According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Rise in Myositis Condition – Myositis is a rare condition of weak and aching muscles. Such condition gets worse over the time. The rising occurrence of myositis is fueling the demand of myoglobin. For instance, in the United States, between 51,000 to 76,000 people have myositis.
Growing Prevalence of Cardiovascular Diseases – Cardiovascular diseases are a group of diseases that affect your blood vessels and heart. A physical inactivity, unhealthy diet, excessive tobacco uses and harmful use of alcohol are the main risk factors associated with cardiovascular diseases. According to the data released by the World Health Organization (WHO), CVDs cause the deaths of around 17.9 million people each year.
Increase in Acute Myocardial Infraction - Acute myocardial infarction occurs when the coronary blood flow decreases, which results in cardiac ischemia. For instance, with prevalence reaching around 3 million people worldwide and more than 1 million deaths in the United States each year, acute myocardial infarctions are one of the most prevalent causes of death in the developed regions.
Escalating Numbers of Cardiac Surgeries – Cardiac surgeries are common to those people who have heart diseases or have had a heart attack, as well as those who are at high risk of having these problems. For instance, every year, approximately 510,000 open heart surgeries are performed worldwide.
Growing Healthcare Expenditure – As per the data released by the World Bank, the worldwide healthcare expenditures in 2019 increased to 9.83%.
The myoglobin market is segmented and analyzed for demand and supply by end-user into research institutes, hospitals, diagnostic labs, and others, out of which, the diagnostic labs segment is anticipated to significantly grow over the forecast period owing to the growing demand for better healthcare services, and presence of high-quality equipment to conduct tests. For instance, currently, there are approximately 24,825 medical and diagnostic laboratories in the United States.
Regionally, the global myoglobin market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the rise in launching of myoglobin reagents testing kits, growing prevalence of cardiovascular diseases, and boosted investment in research and development of novel biomarkers in the region. As of 2019, cardiovascular diseases (CVDs), accounted for approximately 875,620 deaths in the United States. Furthermore, a myocardial infarction occurs in every 40 seconds.
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The global myoglobin market is further classified on the basis of region as follows:
Our in-depth analysis of the global myoglobin market includes the following segments:
By Product Type
Roche Diagnostics, The U.S. Food and Drug administration (FDA)has approved Evrysdi a product of Roche Diagnostics Corporation based on Rainbowfish data, which showed pre-symptomatic babies treated with Evrysdi for at least one year were able to sit, stand and walk.
Siemens Healthineers, WakeMed Health & Hospitals and Siemens Healthineers have teamed up together in a 10-year, patient-focused, Value Partnership to innovate care delivery and improve patient outcomes through robotics initiatives, advanced imaging capabilities and artificial intelligence. It shall provide training to staff and health providers.
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
Ans: Rise in myositis condition, growing prevalence of cardiovascular diseases, increase in acute myocardial infarction, and escalating numbers of cardiac surgeries are some major factors driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
Ans: Lack of skilled professionals to conduct myoglobin biomarker tests, lack of awareness regarding myoglobin, and stringent government regulations about clinical trials are estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Abbott Diagnostics, Alere, Beckman Coulter, Biomerieux, Boditech Med, Ortho-Clinical Diagnostics, Randox Laboratories, Roche Diagnostics Corp, Siemens Healthcare Diagnostics, Singulex, and others.
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.
Ans: The market is segmented by product type, end-user, and by region.
Ans: The diagnostic labs segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.