PORTLAND, Ore., Dec. 16, 2021
- Rise in medical technology innovations, initiatives to spread awareness among patients, and surge in geriatric population along with rise in prevalence of cardiovascular diseases have boosted the growth of the global cardiovascular diagnostic testing market.
PORTLAND, Ore., Dec. 16, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Cardiovascular Diagnostic Testing Market by Type (Laboratory Developed Tests and In-Vitro Diagnostic Tests), Panel (Atherosclerotic Cardiovascular Disease Risk Panel with Score), and End User (Laboratory Testing Facilities, Academic Institutes, and Point-of-Care Testing Facilities): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global cardiovascular diagnostic testing industry generated $6.87 billion in 2020, and is estimated to reach $15.43 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030.
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Major determinants of the market growth
Rise in medical technology innovations, initiatives to spread awareness among patients, and surge in geriatric population along with rise in prevalence of cardiovascular diseases have boosted the growth of the global cardiovascular diagnostic testing market. However, changes in FDA regulation and guidance of LDTs and limited insurance coverage and high cost of devices hinder the market growth. On the contrary, development of healthcare infrastructure in emerging nations is expected to open new opportunities for the market players in the future.
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The in-vitro diagnostic test segment dominated the market
By type, the in-vitro diagnostic segment held the largest share in 2020, accounting for more than 90% of the global cardiovascular diagnostic testing market, due to increase in demand for non-invasive diagnostic techniques and technological advancements that allow replacing old conventional devices with new ones. However, the laboratory-developed test segment is projected to manifest the highest CAGR of 11.2% during the forecast period, as they offer accurate, quality testing for several cardiovascular diseases.
The point of care testing facilities segment to portray the highest CAGR through 2030
By end user, the point of care testing facilities segment is expected to portray the highest CAGR of 8.7% during the forecast period, as it enables rapid detection of analytes near to the patient, which facilitates quick medical decisions and better disease diagnosis, management, and monitoring. However, the laboratory testing facilities segment held the largest share in 2020, contributing to more than two-fifths of the global cardiovascular diagnostic testing market, owing to rise in prevalence of cardiovascular diseases and increase in demand for laboratory testing.
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North America held the lion's share
By region, the global cardiovascular diagnostic testing market across North America dominated the market in 2020, accounting for more than two-fifths of the market, due to high prevalence of cardiovascular diseases, rise in awareness about various heart diseases, and presence of large number of domestic manufactures of in-vitro diagnostic machines. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 9.4% during the forecast period, owing to high per capita income, improvement in healthcare infrastructure, and rise in disposable income.
Major market players
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