Biomarker Tests Market Scenario:
Global Biomarker Tests Market 2020 is poised to witness substantial growth, according to MRFR. The market was accounted for USD 9.37 billion in 2018 and is projected to reach USD 24.25 billion by 2025 and register 14.6% CAGR over the forecast period.
Biomarker Tests Market Drivers and Restraints
Some of the factors driving market growth include growing patient participation in personal healthcare, rising demand for biomarkers in other innovations such as next-generation sequencing technology, ultra-high – performance sequencing, growing genetic disorder incidence, and rising biomarker opportunity in targeted therapies. As well as advances in wellness, people are becoming more aware about wellbeing or fitness. Increasing people’s inclination toward personalized health care is boosting market growth.
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Biomarker research systems deal with tumors, cardiovascular diseases ( CVDs), and infectious disorders and promote their diagnosis with precise diagnostic tests and prevention methods are boosting the market growth. In addition , the growing promise of selective therapies for biomarkers is stimulating market development. Previous advances in cancer research have been nearest to molecular medicine. Thus, with biomarkers playing an significant role in cancer identification, diagnosis , and treatment, thereby leading to overall market development.
On the contrary, lack of knowledge of the potential applications of biomarkers, a strict regulatory framework and lack of study and indications which generate difficulties in their implementation are the factors expected to impede market growth.
Biomarker Tests Market Segmental Analysis
The global biomarker tests market has been segmented into application and end user.
The global industry has been divided, depending on use, into aids, respiratory diseases, infectious disorders, the central nervous system and others. The global industry is divided on end-user basis into pharmaceutical & medical firms, testing instrument firms, healthcare IT / big data companies, and clinical laboratories.
The cancer segment dominated the market by application in 2018, due to rising cancer cases and increasing demand for fast and reliable diagnostic tools and customized medicines. Of example, according to the World Health Organization (WHO), in 2018 cancer was the world’s second-leading cause of death and responsible of nearly 9.6 million deaths. Globally, about one in six deaths in 2018 were caused by cancer.
Biomarker Tests Market Regional Review
The global biomarker test market is segmented into North America, Europe , Asia-Pacific and Middle East & Africa centered on area.
In 2018, North America led the market due to elevated disease risk, the involvement of major industry participants, favorable policy and regulatory policies, and the increasing acceptance of biomarker testing in the United States and Canada. The involvement of industry leaders such as Pfizer Inc., Quest Diagnostics, Abbott, Thermo Fisher Scientific, Inc., and Bio-Rad Laboratories, Inc. allows timely delivery of the drug to the consumer, thereby leading to national business development.
Europe is projected to be the second largest area on the market, owing to rising cases of cardiovascular disease, booming healthcare sectors and increasing pharmaceutical technical developments. Of example, according to statistics released by the European Heart Network, coronary diseases cause 3.9 million deaths in Europe per year and over 1.8 million deaths in the European Union (EU).
Owing to the involvement of influential biomarker companies and growing R&D spending in developing countries, Asia-Pacific is expected to record the highest CAGR over the projected period. Furthermore, the cost of clinical trials in emerging countries is smaller than in developed countries, which is projected to encourage this sustainable development of the industry over the review period.
The Middle East & Africa is expected to pose moderate market growth in the near future due to increased awareness of biomarker testing, the development of healthcare infrastructure and the increasing adoption of biomarker testing in the UAE , Saudi Arabia and Egypt.
Biomarker Tests Market Competitive Dashboard
The prominent players in the global biomarker tests market are Novartis AG, Pfizer Inc., F. Hoffmann-La Roche AG, GlaxoSmithKline plc, GE Healthcare, Medtronics plc, and Quest Diagnostics.
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