May 24, 2024
Global Troponin Market

Global Troponin Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Cardiovascular Diseases

The global troponin market is primarily driven by the increasing prevalence of cardiovascular diseases worldwide. Troponin is a complex of three regulatory proteins that is found in skeletal and cardiac muscles. Troponin plays a key role in muscle contraction and helps in the diagnosis of myocardial infarction. Troponin tests help doctors in detecting abnormalities in the heart muscles and determining the severity of a heart attack. The market is witnessing significant growth due to the rising geriatric population who are more prone to heart problems and the growing demand for accurate diagnostics for cardiac disorders.

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 Demand 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. Roche Diagnostics and Abbott Laboratories dominate the market owing to their robust product portfolio and global presence.

The growing prevalence of cardiovascular diseases and rise in the geriatric population susceptible to heart ailments offer lucrative growth opportunities. Furthermore, technological advancements enabling high sensitivity and accuracy in troponin detection would boost the market over the forecast period.

Major players are engaging in mergers & acquisitions and expanding their operations across the world. For instance, Abbott Laboratories recently acquired Alere to strengthen its diagnostics presence globally. Growing demand from emerging nations of Asia Pacific and Latin America due to improving healthcare infrastructure and increasing healthcare spending is anticipated to drive the global expansion of the troponin market.

Market Drivers

The increasing incidence of cardiac arrest, heart attack, and other cardiovascular diseases due to sedentary lifestyles, obesity, and smoking is a major driver for the troponin market. According to the World Health Organization, cardiovascular diseases account for over 17.9 million deaths globally every year. Early detection through highly sensitive troponin tests aids in timely treatment and management of cardiac conditions. This is expected to significantly drive the demand for troponin assays over the forecast period.

PEST Analysis

Political: Regulations regarding use of troponin testing to diagnose myocardial infarction can affect market.

Economic: Growth in healthcare spending and investment in laboratories are major drivers.

Social: Rising awareness about cardiovascular diseases and access to diagnostics is increasing testing adoption.

Technological: Advancements in assays and platforms are improving accuracy and reducing turnaround time, favoring market growth.

Geographical Regions of Concentration

North America currently holds the largest share of the global troponin market in terms of value, owing to presence of major players and frequent product launches. Availability of advanced healthcare facilities and spending on preventive healthcare further support market growth in the region.

Fastest Growing Region

The Asia Pacific region is poised to witness the highest CAGR over the forecast period. This can be attributed to increasing healthcare expenditure, spreading awareness about heart attacks, and growing geriatric population in countries like China and India. Rapid establishment of diagnostic laboratories and hospitals also contributes to market expansion in the Asia Pacific region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it