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Myoglobin Market – Product (Human Myoglobin, Animal Myoglobin), End-user (Diagnostic Laboratories, Hospitals, Academic & Research Institutes), Global Forecast (2024 – 2032)


Published on: 2024-07-10 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

Myoglobin Market – Product (Human Myoglobin, Animal Myoglobin), End-user (Diagnostic Laboratories, Hospitals, Academic & Research Institutes), Global Forecast (2024 – 2032)

Myoglobin Market Size

Myoglobin Market size was valued at USD 98.5 million in 2023 and is anticipated to showcase growth at 4.3% between 2024 and 2032, driven by the increasing demand for diagnostic testing, particularly for cardiovascular diseases and muscle-related disorders. Myoglobin assays are being increasingly utilized by healthcare providers for their role as cardiac biomarkers, aiding in the early detection, risk assessment, and monitoring of conditions such as myocardial infarction, thereby contributing to the market’s growth.

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Furthermore, advancements in diagnostic technologies are also shaping the market. Innovations in high-sensitivity immunoassays and point-of-care testing devices are driving the development of rapid, accurate, and user-friendly myoglobin testing solutions, further contributing towards market growth.

Myoglobin is a protein found in muscle tissues, including cardiac (heart) and skeletal muscle. It serves as a biomarker for conditions such as myocardial infarction (heart attack) and rhabdomyolysis (muscle breakdown). When muscle tissue is damaged, myoglobin is released into the bloodstream, where it can be detected through diagnostic tests. Elevated levels of myoglobin in blood serum or urine are indicative of muscle injury or cardiac damage.
 

Myoglobin Market Report Attributes
Report Attribute Details
Base Year 2023
Myoglobin Market Size in 2023 USD 98.5 Million
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 4.3%
2032 Value Projection USD 143.4 Million
Historical Data for 2021 - 2023
No. of Pages 77
Tables, Charts & Figures 144
Segments covered Product, End-user, and Region
Growth Drivers
  • Rising prevalence of cardiovascular diseases
  • Advancements in diagnostic technologies
  • Increasing healthcare expenditure
Pitfalls & Challenges
  • Lack of awareness regarding myoglobin

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Myoglobin Market Trends

  • The rising prevalence of cardiovascular diseases is a significant driver for the market, contributing to increased demand for diagnostic tests and healthcare services related to cardiac health.
  • Cardiovascular diseases, including coronary artery disease, myocardial infarction (heart attack), and heart failure, are leading causes of morbidity and mortality worldwide. For instance, as per a study conducted by the American College of Cardiology, global death counts due to CVD increased from 12.4 million in 1990 to 19.8 million in 2022 reflecting a significant increase in the disease burden.
  • As the prevalence of these conditions rises, there is a greater need for diagnostic tests, including myoglobin assays, to aid in the early detection, risk assessment, and management of cardiac-related disorders.
  • Additionally, increasing healthcare expenditure and technological advancements further increases the adoption of myoglobin-based diagnostic tests. This trend prompts healthcare providers to invest in advanced diagnostic technologies, enhancing patient outcomes, thereby fueling market growth.

Myoglobin Market Analysis

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Based on product, the market is segmented into human myoglobin and animal myoglobin. The human myoglobin segment dominated the market with 70.3% of market share in 2023.

  • The prominence of human myoglobin is driven by its effectiveness in the early diagnosis of heart conditions.
  • Extensive clinical validation has demonstrated the accuracy and reliability of human myoglobin assays, instilling confidence among regulatory agencies, healthcare professionals, and patients alike.
  • Additionally, the standardized availability of human myoglobin testing kits, reagents, and instrumentation ensures accessibility for healthcare providers, facilitating routine diagnostic testing in clinical laboratories and point-of-care settings. These factors collectively drive the growth of human myoglobin segment.

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Based on end-user, the myoglobin market is divided into diagnostic laboratories, hospitals, and academic & research institutes. The diagnostic laboratories segment held majority of market share in 2023 and is expected to grow at 4.2% CAGR.

  • Diagnostic laboratories dominate the market due to their pivotal role in conducting accurate and reliable myoglobin assays for diagnosing cardiac and muscle-related disorders. Also, they possess the necessary infrastructure, expertise, and advanced technologies to perform these tests effectively.
  • With the increasing prevalence of cardiovascular diseases and muscle-related disorders, diagnostic laboratories cater to the growing demand for myoglobin testing, ensuring timely diagnosis and patient management.
  • Overall, their central position in healthcare systems and commitment to quality testing solidify diagnostic laboratories as key stakeholders in the market.

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North America myoglobin market size was valued at USD 42 million in 2023 and is projected to grow at CAGR of 4.1% during the forecast timeframe.

  • The region boasts advanced healthcare infrastructure and sophisticated diagnostic capabilities, making it a hub for medical innovation and research. Diagnostic laboratories, hospitals, and healthcare facilities across North America are well equipped with state-of-the-art technologies and expertise to perform accurate and reliable myoglobin assays, driving significant market growth in the region.
  • Moreover, this region experiences a high prevalence of cardiovascular diseases and muscle-related disorders, contributing to the demand for myoglobin-based diagnostic tests, thereby fostering the growth of this region.

U.S. myoglobin market was valued at USD 38.2 million and is expected to reach USD 54.3 million by the end of the analysis period.

  • According to Centers for Disease Prevention and Control, approximately 695,000 individuals died from heart disease in U.S. in 2021. With this high prevalence of cardiovascular diseases in U.S., there is a continuous demand for myoglobin-based diagnostic tests, fueling market growth.
  • In addition to this, other factors such as technological advancements in diagnostics, healthcare expenditure and infrastructure, regulatory framework, and a focus on preventive healthcare and early diagnosis supports the growth of U.S. market.

Germany held significant market share in global myoglobin market.

  • According to the burden of cardiovascular diseases in Germany Report, cardiovascular diseases (CVDs) play a major role in the health status of the German population. The CVDs are the most common cause of mortality in Germany, responsible for 34.3% of all deaths in 2020.
  • Thus, the increasing prevalence of cardiovascular diseases and mortality rate significantly influence the market due to the increased demand for effective diagnostic tools for timely detection and management.

China myoglobin market is expected witness lucrative growth in the next coming years.

  • China has been increasing its healthcare expenditure and investing in healthcare infrastructure to improve access to medical services across the country. The expansion of healthcare facilities, including hospitals, clinics, and diagnostic laboratories, enhances the accessibility of diagnostic tests, including myoglobin assays, to a larger population.
  • Furthermore, China is experiencing an increasing burden of cardiovascular diseases due to factors such as aging population, urbanization, and changes in lifestyle. This rising disease burden drives the growth of China market.

Myoglobin Market Share

The myoglobin industry is characterized by intense competition among key players striving to meet the growing demand for diagnostic tests related to cardiovascular and muscle-related conditions. The competitive landscape is shaped by factors such as technological innovation, regulatory compliance, market penetration strategies, and customer preferences, driving companies to continuously adapt and innovate to maintain their market shares.

Myoglobin Market Companies

Prominent players operating in the myoglobin industry include

  • Abnova Corporation
  • biomerieux SA
  • Beckman Coulter, Inc. (Danaher Corp)
  • Boditech Med Inc.
  • Calzyme
  • Merck KGaA
  • OriGene Technologies, Inc.
  • Siemens Healthineers Inc.
  • Randox Laboratories Ltd.
  • Thermo Fisher Scientific Inc.

Myoglobin Industry News

  • In December 2022, Ergo Bioscience announced its adoption of precision fermentation techniques to develop plant-based alternatives for animal-derived ingredients, including myoglobin and casein. This strategic initiative helped the company to enhance sustainability and customer base.
  • In November 2022, Ergo Bioscience & Aethera Biotech signed a strategic partnership to scale up animal-free ingredients including myoglobin and casein. This strategic partnership offered benefits including expanded product portfolios and boost revenue.

The myoglobin market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 - 2032 for the following segments

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Market, By Product

 

  • Human myoglobin
  • Animal myoglobin

Market, By End-user

  • Diagnostic laboratories
  • Hospitals
  • Academic & research institutes

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East and Africa

 

Table of Content

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