Biomarker Technologies Market Insights
Market Research Future has announced its new research report on the global biomarker technologies stating that the market is probable to rise at a CAGR of 9% till the year 2023. The reports also mention that the market is all set to gain a valuation of USD 78 Billion in the years to come, which is a sign of positive impact of the market on global level. The report takes in account the parts such as regional, type, and application segmentation of the global biomarker technologies, which portrays the market status among all these categories.
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The biomarker is defined as a measurable indicator of some biological state or condition. The term is also referred as a solid substance that detects and indicates the presence of a living organism. In medicine, a biomarker traces to examine proper functioning of any organ, whereas in cell biology, a biomarker is used for the detection of cellular defects and isolation of a cell type. And in genetics, a biomarker is a stretch of DNA sequence that can be used to create genetic maps for any organism. Even for diagnosis and clinical decision making, biomarkers are referred especially for cancer, diabetes, cardiovascular, and neurological diseases. These features of biomarkers are predominantly encouraging the global biomarker technologies to expand exponentially in the years to come.
Global Biomarker Technologies: Drivers & Trends
The global biomarker technologies Industry is expanding globally under various factors such as increased incidences of diseases—cancer, diabetes, cardiovascular, and neurological diseases, advances in medical technologies, governmental initiatives supporting research in biomarker technologies, and growing use of biomarkers to increase the accuracy of disease diagnosis.
Currently, the most important applications of biomarkers are in discovery and development of drug. Here, the role of biomarkers in various therapeutic areas particularly cancer, cardiovascular diseases and disorders of the central nervous system, is described in well version. Biomarkers, thus, facilitates the combination of therapeutics with diagnostics and plays an important role in the development of personalized medicine. These factors are also influencing the global biomarker technologies market to expand tremendously during the forecast period.
Apart from this, the growth of the global biomarker technologies market is mainly driven by more factors such as increasing healthcare expenditure and increasing research & developing funding. It has been observed, that the swelling utility of biomarkers in diagnostic process and new initiatives for biomarker research, all are aiding for the growth of the market. Nevertheless, the requirement of high capital investments for the discovery, development, and validation of biomarkers are somehow restraining the growth of the biomarker technologies market.
Also, on the flip side, factor of high cost of biomarkers are restricting the growth of the biomarker technologies market.
According to MRFR, the global biomarker technologies market has been segmented based on product type, profiling technology, disease application, and research areas.
By the product type, the market is segmented into consumables, instruments, services, and software/informatics.
By profiling technology type, the market is segmented into immunoassay, PCR, imaging technology, mass spectrometry, NGS, chromatography, cytogenetics, and other technologies.
By immunoassay, the market is again segmented into ELISA, western blot, and protein microarray.
By disease application, the market is categorized as cancer, infectious disease, autoimmune diseases, neurological, cardiovascular disorders, and other disorders.
By research areas, the market is segmented into Genomics, Proteomics, Metabolomics, and other research areas. Metabolomics is further segmented into lipidomic and others.
On a geographical note, the global biomarker technologies market has covered main regions of Americas, Europe, Asia Pacific, and the Middle East and Africa.
Among these, Americas is going to account for the largest share of the biomarker technologies market owing to the increasing prevalence of cancer, cardiovascular diseases, neurological as well as autoimmune diseases, and rising geriatric population. These factors are likely to enhance the growth of the biomarker technologies market. Also, the increasing patient pool is likely to enhance the market growth during the forecast period. Moreover, the increasing government initiatives and funding for research, development in advanced medical treatment options, and availability of favorable reimbursement policies are likely to propel the growth of the biomarker technologies market in the American region.
While, Europe is the second market leader and holds a healthy share in the global biomarker technologies market and is expected to exhibit a sturdy growth rate during the forecast period owing to the availability of advanced treatment facilities and established healthcare infrastructure along with growing need for efficient and accurate diagnosis.
Whereas, Asia Pacific is expected to be the fastest emerging market owing to the increasing prevalence of chronic diseases is the major driver for the market growth. China and India are the first and second most affected countries with diabetes. The increasing number of diabetic patients can lead to the increasing patient number with cardiovascular diseases. Thus, these countries are expected to be the fastest growing regions due to the increasing patient pool, raising awareness about health, and availability of new treatment methods.
The Middle East and Africa is expected to show the least growth in the market due to some major factors such as lack of awareness and limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market owing to the development of the healthcare industry and rising availability of specialty care centers. With the increasing number of epidemic diseases in this region, many key players are willing to set up their research and development centers to find a cure for these diseases. This will increase the usage of biomarkers and thus, a steady growth rate might be seen during the forecast period.
MRFR has listed some of the most active market players contributing to the market to expand, they are: Abbott Laboratories
- Agilent Technologies
- Thermo Fisher Scientific
- Waters Corporation
- Danaher Corporation
- Shimadzu Corporation
- Danaher Corporation
- Siemens Healthcare
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