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Heart Attack Diagnostics Market Analysis by Type (Non-Invasive, and Minimally Invasive); by Test (Electrocardiography, Blood Tests, Computerized Cardiac Tomography, Echocardiography, Coronary Angiography, and Others) and by End User (Hospitals & Clinics, Diagnostic Center, and Ambulatory & Surgical Centers) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033g

Buy Now Report ID: 4446 | Published Date: Feb 15, 2023

Global Heart Attack Diagnostics Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global heart attack diagnostics market is estimated to garner a revenue of ~ USD 28.0 billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 12.0 billion in the year 2022. The growth of the market can primarily be ascribed to the rising number of people suffering from heart attacks globally, owing to unhealthy lifestyles, consumption of fatty food items, and illnesses. According to the Centers for Disease Control and Prevention in the United States, about 805,000 people have a heart attack each year. There are 605,000 first-time heart attacks among these. In 200,000 cases, people who have already suffered a heart attack are affected. 

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Global heart attack diagnostics market trends such as, the rising disposable income of the population along with rising healthcare expenditure and rapid awareness about health and fitness is expected to boost up the global heart attack diagnostics market in the forecast period. Centers for Medicare & Medicaid Services stated that U.S. health care spending grew 9.7 percent in 2020, reaching USD 4.1 trillion or USD 12,530 per person. Moreover, pre heart attack symptoms should be known by everyone to avoid these unpleasant instances since even a mild heart attack can cause severe medical conditions. Mild heart attack symptoms include tightness & squeezing in the chest, fatigue, heartburn, nausea, dizziness, and others.


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Global Heart Attack Diagnostics Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~8%

Base Year Market Size (2022)

~ USD 12.0 Billion

Forecast Year Market Size (2033)

~ USD 28.0 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)


Global Heart Attack Diagnostics Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rise in Geriatric Population Worldwide - Globally, there were 747,238,580 people over 60 years old at the end of 2021 according to a recent World Bank report. Future projections indicate an increase in the number.

Cardiovascular disease is more prevalent among the elderly and the aging population. Adults with cardiovascular disease are at an increased risk of CVD owing to their age, which is increased by contributing factors such as fragility, overweight, and diabetes. Moreover, aging populations are more likely to suffer from heart attacks because they are more vulnerable to heart diseases.

  • Higher Level of Cholesterol Among People- As per the data by the Centers for Disease Control and Prevention, the total cholesterol level of nearly 94 million U.S. adults aged 20 or older exceeds 200 mg/dL. A total of 28 million Americans has a cholesterol level above 240 milligrams per deciliter.

  • Increasing Consumption of Alcohol - The consumption of alcohol is directly related to a higher risk of stroke and heart failure. According to a survey of adults ages 18 and older, 84% reported drinking alcohol at some point in their lives across the globe.

  • High Rate of Tobacco Smoking- For instance, the number of adults smoking cigarettes in the United States is estimated at 30.8 million. There are more than 16 million Americans who suffer from smoking-related diseases.

  • Prevalence of Unhealthy Lifestyles Among People - It was observed that, there are approximately 677,000 deaths each year in the United States as a result of unhealthy lifestyles, such as cardiovascular disease, cancer, and diabetes, which are linked to nutrition and obesity.

Challenges

  • Higher Price Associated with Diagnostic Products – Even if heart attack cases are increasing at an alarming rate, heart attack diagnostic procedure cost a fortune owing to high price of diagnostic products. As a result, the population with middle income is expected to slower the adoption rate of heart diagnostic in the forecast period.
  • Shortage of Skilled Medical Professionals
  • Inadequate Medicare Reimbursement Policies

The global heart attack diagnostics market is segmented and analyzed for demand and supply by end-user into hospitals & clinics, diagnostic center, and ambulatory & surgical centers. Out of which, the hospitals & clinics segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the high number of surgical procedures performed in hospital settings, and the high number of hospitals present in the world. It was observed that more than 850,000 cardiac surgeries are performed each year in the United States. Moreover, the rising number of heart patient admissions in hospitals along with the increasing pharma sector is anticipated to augment segment growth over the forecast period.

Furthermore, the global heart attack diagnostics market is segmented and analyzed for demand and supply by test into electrocardiography, blood tests, computerized cardiac tomography, echocardiography, coronary angiography, and others. Out of which, the electrocardiography (ECG) segment is projected to witness noteworthy growth over the forecast period. The growth of the segment is boosted by the fact that it is the first and mandatory test that is performed to diagnose heart attack when the patients get admitted to the hospitals. Based on the data provided by the World Health Organization (WHO), it was stated that in 2019, around 17.9 million people across the globe lost their lives owing to cardiovascular diseases (CVDs), out of which, 85% were caused by a heart attack. Hence, such a higher prevalence of heart attacks is estimated to hike the number of echocardiography test performed in the hospitals over the forecast period. Furthermore, there has been advancement in the ECG devices for diagnosing heart attack, and it is expected to drive the growth of the segment in the market.


Global Heart Attack Diagnostics Market Segmentation

Our in-depth analysis of the global heart attack diagnostics market includes the following segments:

               By Type

  • Non-Invasive
  • Minimally Invasive

              By Test

  • Electrocardiography
  • Blood Tests
  • Computerized Cardiac Tomography
  • Echocardiography
  • Coronary Angiography
  • Others

               By End User

  • Hospitals & Clinics
  • Diagnostic Center
  • Ambulatory & Surgical Centers

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Global Heart Attack Diagnostics Market Regional Synopsis

regional-synopsis

The North America heart attack diagnostics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of market can be ascribed to the rising incidence of cardiac diseases along with huge spending on healthcare infrastructure by the regional government and other organization that are helpful to facilitate diagnostic equipment at healthcare facilities. According to the Centers for Medicare & Medicaid Services, United States healthcare expenditures reached USD 4.1 trillion in 2020, representing 19.7% of GDP. Furthermore, healthcare spending in the United States is expected to reach USD 6.2 trillion by 2028, an annual growth rate of 5.4%. Moreover, along with the technologically advanced healthcare infrastructure, the surging awareness among people for the right amount of dose of hypertension drugs, followed by the high number of people suffering from hypertension and the presence of major market players in the region are expected to drive the global heart attack diagnostics market in North America during the forecast period. Moreover, people are suffering from these diseases and disorders at a higher rate in the region since Americans consume more calories than they burn. For instance, nearly 60% of the Americans suffer from obesity in the United States which is one of the significant reasons to escalate the number of heart attack. It is estimated that every year, more than 800,000 people encounter heart attack in the USA. All these factors are, therefore, anticipated to expand the market size in the region throughout the forecast period. 

Heart-Attack-Diagnostics-Market-regional

Heart-Attack-Diagnostics-Market-regional
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Top Featured Companies Dominating the Global Heart Attack Diagnostics Market

top-features-companies
    • Abbott Laboratories
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • ACS Diagnostics, Company
    • Asahi Kasei Corporation
    • AstraZeneca PLC
    • Beckman Coulter, Inc.
    • Hill-Rom Services, Inc
    • Koninklijke Philips N.V.
    • General Electric Company
    • Toshiba Corporation
    • Schiller Americas, inc.  

     


In-the-news

In The News

  • General Electric Company, a global leader in medical technology, diagnostics and digital solutions, has launched the first AI-enabled Cath lab made in India - Optima IGS 320, enabling cardiac care in India. The lab is located at the new factory of Wipro GE Healthcare in Bengaluru. The managing director of the company further suggested that AI has the requisite potential to enhance the care pathway.  

  • Abbott Laboratories to received CE marking for its first troponin test that may be able to allow prediction of heart attacks months in advance in apparently healthy adults. It can help the physicians to determine necessary medical steps to prevent heart diseases.


preview-analysis

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


Author Credits:  Radhika Gupta, Shivam Bhutani


Key Questions Answered in the Report

1) What are the major factors driving the growth of the heart attack diagnostics market?

Ans: Rise in geriatric population worldwide and prevalence of unhealthy lifestyles among people are estimated to majorly boost the market growth.

2) What would be the CAGR of heart attack diagnostics market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the heart attack diagnostics market growth?

Ans: Higher price associated with diagnostic products is estimated to challenge the market growth.

4) Which region will provide more business opportunities for growth of heart attack diagnostics market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the heart attack diagnostics market?

Ans: The major players in the market are ACS Diagnostics, Company, Asahi Kasei Corporation, AstraZeneca PLC, Beckman Coulter, Inc., Hill-Rom Services, Inc, Koninklijke Philips N.V., General Electric Company, Toshiba Corporation, Schiller Americas, Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue-generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the heart attack diagnostics market?

Ans: The market is segmented by type, test, end user and, by region.

8) Which segment captures the largest market size in end use segment in the heart attack diagnostics market?

Ans: The hospitals & clinics segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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