Myoglobin Market Size & Share, by Product (Human, Animal); End-user (Research Institutes, Hospitals, Diagnostic Labs) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2031

Global Myoglobin Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global myoglobin market is estimated to garner a significant revenue by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a notable revenue in the year 2021. The growth of the market is primarily attributed to the myoglobin utility as a highly accurate biomarker. For instance, it was observed in research that myoglobin outperforms other cardiac-specific biomarkers in COVID-19 diagnosis. Additionally, the increasing knowledge of myoglobin's effectiveness as a reliable indicator of left ventricular wall thickening which is also known as left ventricular hypertrophy (LVH), is driving the growth of the market in the forecast period. For instance, left ventricular hypertrophy (LVH) affects around 17% to 20% of the population. It is commonly found in blacks, the elderly, the obese, and hypertension patients.

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Myoglobin is a tiny heme globular protein that primarily exists in the skeletal and cardiac muscles of mammals. It is an oxygen-binding molecule. The protein's primary job is to store and supply oxygen to muscles that are working hard when blood oxygen delivery is partially inadequate. When cells get damaged, these proteins get released into the blood. It is found in many diving mammals, i.e., whales and seals, and allows them to remain submerged for a longer period of time. As an oxygen binding blood cell proteins, myoglobin and hemoglobin have very similar chemical structure owing to the existence of a molecule called heme, which is primarily responsible for allowing oxygen binding with hemoglobin and myoglobin.

Global Myoglobin Market: Growth Drivers and Challenges

Growth Drivers

• 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%.

Challenges

• Lack of Skilled Professionals to Conduct Myoglobin Biomarker Tests
• Lack of Awareness Regarding Myoglobin
• Stringent Government Regulations About Clinical Trials

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.

Major Macro-Economic Indicators Impacting the Market Growth

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.

Global Myoglobin Market Regional Synopsis

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:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global myoglobin market includes the following segments:

Top Featured Companies Dominating the Global Myoglobin Market

• Abbott Diagnostics
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Alere Inc.
• Beckman Coulter
• Biomerieux SA
• Boditech Med
• Ortho-Clinical Diagnostics
• Randox Laboratories
• Roche Diagnostics Corp
• Siemens Healthcare Diagnostics
• Singulex Inc.