The precision cardiology market size generates $1,011.5 million in revenue in 2021, and it is projected to grow at a rate of 12.8% from 2021 to 2030, to capture $2,998.4 million in revenue in 2030. It is ascribed to the declining cost of the sequencing methods, and rising awareness of early screening of cardiovascular diseases due to their increasing prevalence.
In addition, the industry is progressing with technological advancements in equipment. Along with this, advanced molecular technologies hold great potential for precision cardiology in the healthcare sector.
The major companies are adopting several strategies to generate high sales revenue and minimize the pandemic impact that involves aggressive marketing strategies with selling equipment at discounted prices.
The service category holds a significant share of the precision cardiology industry, accounting for 80%. It is ascribed to the growing emphasis on precision medicine adoption in clinical settings. In addition, factors such as unhealthy diet, sedentary lifestyle, obesity, and the rising diabetics and pre-diabetics population worldwide contribute to the rising demand for precision diagnosis.
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The non-blood samples category is projected to grow at a rapid rate in coming years, due to its clinical utilities, which are well-established and documented for conducting precision tests. In addition, the companies operating in the industry are focusing on developing advanced tests based on non-blood-based samples such as buccal swab specimens and saliva. It positively impacts sales of these samples and proliferates the industry.
The sequencing category generates significant revenue, accounting for $600 million in 2021. It is projected to retain its position in the near future, attribute to clinical benefits, increased accuracy, broader coverage, the economic cost of sequencing, and high scalability.
The cardiomyopathy application is projected to capture revenue worth $800 million in 2030, ascribed to rising incidences of types of cardiomyopathies and a growing focus on research and development for novel molecular solutions. The rising adoption of precision medicines, coupled with precision cardiology tests also leads to market propulsion.
Among the end users, hospitals and diagnostic laboratories hold the massive share of precision cardiology testing to facilitate cardiovascular disease diagnosis. These institutes offer great expertise in advanced pathology and laboratory diagnostics for more accurate testing. These laboratories also offer state-of-the-art testing services for in-depth biomarker analysis.
North America captures a significant share of the precision cardiology industry, attributed to the presence of key companies in the U.S., and the rising adoption of advanced products and services in clinical and research settings. In addition, government initiatives focusing on the correlation of genetic biomarkers with cardiovascular care proliferate the industry in the region.
In addition, the U.S.F.D.A. and Clinical Laboratory Improvement Amendments hold great prominence in the development of the effective and right guidelines to enable precision medicinal products and services adoption in the region. Moreover, the dynamic industry with the constantly rising number of establishing start-ups that offer end-to-end services boosts the market. Moreover, North America is projected to dominate the industry in the coming future.
Therefore, the rising geriatric population coupled with diabetic and pre-diabetic patients boosts the industry.