Major players of the Biomarkers Market are facing hurdles keeping their production facilities operational due to the paucity of adequate personnel and resources amidst the COVID-19 (Coronavirus) outbreak. Get a first-hand peek into the key drivers and threats to the Biomarkers Market to make your company future-ready post the pandemic. Avail our market reports at unbelievable prices to capitalize on opportunities.
Biomarkers Market Competitive Analysis:
Merck & Co. Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Bio-Rad Laboratories Inc., Enzo Biochem Inc., PerkinElmer Inc., Siemens Healthcare GmbH, and Roche Diagnostics Ltd.
Biomarkers Market Outlook
The 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, according to a new report from Market Research Future (MRFR). The report profiles the market’s key drivers and restraints in order to get a clear picture of the market’s progress over the coming years. Major players operating in the global biomarkers market are also assessed in the report to provide readers with a clear understanding of the competitive landscape of the market.
Biomarkers are identifiers of diseases manifested within the body by the body’s natural reaction with the respective disease. The global market for biomarkers has been mainly driven by the growing medical research sector around the world, including in developed countries such as France, the U.S., and Germany as well as emerging economies such as India, China, and Japan.
The growing prevalence of communicable diseases as well as chronic noncommunicable diseases, such as cancer, has been vital for the global medical biomarkers market in the last few years. This is likely to remain a key driver for the global biomarker market over the forecast period, as several countries have stepped up their efforts in the medical research sector due to the high profitability of the sector for the players involved in it. The increasing support from regulatory agencies such as the FDA is likely to be crucial for the biomarker market over the forecast period.
The growing prevalence of cancer is likely to be a major driver for the global biomarker market over the forecast period, as biomarkers play a vital role in the early diagnosis of cancer, which allows effective treatment. The growing government expenditure in cancer research is likely to be a major driver for the global biomarker market over the forecast period.
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Biomarkers Market Segmentation:
The global biomarkers market is segmented on the basis of type, indication, application, and region.
The global biomarkers market has been segmented on the basis of type into predisposition biomarkers, diagnostic biomarkers, prognostic biomarkers, and predictive biomarkers.
On the basis of indication, the biomarkers market is segmented into cancer, neurological disorders, cardiovascular disorders, immunological disorders, and others.
On the basis of application, the biomarkers market is segmented into tests, therapies, drug discovery, drug formulation, and others.
Biomarkers Market Regional Analysis:
The global biomarkers market is segmented into North America, Europe, Asia Pacific, and the Middle East and Africa on the basis of region.
North America is the dominant regional revenue generator in the global biomarkers market and is likely to remain a leading force over the forecast period, with the regional market expected to grow at a CAGR of 13.6% over the forecast period. The strong presence of several leading players in the biomarkers market is likely to drive the market in North America. The presence of a stable medical research environment is also conducive to steady growth of the biomarkers market in North America over the forecast period. Cancer research is a well-funded endeavor in North America, with government agencies as well as private companies vying to come up with more effective biomarkers for diagnostic purposes. This is likely to be a major driver for the biomarkers market in North America over the forecast period.
Europe holds the second largest regional market share in the global biomarkers market and is likely to exhibit a 13.2% CAGR over the forecast period. The growing medical research sector in Central European countries such as France and Germany is likely to be a major driver for the biomarkers market in the region.
Asia Pacific is likely to exhibit rapid growth over the forecast period in the global biomarkers market due to the growing medical research sector in emerging southeast Asian countries such as India and China. The increasing prevalence of cancer in the region is also likely to drive the biomarkers market in the region over the forecast period.
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Biomarkers Industry Updates:
In February 2019, researchers at the Indian Institute of Technology in Rourkee identified salivary biomarkers for cancer. This represents a much easier alternative for diagnosis than conventional cancer diagnosis methods.