(MENAFN- P&S Intelligence) The precision cardiology market size stood at $1,011.5 million in 2021, and it is predicted to grow at a 12.8% CAGR during 2021–2030, to reach $2,998.4 million by 2030. The market expansion is supported by the reducing cost of sequencing studies and rising awareness of the early screening of cardiovascular diseases (CVDs), which continue to rise in incidence. For example, according to the World Health Organization (WHO), around 17.9 million individuals died from CVDs alone in 2019, accounting for approximately 31% of the total deaths globally.
Players in the precision cardiology market are highly interested in product launches and approvals, to achieve a competitive advantage. In January 2022, GENinCode, an emerging predictive genetics company, filed a pre-submission application to the Food and Drug Administration (FDA) for its Cardio inCode-SCORE. It is an IVD test that evaluates an individual's combined genetic and clinical risks, for preventing and predicting CVDs. Other major players in the market include Abbott Laboratories, Thermo Fisher Scientific Inc., Illumina Inc., Fulgent Genetics Inc., Exact Sciences Corporation, Eurofins Scientific, CENTOGENE N.V., and ARUP Laboratories.
Key Findings of Precision Cardiology Market Report
• The burgeoning senior population, inactive lifestyle, unhealthy eating patterns, diabetes, tobacco consumption, and family history of CVDs lead to the high prevalence of CVDs.
• For example, as per the Centers for Disease Control and Prevention (CDC), more than 600,000 individuals in the U.S. die from heart illnesses per year. Moreover, as per the Heart Foundation, approximately 4 million Australians are suffering from CVDs. Furthermore, according to the European Heart Network, 3.9 million deaths happen in Europe each year due to these conditions.
• North America carried the highest revenue percentage in the precision cardiology market in the past. This is ascribed to the presence of prominent market players in the U.S. and the rising adoption of advanced services and products in clinical and research settings.
In 2021, the precision cardiology market was dominated by the service offering, holding around 80% share. This is mainly attributed to the rising focus on the adoption of precision medicine in clinical settings. This is majorly credited to the increasing worldwide burden of CVDs, which is driving the precision diagnostic service demand.
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