Myoglobin Market: Current Analysis and Forecast (2023-2030)

Myoglobin is a protein found in muscle tissues that binds oxygen, storing it for use during muscle activity. It gives meat its red color and plays a crucial role in oxygen transport and storage within muscle cells. Myoglobin levels in the blood serve as a biomarker for certain medical conditions, particularly those affecting muscle tissue. Elevated levels of myoglobin indicate muscle damage or disease, such as rhabdomyolysis, myocardial infarction, or muscular dystrophy. Innovations in assay development and a rising number of clinical trials are leading to the growth of the market. Several other factors, such as rising research & development activities, rising healthcare expenditure, rising regulatory support, and a surge in government collaborations & partnerships are driving the myoglobin market globally.

The Myoglobin Market is expected to grow at a steady rate of around 4.32% owing to the rising number of diagnostic test launches in the market. For instance, in June 2023, Changzhou Biowin Pharmaceutical Co., Ltd., a majority-owned subsidiary of Shineco, Inc. received marketing and distribution approval for its Cardiac 5-Minute Test from the Jiangsu Bureau of the National Medical Products Administration, which is a combination test of three major cardiac markers and can detect cardiac troponin I, myoglobin, and heart fatty acid binding protein for the clinical diagnosis of acute myocardial infarction in one test. Several factors, including rising cardiovascular disorders and myositis, and rising investments in healthcare departments are driving the market's growth during the forecast period. Apart from this, accelerated diagnosis efficiency using myoglobin has resulted in effective treatment procedures which are also driving this market of myoglobin at a steady rate.

Based on the product type, the market is segmented into human myoglobin, animal myoglobin, and others. The animal myoglobin segment dominated the market in the year 2022 owing to the rising cases of cardiovascular diseases including myocardial infarction. Animal myoglobin is extensively studied in scientific research, particularly in fields such as biochemistry, food science, and nutrition. Researchers investigate various aspects of myoglobin, including its structure, function, and properties, to better understand its role in the human body. Thus, among the product types, the animal myoglobin segment held a significant market share in 2022.

Based on the application, the market is bifurcated into diagnosis and treatment. The treatment segment is expected to grow with a high CAGR during the forecast period because of the rising number of clinical trials. For instance, In April 2023, CytoSorbents, Inc. initiated a clinical trial to assess the feasibility of the extracorporeal therapy for the removal of myoglobin using the CytoSorb as an adjunct to the standard of care in patients with rhabdomyolysis requiring renal replacement therapy. Pharmaceutical companies and academic institutions are investing in research and development to develop novel treatment strategies for lymphatic retinopathy. The growth of the treatment segment is driven by technological innovation, increasing disease prevalence, improved access to healthcare services, and a growing emphasis on early intervention and combination therapy approaches. Thus, the treatment segment among applications is expected to witness a higher CAGR during the forecast period.

Based on end user, the market is categorized into hospitals, clinics, and others. The hospital segment is dominating the market owing to the rising hospital admissions for cardiovascular diseases globally. This is due to higher diagnostic tests in hospitals as most diagnostic equipment is available in hospital settings. Apart from this, the growing number of hospitals is also propelling segmental growth. For instance, according to the American Hospital Association, there were about 6,093 hospitals in the U.S. in October 2022, which comprises community hospitals run by non-profit organizations as well as by state and local governments. Thus, hospitals held a significant share of the myoglobin market in 2022.

For a better understanding of the market adoption of myoglobin, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is expected to grow with a high CAGR in the global myoglobin market in the forecast period. Several factors such as a surge in the number of clinical trials being performed, enhanced accessibility, and diversified healthcare costs are driving the market's growth during the forecast period. Further, the increase in incidences of cardiovascular disorders is also having a positive impact on the market's growth. For instance, coronary heart disease prevalence rates in India have ranged from 1.6% to 7.4% in rural populations and from 1% to 13.2% in urban populations in the past several decades. There have been major awareness programs regarding cardiovascular diseases and product launches in the region. Thus, APAC is expected to witness a higher CAGR during the forecast period.

Some of the major players operating in the market include Merck KGaA; Abbott; F. Hoffmann-La Roche Ltd; Siemens Healthcare Private Limited; Thermo Fisher Scientific Inc.; OriGene Technologies, Inc.; Innovative Research; Worthington Biochemical Corporation; Hyasen Biotechnology Co., Ltd.; RayBiotech, Inc.