According to World Health Organization, more than 17 million people die from cardiovascular disease (CVD) across the globe annually.
The rising threat of CVD is a global matter of concern, especially in Asia-Pacific (APAC) as the region accounts for more than half of world’s cardiovascular burden, according to a study by Frost & Sullivan.
Consequently, the rising threat of CVD drives Troponin Diagnostics market in APAC due to the increasing incidence rates of Myocardial Infraction (MI) and aging population at rapid pace.
The overall market of cardiac biomarker (troponins) in APAC is estimated to grow at a Cumulative Annual Growth Rate (CAGR) of 12.3% reaching nearly US $320 million by 2021. The growth will be strongly contributed by cardiac troponins point-of-care test (POCT) segment and cardiac troponins lab-based tests segment.
The POCT and lab-based tests are expected to increase at a CAGR of 15.5% and 10.4% respectively in the same time frame.
The primary reason behind the fast growth of POCT compared to lab-based test is mainly due to its promising benefits to healthcare service providers and patients. The main advantages of POCT are:
- Easy to use and portable
- It is gaining interests from healthcare professionals as it provides quick turnaround time (TAT)
- Significantly reduces the rising healthcare expenditure for the patients
- The severe reimbursement cuts in lab-based tests further encourages the region’s healthcare sectors to adopt POCT than lab-based tests
Various measures taken to grow healthcare facilities by different nations also boost the adoption of innovative diagnostic tests in the region, particularly in POCT segment. Examples of adoption of diagnostic tests in various countries:
- Indonesia – introduction of universal healthcare coverage in Indonesia and 100% FDI in private clinical labs across the country
- Thailand – expansion of private healthcare facilities in Tier II cities across Thailand
- Vietnam – expansion of private healthcare infrastructure in Vietnam
Regional markets with access to Asian countries such as China, Indonesia and India will emerge as key markets due to early commercial access as proposed by the new CE regulatory guidelines. This is likely to enhance the market share of almost all market participants such as Alere, Abbott, Roche and Siemens.
In order to tap the growing opportunities exposed by Cardiac Troponin Diagnostics market, these key players are focusing on increasing sensitivity, accuracy and TAT for their tests. Therefore, vendors will not only invest in identifying better biomarkers for diagnosis but also in the POCT market because the development of POCT devices is expected to offer competitive advantage to its market participants and unfolds opportunities worth millions of dollars.
For more information on Frost & Sullivan’s report, click here “Analysis of the APAC Cardiac Troponin Diagnostics Market, Forecast to 2021”.
Subarna Poudel is a researcher with Frost & Sullivan. He can be reached at firstname.lastname@example.org