The global troponin market is primarily driven by the growing prevalence of cardiovascular diseases worldwide. Troponins play a vital role in the diagnosis of myocardial infarction and injuries. They help detect any damage to heart muscles that cannot be detected by other cardiac markers. The market is dominated by troponin I and troponin T that are released into the bloodstream upon damage to the heart muscles. The increasing awareness about troponins as a highly sensitive and specific biomarker for acute myocardial infarction and awareness of cardiovascular diseases across major countries is further accelerating the demand for troponin tests.
The Global Troponin Market is estimated to be valued at US$ 1.38 Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Global Troponin Market Growth are Roche Diagnostics, Abbott Laboratories, Beckman Coulter, Response Biomedical, Vitro, Siemens Healthcare GmbH, Radiometer Medical ApS, bioMérieux SA, Thermo Fisher Scientific, Mitsubishi Chemical Europe, and other prominent players. The market is highly competitive owing to the presence of major global players.
Growing prevalence of cardiovascular diseases has positively impacted the demand for troponin testing worldwide. According to WHO, cardiovascular diseases accounted for over 17.9 million deaths in 2019. This rising disease burden is expected to drive the troponin market during the forecast period.
Technological advancements in troponin assay kits and analyzers have allowed detection of troponins at an early stage and with high sensitivity and accuracy. Introduction of high-sensitivity Troponin tests by market players is encouraging their usage for rapid rule-out of myocardial infarction.
Market Trends
Growing preference for point-of-care testing: Miniaturization of troponin assay platforms is enabling point-of-care testing outside hospital settings which is convenient for initial diagnosis of heart attacks.
Adoption of AI and IoT: Integration of artificial intelligence and internet of things in troponin analyzers can help in remote monitoring of patients and automation of testing processes.
Market Opportunities
Emerging markets in Asia Pacific and Latin America: improving healthcare infrastructure and rising medical tourism in developing countries offer lucrative opportunities for players.
Development of multi-marker cardiac test panels: Combining troponin with other markers such as myoglobin, CK-MB etc. can increase accuracy of test results.
Impact of COVID-19 on the Global Troponin Market
The outbreak of COVID-19 virus has significantly impacted the growth of global troponin market. During initial phases of pandemic, diagnostics facilities were overwhelmed with testing of COVID suspected patients resulting in decline in troponin testing volumes. However, as it was realized that troponin levels can rise in COVID patients with cardiovascular complications, testing volumes increased. Also, post-COVID many patients experienced myocardial damage needing troponin monitoring during recovery. This drove short term growth. But prolonged lockdowns and economic recession impacted discretionary healthcare spend. Many elective surgeries and routine checkups were postponed. This led to reduced troponin kit demand.
As the pandemic is gradually being brought under control through vaccinations, focus is again shifting towards non-COVID care. But supply chain disruptions caused by lockdowns continue to hinder kit production. Rising inflation is also affecting purchasing decisions. While demand is rising backed by resumption of services, affordability remains a challenge in developing regions impacted worse by the pandemic. To gain lost market share, companies are focusing on more affordable tests, tie-ups for kit distribution in rural areas and enhancing online support for healthcare providers. Adoption of decentralized testing models can help revive volumes in short run.
European Region Concentrates Highest Value Share in Global Troponin Market
Europe currently accounts for the largest share in the global troponin market in terms of value. Presence of advanced healthcare systems, widespread healthcare insurance and faster adoption of novel technologies drive significant troponin kit consumption across countries like Germany, United Kingdom, France and Italy. Growing focus on early disease detection and preventive healthcare augurs well for further market expansion. However, austerity measures being implemented in the aftermath of the pandemic may impact future growth to some extent.
Asia Pacific Emerges as the Fastest Growing Regional Market
The Asia Pacific region has emerged as the fastest growing regional market for troponin globally. Factors such as large patient pools, growing health awareness, increasing healthcare investments and rising disposable incomes are supporting the market growth. China and India with their huge populations present lucrative opportunities. Also, health authorities in several Asian countries have included troponin tests in national diagnostic guidelines, thus facilitating the product adoption. Considering impressive economic growth projections of Asia Pacific nations, the troponin market is anticipated to witness accelerated expansion rates here over the coming years.
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