Biomarker Tests Market Synopsis
Global Biomarker Tests Market accounted for USD 9,375 million in 2018 and is projected to reach USD 24,259 million by 2025 and register 14.6% CAGR during the forecast period. owing to the rising prevalence of genetic diseases, asserts Market Research Future (MRFR). Biomarkers are referred to as the molecules which are used to diagnose diseases as these indicate abnormal or normal process in the body. They can be any molecules like proteins, DNA (genes), or hormones that indicate the health. Biomarkers can be classified on the basis of several parameters including characteristics such as molecular biomarkers or imaging biomarkers.
Biomarker Tests Market Competitive Analysis
The prominent players operating the global biomarker test market are F. Hoffmann-La Roche AG, Novartis AG, PFIZER INC., Medtronics, GlaxoSmithKline plc., Quest Diagnostics, and GE Healthcare.
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Drivers and Constraints Impacting the Market
The ever-increasing population coupled with the upward trend in the adoption of sedentary lifestyles are considered to offer the industry with a huge target population base. With increasing government grants along with research funding for the development and discovery of novel biomarkers, the global biomarker test market is considered to flourish during the assessment period. Moreover, the advent of biomarker-based diagnostic kits for screening high-risk population and the increasing prevalence of genetic disorders is further anticipated to augment the client base for this market.
The demand for biomarkers is accelerating in the development process and drug discovery as use of biomarkers triggers the success rate in drug development process, improves patient outcome, and decrease costs. It also aids in predicting drug efficacy faster than the conventional clinical endpoints. Such factors are considered to propel the market growth during the assessment period. Additionally, the rising diagnostic applications of biomarkers, growing number of CROs, R&D funding for biotech and pharma companies, and low cost of clinical trials in the developing economies, new initiatives for biomarker research, and high prevalence of cancer are some of the other major factors stimulating the market growth.
On the flip side, high capital investments coupled with low cost-benefit ratio, technical issues associated with the sample collection and storage, and poorly suited reimbursement and regulatory systems are some of the major concerns considered to dampen the market growth in the coming years.
Biomarker Test Market: Segmental Analysis
The global biomarker test market has been segmented on the basis of application, end-user, and region.
By mode of application, the biomarker test market has been segmented into cardiovascular, cancer, central nervous system, infectious diseases, and others.
By mode of end-users, the biomarker test market has been segmented into diagnostic tool companies, pharma & biotech companies, clinical laboratories, healthcare IT/big data companies, and others.
Biomarker Tests Market Regional Insights
Geographically, the biomarker test market span across regions namely, Europe, North America, Asia Pacific, and the Middle East & Africa.
Among all the regions, the North American region accounts for largest market share and is considered to garner USD 6,640.4 million during the assessment period. The growth is attributed to the increasing potential for biomarkers in targeted therapies, increasing research and development activities in the healthcare industry, and increasing technological advancements in this region. The European region is considered to hold the second largest position in the global market closely followed by North America with a market value of USD 5,222.8 million.
The Asia Pacific region is considered to be the fastest growing region for biomarker tests and is considered to expand at 31.42% CAGR during the assessment period. The growth is attributed to the growing awareness associated with the use of big data analytics by the healthcare providers in this region.
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Biomarker Tests Industry Updates
December 20, 2018: Advancing precision medicine via personalized molecular genetics testing, CIRCULOGENE has recently announced that it will introduce neurotrophic receptor tyrosine kinase gene fusion testing in the coming year. Upon completion of the final validation testing, CIRCULOGENE’s expanding proprietary technology platform is likely to enable pathologists and oncologists to rapidly and thoroughly identify the NTRK fusion-positive patients.