The next frontier of precision medicine, the global precision cardiology market showcases enormous potential to completely revolutionize the field of cardiovascular disease diagnosis, which is further anticipated to help stakeholders reduce the burden associated with these conditions. Significant strides in advancing sequencing technologies tools have facilitated an increasing number of cardiovascular genetic studies to be performed in the field of cardiology. Moreover, these studies have provided key insights into the underlying micro-environment, which is further harnessed by researchers, physicians, and market players to develop novel solutions for detecting cardiovascular conditions. To address this critical requirement, biotechnology companies are significantly investing in research and development (RD) to expand their respective precision cardiology portfolios for clinical and research applications.
Our healthcare experts have found the precision cardiology market to be one of the most rapidly evolving and dynamic markets and the global market for precision cardiology is predicted to grow at a CAGR of 12.90% over the forecast period of 2021-2031. The market is driven by certain factors, which includes the rising burden of cardiovascular diseases, increasing focus on early cardiovascular disease screening, and decreasing cost of sequencing.
Currently, the precision cardiology industry is witnessing an upsurge due to the rising burden of cardiovascular diseases, increasing focus on early cardiovascular disease screening, and decreasing cost of sequencing. Furthermore, companies are focusing on the development of precision cardiology tests based on advanced sequencing technologies, which is expected to further support physicians to offer better informed clinical decisions in the field of cardiovascular care. The development of advanced precision cardiology tests also enables the research community to establish effective strategies for the discovery of novel genetic biomarkers associated with cardiovascular diseases, which could be harnessed to develop novel therapies.
The global precision cardiology market is expected to witness high growth, attributing to the rising burden of cardiovascular diseases, increasing focus on early cardiovascular disease screening, and decreasing cost of sequencing, among others. The constant significant investments by emerging and legacy companies to meet industry demand and the growing adoption of research-based precision cardiology products by academic and research institutes are major factors propelling the growth of the global precision cardiology market
The BIS Research report on the global precision cardiology market segments the market on the basis of the segments listed as follows:
- offering (product and service)
- sample (blood and non-blood)
- technology (sequencing, polymerase chain reaction (PCR), microarray, and other technologies)
- application (cardiomyopathy, arrhythmia, aortopathy and vascular diseases, familial hypercholesterolemia, congenital heart defects and syndromes, and other applications)
- end user (hospitals and diagnostic laboratories, academic and research institutes, and other end users)
- region (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World)
Market Growth Drivers
• Rising Burden of Cardiovascular Diseases
• Increasing Focus on Early Cardiovascular Disease (CVD) Screening
• Decreasing Cost of Sequencing
Market Challenges
• Lack of Established Regulatory Policies in the Precision Cardiology Ecosystem
• Lack of High Complexity Testing Centers
• Existing Diagnostic Confidence on Conventional Cardiovascular Disease (CVD) Tests
Market Opportunities
• Massive Scope for Adoption of NGS-Based Cardiology Tests in Emerging Markets
Competitive Landscape
The exponential rise in the incidence associated with cardiovascular diseases, worldwide has created a buzz among the biotechnology companies to further invest in the development of precision cardiology tests based on sequencing technologies for supporting physicians to offer precision care in the field of cardiology. Due to the expansive service portfolio and massive geographical presence, Laboratory Corporation of America Holdings has been the leading player in the precision cardiology ecosystem.
On the basis of region, North America holds the largest share of the precision cardiology market due to the presence of market leaders such as Laboratory Corporation of America Holdings, Illumina, Inc., PerkinElmer Inc., Thermo Fisher Scientific Inc., and Quest Diagnostics Incorporated in the U.S. coupled with the significant adoption of high-fidelity precision cardiology tests for diagnosing cardiovascular diseases. Further, rising fund infusions by the federal organizations coupled with increasing investments for precision cardiology test development, are some of the prominent underlying factors supporting the growth of the North America precision cardiology market. Apart from this, the Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period, 2021-2031. This is majorly attributed to the underlying factors such as the rising incidence of cardiovascular diseases, increase in healthcare awareness, steady economy leading to higher focus on research, and growing adoption of precision cardiology tests, among others.
Impact of COVID-19 on the Global Precision Cardiology Market
The current global precision cardiology market study comprises products and services that are utilized to analyze genetic biomarkers associated with cardiovascular diseases (CVDs). Since the market is primarily dominated by clinical applications associated with CVDs, the COVID-19 pandemic had a massive impact on the growth or revenue generated from the market. The market assessment has considered information given by key opinion leaders in the market from both supply and demand sides. Manufacturers have witnessed low-scale losses due to decreased demand. However, the losses incurred for the first two quarters of FY2020-2021 are anticipated to be compensated by higher demands in the following two quarters. However, the industry is still expected to be impacted significantly during the period 2020-2023.
Key Questions Answered in this Report:
• How is precision cardiology revolutionizing the field of cardiovascular care?
• What are the major market drivers, challenges, and opportunities in the global precision cardiology market?
• What are the underlying structures resulting in the emerging trends within the global precision cardiology market?
• How did the COVID-19 pandemic impact the global precision cardiology ecosystem?
• What are the key development strategies that are being implemented by the major players in order to sustain themselves in the competitive market?
• What are the key regulatory implications in developed and developing regions pertaining to the use of precision cardiology products and services?
• What are the potential entry barriers, which are expected to be faced by the companies willing to enter a particular region?
• How is each segment of the market expected to grow during the forecast period 2021-2031, and what is the anticipated revenue to be generated by each of the segments? Following are the segments:
o Offering (product and service)
o Sample (blood and non-blood)
o Technology (sequencing, polymerase chain reaction, microarray, and other technologies)
o Application (cardiomyopathy, arrhythmia, aortopathy and vascular diseases, familial hypercholesterolemia, congenital heart defects and syndromes, and other applications)
o End user (hospitals and diagnostic laboratories, academic and research institutes, and other end users)
o Region (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World)
• What are the growth opportunities for the companies in the region of their operation?
• Who are the leading players with significant offerings in the global precision cardiology market?
• Which companies are anticipated to be highly disruptive in the future, and why?
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The study defines precision cardiology as an ecosystem comprising molecular tests intended for assessing genetic biomarkers associated with cardiovascular diseases (CVDs) such as arrhythmia, cardiomyopathy, aortopathy and vascular diseases, congenital heart defects and syndromes, and familial hypercholesterolemia (FH), among others. The following study aims at deciphering the potential of precision cardiology in the research and diagnostic ecosystem and its critical role in bolstering the current genomic era to enable precision medicine in routine CVD testing.
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