Global Precision Cardiology Market 2024

Global Precision Cardiology Market 2024

Genomic changes, including mutations, play a crucial role as genetic biomarkers associated with various cardiovascular diseases. The advancements in sequencing technologies have facilitated the identification of new genetic biomarkers, thereby guiding therapeutic decisions and enabling the practice of precision medicine in the field of cardiology. Ongoing research aims to enhance the identification of emerging biomarkers for improved cardiovascular diagnostics.

The Precision Cardiology service market is estimated to be valued at USD 1026 million in 2023, with a projected growth to reach USD 2341 million by 2029, reflecting a compound annual growth rate (CAGR) of 12.5% during the forecast period. The growth of the service segment can primarily be attributed to the increasing emphasis placed on the adoption of precision medicine in clinical settings. Furthermore, factors such as sedentary lifestyle, unhealthy diet, obesity, and the growing population of pre-diabetics and diabetics globally contribute to the increasing burden of cardiovascular diseases (CVDs). Consequently, there is an anticipated rise in the adoption of precision cardiology services in the coming years.

As of 2023, blood samples dominate the global precision cardiology market (by sample). The blood samples market is estimated to be valued at USD 884 million in 2023, with an expected growth to reach USD 1811 million by 2029, reflecting a CAGR of 10.8% during the forecast period. The growth in this segment is primarily due to its minimally invasive nature, higher stability, longer preservation time, and other favorable characteristics. Additionally, the rising incidence of CVDs worldwide, the growing focus on early detection, and the increasing emphasis on the adoption of precision medicine in cardiovascular care contribute to the expansion of this segment in the market. However, non-blood samples are expected to witness the highest growth in the global precision cardiology market (by sample) during the forecast period of 2024-2029.

The next-generation sequencing (NGS) market is estimated to be valued at USD 761 million in 2023, with an expected growth to reach USD 1780 million by 2029, reflecting a CAGR of 12.9% during the forecast period. The extensive utility offered by this technology in precision cardiology research and clinical settings primarily drives its growth. Among the various technologies used in precision cardiology, next-generation sequencing (NGS) is expected to experience significant expansion in the coming years.

In 2023, the North America precision cardiology market held the largest share globally, and it is expected to maintain its dominance throughout the forecast period of 2024-2029. The North America Precision Cardiology market is estimated to be valued at USD 606 million in 2023, with an expected growth to reach USD 1290 million by 2029, reflecting a CAGR of 11.4% during the forecast period. Government initiatives aimed at correlating genetic biomarkers with cardiovascular care have significantly propelled the overall market scenario in the region. Furthermore, the U.S. Food and Drug Administration (FDA) and the Clinical Laboratory Improvement Amendments (CLIA) have been instrumental in developing effective and appropriate guidelines and policies to promote the adoption of precision cardiology products and services among end users. The growth in this region can largely be attributed to the presence of established market players in the U.S., such as Laboratory Corporation of America Holdings, Illumina, Inc., Quest Diagnostics Incorporated, PerkinElmer Inc., and Thermo Fisher Scientific Inc., coupled with the substantial adoption of advanced precision cardiology products and services in clinical and research settings. However, the Asia-Pacific region, which comprises several emerging economies, is expected to register the highest CAGR during the forecast period.

This comprehensive industry report provides market estimates and forecasts, accompanied by a detailed examination of the component, sample, technology, application, end user, and region aspects. It delivers a quantitative analysis of the market, empowering stakeholders to leverage existing market opportunities. Furthermore, the report identifies key segments for potential opportunities and strategies, drawing insights from market trends and the approaches of leading competitors.

The global baby bottle market has been extensively analyzed by categorizing it according to various sub-segments in order to provide accurate forecasts of industry size and assess trends within specific areas.

The global market for precision cardiology can be segmented by component: service, product. Service was the largest revenue contributor to the global precision cardiology market, representing 79.8% of the market in 2023. During the forecast period, the service segment is projected to witness the highest growth rate.

Precision cardiology market is further segmented by sample: blood, saliva, buccal swabs, other non-blood. Blood was the highest contributor to the global precision cardiology market, with 68.7% share in 2023. Going forward, the saliva segment is projected to witness the highest CAGR during the forecast period.

Based on technology, the precision cardiology market is segmented into: next-generation sequencing (NGS), sanger sequencing, polymerase chain reaction (PCR), microarray, others. Next-generation sequencing (NGS) was the largest revenue contributor to the global precision cardiology market, representing 59.2% of the market in 2023. During the forecast period, the next-generation sequencing (NGS) segment is projected to witness the highest growth rate.

On the basis of application, the precision cardiology market also can be divided into: cardiomyopathy, arrhythmia, aortopathy and vascular diseases, familial hypercholesterolemia (FH), congenital heart defects and syndromes, others. The cardiomyopathy segment was the largest contributor to the global precision cardiology market in 2023, accounting for more than 27.3% of the total market.

Precision cardiology market by end user is categorized into: hospitals, institutes, others. The hospitals segment is estimated to account for the largest share of the global precision cardiology market, accounting for more than 47.9% of the total market.

The precision cardiology market by region can be segmented into: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. North America was the highest contributor to the global precision cardiology market, with 47.1% share in 2023. Going forward, Asia-Pacific is projected to witness the highest CAGR during the forecast period.

The report has also analyzed the competitive landscape of the global precision cardiology market with some of the key players being Illumina, Inc., GENinCode plc, PerkinElmer, Inc., Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, Invitae Corporation, OPKO Health, Inc. (OPK), Centogene N.V., Eurofins Scientific SE, Exact Sciences Corporation, Fulgent Genetics, Inc., Konica Minolta, Inc., OraSure Technologies, Inc., Quest Diagnostics Incorporated, Sema4 OpCo, Inc., Devyser Diagnostics AB, Associated Regional and University Pathologists, Inc., among others. In this report, key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

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Market Segments Covered in Global Precision Cardiology Industry Analysis:

i.) Component

• Service
• Product

ii.) Sample

• Blood
• Saliva
• Buccal swabs
• Other non-blood

iii.) Technology

• Next-generation sequencing (NGS)
• Sanger sequencing
• Polymerase chain reaction (PCR)
• Microarray
• Others

iv.) Application

• Cardiomyopathy
• Arrhythmia
• Aortopathy and vascular diseases
• Familial hypercholesterolemia (FH)
• Congenital heart defects and syndromes
• Others

v.) End user

• Hospitals
• Institutes
• Others

vi.) Region

• North America
• Europe
• Asia-Pacific
• MEA (Middle East and Africa)
• Latin America