Synopsis
Global Biomarkers Market is expected to register a CAGR of 10.28% during the assessment period of 2020 to 2027, to reach USD 4,582.8 Million by 2027.
With an increasing incidence rate of chronic and life-threatening diseases, the demand for precise diagnostic procedures is increasing. In addition to that, there is an increase in the number of manufacturers, distributors, and service providers of biomarkers across the globe, creating enormous growth opportunities in the market.
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Market Dynamics
The use of biomarkers in oncology has been extensive than any other disease for more than three decades. Biomarkers have found its use beyond the research laboratory to more clinical use as in the diagnosis, monitoring of disease status, and treatment efficacy. Hence, the rising cases of cancer are likely to drive the market for biomarkers globally. According to the World Cancer Research Fund International, globally, about one in six deaths are found due to cancer. The National Cancer Institute stated that in 2018, around 1,735,350 new cases of cancer were diagnosed in the US, and 609,640 people died from the disease.
Additionally, according to the International Agency for Research on Cancer, over 4,229,662 cases of cancer were detected in Europe in 2018. Moreover, according to the Cancer Council, cancer is a leading cause of death in Australia, and over 145,000 new cases of cancer were diagnosed in Australia in 2019, and the number is set to rise to 150,000 by 2020. This huge number of cancer cases is expected to drive the market for biomarkers as they help in the diagnosis and treatment of cancer.
Segmentation
The Global Biomarkers Market is segmented Based on Product, Type, Application, and Disease Indication.
The Biomarkers Market, based on product, has been segmented into consumables, services, and software. The rising applications of biomarkers in neurology and oncology, customization of reagents and kits provided by the manufacturers, and improved sensitivity and refined specificity are some of the factors garnering revenue for key players available in the global biomarkers market. The reproducibility of an immunoassay proves to be a cost-effective aspect for the validation of biomarkers while working on long-term research.
The biomarkers market, based on type, has been segmented into safety biomarkers, efficacy biomarkers, and validation biomarkers. The efficacy biomarkers are further segmented into predictive, surrogate, pharmacodynamics, and prognostic biomarkers. The safety biomarkers held the largest revenue in 2019, while the efficacy biomarkers segment registered the highest CAGR during the forecast period. Technological advancements in sequence profiling tools, multiplex biomarkers platform, and increasing need to interpret sequences of DNA, proteins, and nucleic acids are increasing the testing through biomarkers.
The global biomarkers market, by application, has been segmented into diagnostics, drug discovery and development, personalized medicine, disease risk assessment, and others. The increasing incidence and prevalence rates of chronic diseases, surge in the companies operating in the market, an increasing number of clinical trial candidates, and the need for precise therapy and diagnosis are pushing the growth of the application segment. The others segment includes DNA fingerprinting, forensics, and ecotoxicology.
The global biomarkers market, by disease indication, has been segmented into cancer, cardiovascular disorders, neurological disorders, immunological disorders, and others. The segment growth can be attributed to the ability of biomarkers to cover clinical needs from cancer to infectious disease applications. Additionally, factors such as the rising incidence of various life-threatening diseases and rising geriatric population around the globe are indirectly propelling market growth.
Regional Analysis
The Global Biomarkers Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas has been segmented into North America and Latin America, with the North America market further divided into the US and Canada. The Americas held the largest market share for biomarkers in 2019. This share is attributed to increasing developments in diagnostic applications of biomarkers, spurring R&D funding for biomarker research, and high prevalence of cancer.
The European biomarkers market has been divided into Western Europe and Eastern Europe. The Western Europe biomarkers market has further been classified into Germany, France, the UK, Italy, Spain, and the rest of Western Europe. Europe accounts for the second-largest share in the global biomarkers market. Europe would follow the Americas in terms of market value during the forecast period owing to the presence of favorable government initiatives and laws, large target population base, rising prevalence of lifestyle-associated conditions, and increasing adoption rate of biomarker dependent diagnostic tests.
The biomarkers market in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific. Asia-Pacific is expected to witness the highest market growth potential over the forecast period due to the increasing number of contract research organizations and the low cost of clinical trials coupled with the growing adoption of advanced medical imaging systems.
The Middle East & Africa biomarkers market is segmented into two major regions, namely the Middle East and Africa. In this region, the Middle East would hold a substantial market share over the assessment period due to developing healthcare infrastructure, and gradually increasing adoption of treatment.
Key Players
The Prominent Players in the Global Biomarkers Market are Qiagen N.V., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, PerkinElmer Inc., Merck KGaA, Bio-Rad Laboratories, Abbott Laboratories, EKF Diagnostics, Enzo Biochem Inc., Meso Scale Diagnostics, LLC, Signosis, and PerkinElmer Inc. and others.
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