Biomarker Tests Market Scenario
The Global Biomarker Tests Market 2020 is projected to reach USD 24.25 billion by 2025 at a 14.6% CAGR over the review period.
Biomarker Tests Market Drivers and Restraints
Growing patient engagement in personal healthcare, increasing demand for biomarkers in other technologies such as next-generation sequencing technology, ultra-high – performance sequencing, the prevalence of genetic diseases, and the prospects for biomarkers in selective therapies are some of the factors driving market development. As well as advancements in nutrition, people are becoming more mindful of health and well-being. Improving the propensity of people for customised health care is driving the growth of the sector. Market development is boosted by biomarker testing programmes that target cancers, cardiovascular diseases ( CVDs) and infectious disorders and facilitate their diagnosis with reliable diagnostic tests and preventive methods. In addition , the increasing potential of selective biomarker therapies drives business growth. Previous advances have been the closest to molecular medicine in cancer science. Thus, biomarkers play an important role in the detection, diagnosis , and treatment of cancer, resulting in overall market growth.
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On the opposite, the reasons that are likely to hinder market development are the lack of awareness of the future uses of biomarkers, a rigid regulatory environment and the lack of studies and indications that create difficulties in their implementation.
Biomarker Tests Market Segmental Analysis
The global biomarker test market for biomarker tests has been split into application and end user groups.
The global biomarker test market has been broken into aids, lung illnesses, infectious conditions, the central nervous system and others, based on the application. The global market is categorised into pharmaceutical & medical firms, research instrument firms, healthcare IT / big data companies, and clinical laboratories on an end-user basis.
In 2018, due to the cancer c ases and growing demand for fast and accurate testing tools and personalised drugs, the cancer segment dominated the market by application. In 2018, cancer was the world’s second leading cause of death and accounted for almost 9.6 million deaths, according to the World Health Organisation (WHO), for instance. Around one in six deaths were caused by cancer globally in 2018.
Biomarker Tests Market Regional Overview
Europe , Asia-Pacific, North America, and the Middle East & Africa are the focus of the global demand for biomarker research.
In 2018, due to high disease risk, the presence of major industry players, favourable policy and regulatory policies, and the growing adoption of biomarker testing in the United States and Canada, North America led the market. The presence of business giants such as Pfizer Inc., Quest Diagnostics, Abbott, Thermo Fisher Science, Inc., and Bio-Rad Laboratories, Inc. makes it possible for the medication to be shipped promptly to the consumer, thereby leading to national business development.
Thanks to rising cases of cardiovascular disease, booming healthcare industries and rising pharmaceutical technology advances, Europe is expected to be the second largest region on the market. According to figures published by the European Heart Network , for example, coronary artery disease causes 3.9 million deaths annually in Europe and more than 1.8 million deaths in the European Union ( EU).
Asia-Pacific is expected to report the highest CAGR over the forecast timeframe due to the presence of powerful biomarker firms and increasing R&D investment in developing countries. In comparison, in developing markets, the cost of clinical trials is lower than in developed markets, which are expected to promote this competitive market growth during the evaluation period.
In the near future, the Middle East & Africa is projected to deliver modest demand growth due to increased understanding of biomarker testing and the expansion of healthcare infrastructure and the growing adoption of biomarker testing in Saudi Arabia, the UAE, and Egypt.
Biomarker Tests Market Competitive Dynamics
The eminent players in the global biomarker tests market are Pfizer Inc., F. Hoffmann-La Roche AG, GlaxoSmithKline plc, GE Healthcare, Medtronics plc, Novartis AG, and Quest Diagnostics.
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