Precision Cardiology Market Size, Share, Leading Players, Demand and Forecast Report 2030

NEW YORK - Sept. 29, 2023 - PRLog -- The total value of the global precision cardiology market was USD 1,011.5 million in 2021, and it will rise at a growth rate of above 12.8% shortly, reaching USD 2,998.4 million by 2030, according to P&S Intelligence.

This growth can be ascribed to the reducing price of sequencing approaches, increasing knowledge of initial monitoring of cardiovascular diseases, and increasing the burden of cardiovascular diseases.

For example, as per the World Health Organization, approximately 17.9 a million individuals expired from CVDs in 2019, accounting for approximately 31% of overall demises globally.

In 2021, the service category led the precision cardiology market, by holding a share, of approximately 80%. This can be credited to the increasing focus on the acceptance of accurate medication in clinical settings.

Furthermore, primary factors, including unhealthy diet, obesity, sedentary lifestyle, and the rising populace of pre-diabetics and diabetics globally, are striking a combinatorial outcome upon the worldwide burden of CVDs, which outcomes in the increasing precision diagnosis services demand.

In the coming few years, the non-blood samples category is projected to grow at a significant CAGR in the industry. This development can be credited to the clinical uses of non-blood samples, which have been deep-rooted and recognized for conducting accurate tests.

Furthermore, the businesses working in the industry are actively participating in emerging progressive tests based on non-blood-based samples, like buccal swab specimens and saliva which, ultimately, drives the sales of such samples.

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In 2021, the sequencing category held the highest revenue, of more than USD 600 million. The category is also projected to be in the top spot till 2030. This is mainly because of the clinical benefits, like reduced cost of sequencing, higher accurateness, high scalability, and broader coverage.

In recent years, the cardiomyopathy application category dominated the industry, and also the same category is projected to generate an income of more than USD 800 million by 2030.

North America generated the highest revenue share in the market in 2021. This can be credited to the existence of key industry players in the U.S. and the substantial acceptance of progressive products and services in medical and research settings.

Hence, the reduced price of sequencing approaches, increasing knowledge of initial monitoring of cardiovascular diseases, and increasing burden of cardiovascular diseases are the major factors contributing to the growth of the precision cardiology market.