“Prevalence of various diseases, rise in adoption of early toxicity testing, and surge in R&D activities in healthcare are expected to propel the growth of the global biomarker technologies market.“
According to the report, the global biomarker technologies market accounted for $21.59 billion in 2018 and is projected to reach $58.81 billion by 2026, registering a CAGR of 13.2% from 2019 to 2026.
The growth in biomarker technologies market is due to rise in R&D activities and surge in prevalence of diseases such as various types of cancer, diabetes type 1, AIDS, rheumatoid arthritis, and others. Furthermore, surge in genome mapping program is expected to boost the growth of the market.
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Rise in prevalence of various diseases, surge in R&D activities in healthcare coupled with rise in adoption of early toxicity testing, and advantages offered by biomarkers in drug development have boosted the growth of the global biomarker technologies market. In addition, surge in genome mapping programs supplemented the growth. However, high initial capital investment required for biomarker discovery and lack of awareness regarding the use of biomarker technologies hamper the market. On the contrary, high potential of the emerging economies are expected to create lucrative opportunities in the near future.
The global biomarker technologies market is divided on the basis of product, technology, application, and geography. Based on product, the market is segmented into consumables and instruments. The consumable segment dominated the market in 2018, contributing more than two-thirds of the market. However, the instruments segment is projected to register the fastest CAGR of 14.1% during the forecast period.
On the basis of technology, the market is bifurcated into polymerase chain reaction (PCR), next-generation sequencing (NGS), immunoassay, and others. The NGS segment is estimated to register the fastest CAGR of 15.1% during the forecast period. However, the immunoassay segment held the lion’s share in 2018, contributing nearly half of the market share.
Based on application, the market is divided into drug discovery, diagnostics, and personalized medicine. The drug discovery and development segment contributed the largest share in 2018, accounting for around half of the market. However, the diagnostics segment is projected to register the fastest CAGR of 14.1% during the study period.
The market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region is expected to manifest the fastest CAGR of 14.8% during the forecast period. However, the market across North America held the largest share in 2018, contributing more than two-fifths of the market.
The market report includes in-depth analysis of the major market players such as Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., Illumina, Inc., F. Hoffmann-La Roche AG, Merck KGAA, LI-COR, Inc., QIAGEN, PerkinElmer Inc., Thermo Fisher Scientific, Inc, and Shimadzu Corporation.