Market Insights
Biomarkers have a broad spectrum of clinical uses and in medicine. It is critical in both diagnostics and ascertaining the best treatment route. Largely used for cancer, biomarkers and biomarker technology is growing in use and is experiencing increasing demand. Market Research Future has performed a detailed study on the market and all its factors to ascertain that the market is likely to witness a CAGR of 9% during the forecast period of 2018 to 2023 and reach an estimated USD 78 bn by the end of the review period.
Biomarkers are effective for various medical applications besides diagnosis. They can be helpful in disease prevention, drug target identification, and several others. The growing global prevalence of chronic diseases, neurological disorders & diseases, and cardiovascular diseases; these are the result of growing urbanization, and changing global environment. The high demand for biomarker technologies is driven primarily by the advancement of medical technologies, and the growing investments in healthcare and medical sectors across the world. Moreover, governments and the associated government health, medicine, & drug bodies are highly supportive of biomarkers and biomarker technologies research and development. The increasing use of biomarkers in an effort to produce accurate diagnoses is additionally expected to support market growth over the assessment period.
The high capital investments required for the development of biomarkers and discovery of the same combined with the high cost of the use of biomarker technology is expected to restrain market growth. However, growing research and advancement in the field has brought biomarker technology a long way and is expected to contribute significantly to a wide scope for future growth.
Market Segmentation
MRfR's segmental assessment has been performed on the basis of product type, profiling technology, disease application, research areas, and region. By product type, the market is segmented into instruments, consumables, services, and software/informatics.
Based on profiling technology, the market is segmented into PCR, imaging technology, immunoassay, mass spectrometry, chromatography, NGS, cytogenetics, and other technologies. Further sub-segments are available for immunoassay in the report.
By disease application, the market is segmented into infection diseases, neurological, cardiovascular disorders, autoimmune diseases, cancer, and other disorders.
Based on research areas, the market is segmented into proteomics, metabolomics, genomics, and other research areas. Metabolomics is sub-segmented to include lipidomic and others.
Regional Analysis
The global biomarker market is analyzed globally and divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. Led by North America, the Americas account for the largest share of the global biomarker technologies market. There are a high prevalence of cancer, diabetes, cardiovascular, neurological, and autoimmune diseases which have led to a skyrocket in demand for effective diagnostic and treatment technologies. Moreover, the presence of steadily rising geriatric population , increased initiatives from the government, increasing funding for research and the growing availability of favorable reimbursement policies is expected to drive demand, and development of the technology. High growth is expected from the region in the coming years as health care spending has risen and the availability of ample opportunities for growth.
Meanwhile, the Asia-Pacific is projected to witness rapid growth at the highest CAGR, globally. The presence of a massive population pool, with growing incidences of chronic diseases, has proven to be a significant driver of growth. China and India are two of the most highly affected countries with a high diabetic population. These countries are fast emerging markets, due to the highly supportive government policies surrounding healthcare, increased funding for investment, and health care and the growing, rising disposable income which has led to increased healthcare spending by patients.
Key Players
MRFR's analysis of the competitive landscape of the market reveals several key players that are driving the market with their research & development, patent filing and use of other market driving strategies. Prominent market players include Waters Corporation, Danaher Corporation, Shimadzu Corporation, Seimens Healthcare, Bio-Rad Laboratories, and Abbott Laboratories among others.
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