostic labs are also employing molecular diagnostic procedures for the evaluation of CVDs in order to provide better clinical insights and early treatment solutions. This is a key driver for the growth of Global Precision Cardiology Market.
The expansion of the Global Precision Cardiology Market is aided by decreasing sequencing study costs and rising public awareness of the importance of early detection for cardiovascular diseases (CVDs). Global mortality from cardiovascular disease (CVD) is expected to reach 17.9 million in 2019, responsible for 31% of the total.
Blood flow is impeded by the buildup of plaque in your arteries. This restricts the supply of oxygen to the cardiac muscle. In the United States, heart disease is responsible for increasing deaths among both men and women. This is why screenings for heart disease at an early stage are so important. No matter what your symptoms or risk factors are, prevention is essential to your longevity. It is recommended that cardiovascular screening begin at the age of 20 by the American Heart Association (AHA). In the absence of a high-risk patient, the results of your screenings can serve as a drive to improve your health.
High R&D costs could stifle market growth in precision cardiology diagnostics, despite the immense potential of modern healthcare. Healthcare professionals place a high value on accurate diagnosis. Rapid results, rising demand for test kits, and inefficient tests are stifling the growth of Global Precision Cardiology Market.
As a result of these challenges, the development of novel test kits is severely restricted in most nations. As the number of cases of COVID-19 increases around the world, the medical supply business has been forced to adapt by the growing demand for better and safer diagnostic tools. To provide new test kits, manufacturers must adhere to stringent healthcare laws. It has become more commonplace in the United States to see new regulations from the Centers for Disease Control & Prevention (CDC), as well as revisions to existing ones.
Because of significant technology improvements and the simultaneous acceptance of these advancements by big firms, the global precision cardiology market is becoming one of the most attractive prospects for major companies working in the precision care biosphere. This is due to the fact that large corporations have embraced these rapid technical improvements simultaneously. Many new companies are springing up just to provide reliable cardiac genetic testing products and services, which is why this is the case. In order to standardize healthcare practices, this sector is developing rapidly. Market juggernauts, as well as new and creative businesses, will play a vital contribution in this industry's rapid growth and will explore new opportunities for the upcoming growth of the market.
The Global Precision Cardiology Market is segmented by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is leading the Global Precision Cardiology Market by having the biggest revenue percentage in the market for precision cardiology. This can be attributed to the presence of important market players in the United States as well as the growing acceptance of technologically enhanced products and services in clinical and research environments.
Precision cardiology has the largest share in North America due to the presence of market leaders like Laboratory Corporation of America Holdings, Illumina, Inc., PerkinElmer Inc., Thermo Fisher Scientific Inc. and Quest Diagnostics Incorporated, as well as the significant adoption of high-fidelity precision cardiology tests to diagnose cardiovascular diseases. As a result of these reasons, the North American precision cardiology market is expected to grow in the near future. Furthermore, government activities aimed at establishing a link between genetic biomarkers and cardiovascular care have had a substantial impact on the regional industry.
A major contribution to the creation of effective and acceptable guidelines and policies for the regional adoption of precision medical products and services has been made by FDA and the Clinical Laboratory Improvement Amendments (CLIA) in the United States. Due to a dynamic marketplace and an increasing number of new organizations making end-to-end offerings, the North American market is expected to maintain its leadership position over the forecast period.
The Asia-Pacific area is also expected to develop at the highest CAGR throughout the forecast period, which runs from 2022 to 2030. To put it simply, the underlying causes include an increase in cardiovascular disease incidence, a rise in healthcare knowledge, and a stable economy that has led to a stronger concentration on research and the use of precision cardiology testing.
|ARUP Laboratories Quest Diagnostics CENTOGENE N.V. Eurofins Scientific GENinCode Exact Sciences Corporation Fulgent Genetics Inc. Illumina Inc. DNA Genotek Inc. Thermo Fisher Scientific Inc. Abbott Laboratories
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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The Global Precision Cardiology Market is divided into different segments according to the offering, sample, technology, application, end-user and geography (regions).
By offering, the market is segmented into two categories, Service and Product. The market was dominated by the service category. Precision cardiology services will control 80% of the market by 2021. Precision medicine in clinical settings is to blame for this. Because of the rising numbers of people with diabetes and pre-diabetes, as well as the expanding number of sedentary people, there is a compounding effect on the global burden of cardiovascular disease (CVD).
By sample, the market is segmented into two segments, Blood and Non-Blood. Non-blood samples have the highest growth rates. It is expected that the use of non-blood samples would grow rapidly between 2021 and 2030. Non-blood samples have been used for precision assays in the medical field for years. There is also an increase in the sales of non-blood samples such as saliva and buccal swabs due to the development of novel tests by market players.
By technology, the market is segmented into Sequencing, Polymerase Chain Reaction (PCR) and Microarray. Diagnostic sequencing that is based on precision maximizes income. More than $600 million was earned in sequencing revenue in 2021. There is a good chance that this category will follow suit in the years ahead. In light of its high precision, low sequencing cost, wide coverage, and scalability, the technology is widely used.
By application, the market is segmented into Cardiomyopathy, Arrhythmia, Aortopathy and Vascular Diseases, Familial Hypercholesterolemia (FH) and Congenital Heart Defects and Syndromes. Application of cardiomyopathy treatment proved to be crucial. More than $800 million will be generated by the cardiomyopathy application by 2030. There has been an increase in the prevalence of cardiomyopathies worldwide, as well as a rise in the use of precision medicine. Alcoholic cardiomyopathy affected 708,000 people in 2019, according to the American College of Cardiology.
By end-user, the market is segmented into Hospitals & Diagnostic Laboratories and Academic & Research Institutes. There is a lot of cardiovascular testing at hospitals and diagnostic labs. Precision cardiology testing is used in hospitals and diagnostic laboratories to identify cardiovascular disease (CVDs). A wide range of pathology and advanced diagnostics are available in medical facilities and labs. They offer cutting-edge testing for biomarker analysis and CVD consulting at these facilities, as well.
By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Latin America and Middle East and Africa (MEA). The market's largest player is based in the North American region. In 2021, the precision cardiology market will be dominated by the North America. Market participants in the U.S. are well-known and use new goods in clinical and research settings. The regional market has grown as a result of government initiatives focused on genetic biomarkers and cardiovascular care.
January 2022 - A pre-submission proposal for the FDA's new Cardio inCode-SCORE was submitted by GENinCode, one of the growing predictive genomics firms, in January 2022. CVDs can be predicted and prevented with the Cardio inCode-SCORE IVD test, which looks at a person's combined genetic and clinical risk factors.
January 2022 - DNA Genotek Inc., an OraSure Technologies Inc. wholly-owned subsidiary, announced in January 2022 that the FDA had cleared its Oragene-Dx product line for general use under the 510(k)-clearance standard. Numerous laboratories that do cardiovascular genetic testing rely on ORAcollect-Dx Saliva Swab Collection Kit from Oragene-Dx and other Oragene-Dx products.