What Are the Evolving Opportunities for the Players in the Precision Cardiology Market?

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.

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.

The sequencing technique accounted for the highest revenue, of above $600 million, in 2021. This classification is predicted to display the same trend in the near future owing to the clinical benefits of this technique, including higher precision, broader coverage, low cost, and scalability.