Biomarkers Market Trends, Growth Demand, Opportunities & Forecast

 

Market’s Viewpoint

The Global Biomarkers Market 2020 shares are rising as the COVID 19 pandemic destabilizes other markets that struggle with the closure of businesses globally. This compulsion during a time of isolation, job loss, and stress is witnessed to be more, according to data collected by Market Research Future experts. Yet, the Biomarkers Market is expected to garner revenue of USD 4,582.8 Million by 2027, while soaring at 10.28% through the years 2020 to 2027—the forecast period.

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Biomarkers Market—Boomers & Decliners

The biomarkers market worldwide is on the growth path, thanks to the ever-increasing use of biomarkers in the field of medicine. Biomarkers also offer tremendous support for efficient clinical decision making, which is mainly dependent on diagnosing the health status of a patient. Biomarkers are progressively finding application in the diagnosis of various diseases, especially cancer. Due to these factors, the market for biomarkers is expanding rapidly for decades.

The cancer diagnosis area has been observing the appearance of new tools aimed at expediting the discovery of cancer biomarkers. In fact, proteomics is more and more making its presence felt in the biomarker discovery as well as the testing arena, which in turn is fuelling demand for biomarker services.

Further, with the growing popularity of biomarkers, an escalating number of pharmaceutical companies are using biomarkers in its drug development efforts. Alongside this, a few industrial companies have dedicated research efforts for discovering biomarkers. The global economic downturn was futile to have a detrimental effect on the biomarkers market worldwide when COVID 19 fell into action. Yet, the global market for biomarkers continued to surge ahead at a double-digit growth rate, even in the lockdown period. These factors have immensely served the market’s growth and promise to expand further in the future timeframe.

Segment Review

The Global Biomarkers Market is further studied for the segments of product, type, application, and disease indication.

The Biomarkers Market, by the segment of the product, has included services, consumables, and software. The mounting applications of biomarkers in neurology and oncology, customization of reagents and kits offered by the manufacturers, and enhanced sensitivity and refined specificity are the factors garnering revenue for crucial players contributing to the global biomarkers market.

The biomarkers market, by the segment of type, has included safety biomarkers, efficacy biomarkers, and validation biomarkers. The efficacy biomarkers segment further includes surrogate, predictive, pharmacodynamics, and prognostic biomarkers.

The global biomarkers market, by the segment of the application, has included drug discovery and development, diagnostics, disease risk assessment, personalized medicine, and others. The rising prevalence rates of chronic diseases, surge in the companies operating in the market, a mounting number of clinical trial candidates, and the need for precise therapy and diagnosis are pushing the growth of the application segment.

The global biomarkers market, by the segment of disease indication, has been included cardiovascular disorders, cancer, immunological disorders, neurological disorders, and others. The segment expansion can be attributed to the ability of biomarkers to cover clinical needs from cancer to infectious disease applications.

Regional Framework

The Americas apprehended the largest market share for biomarkers in the year 2019 that was attributed to escalating developments in diagnostic applications of biomarkers, spurring R&D funding for biomarker research, as well as the elevated prevalence of cancer. 

Europe region grabs the second-largest share in the global biomarkers market. Europe would follow the Americas in terms of revenue during the forecast period owing to the incidence of favorable government initiatives and laws, rising prevalence of lifestyle-associated conditions, large target population base, and escalating adoption rate of biomarker dependent diagnostic tests.

Asia-Pacific region also might witness the highest market growth potential over the forecast period owing to the going up to the number of contract research organizations and the low cost of clinical trials coupled with the increasing adoption of advanced medical imaging systems.

Top Players 

The top players in the global biomarkers market are Thermo Fisher Scientific Inc., PerkinElmer Inc., Merck KGaA, Abbott Laboratories, Enzo Biochem Inc., EKF Diagnostics, LLC, Signosis, Meso Scale Diagnostics,  and PerkinElmer Inc.

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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