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Biomarkers Market To Witness Exponential Growth Registering At 14.2% CAGR Till 2028, Based on Rising Prevalence of Chronic Diseases And Increasing Geriatric Population | Grand View Research, Inc.

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Biomarkers Market To Witness Exponential Growth Registering At 14.2% CAGR Till 2028, Based on Rising Prevalence of Chronic Diseases And Increasing Geriatric Population | Grand View Research, Inc.

May 31
08:31 2022
Biomarkers Market To Witness Exponential Growth Registering At 14.2% CAGR Till 2028, Based on Rising Prevalence of Chronic Diseases And Increasing Geriatric Population | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the global biomarkers industry is expected to grow on account of rising number of COVID-19 cases globally and rising number of researches on the use of biomarkers for facilitating the detection & treatment of COVID-19.

Biomarkers Industry Overview

The global biomarkers market size was valued at USD 51.18 billion in 2020 and is expected to reach USD 147.59 billion by 2028, registering at a compound annual growth rate (CAGR) of 14.2% over the forecast period.

The increasing prevalence of chronic diseases, advancements in the techniques used for the development of biomarker-based diagnostics, and the growing geriatric population are the key factors projected to boost the market growth over the forecast period. The rising number of COVID-19 cases across the globe and an increasing number of researches on the use of biomarkers for facilitating the detection & treatment of COVID-19 will also support market growth. For instance, a novel biomarker-based non-diagnostic screening device was approved by the U.S. FDA in March 2021 called Tiger Tech COVID Plus Monitor. This device is used to identify indicative biomarkers for COVID-19 and other hyperinflammatory & hypercoagulable conditions in individuals aged 5 years and above.

Gather more insights about the market drivers, restrains and growth of the Global Biomarkers Market

Recent advancements in biomarkers, such as biomarker signatures, are making neurological diseases more treatable. This has resulted in non-invasive testing, faster drug development, and early diagnosis. R&D is leading to the discovery of novel biomarkers. For instance, as per Nature Journal in 2020, tetranectin is a potential biomarker for heart failure diagnosis. Similarly, in 2020, sTNFR2 was revealed as a novel biomarker for the diagnosis of acute adult T-cell leukemia/lymphoma. The market is likely to witness lucrative growth over the forecast period due to such discoveries and technological advancements.

Spain biomarkers market size, by type, 2018 - 2028 (USD Billion)

The use of biomarkers in infectious disease diagnosis is anticipated to become increasingly common in the coming years. For instance, as per Frontiers in Microbiology in 2020, potential MicroRNA-based biomarkers have been identified for the diagnosis of infections, such as influenza infections, rhinoviruses, HIV, tuberculosis, malaria, Ebola, and Hendra virus. These miRNA-based biomarkers are aimed at facilitating the early onset of infectious diseases.

Moreover, Amgen announced the launch of the Biomarker Assist program in April 2021 to improve access to advanced biomarker testing for non-small cell lung cancer patients. Such programs are anticipated to escalate the adoption rate of novel biomarker tests, thereby facilitating correct and on-time treatment.

A rise in the prevalence of fatal diseases has been observed over the past few years, which includes cancer, diabetes, Cardiovascular Disorders (CVDs), and other chronic diseases. One of the major factors leading to a rise in their prevalence is lifestyle changes. As per the WHO in 2019, ischemic heart disease and stroke have become the leading cause of death globally, accounting for around 8.9 million deaths globally followed by stroke and COPD.

 

Biomarkers Market Segmentation

Based on the Type Insights the market is segmented into Safety, Efficacy, Validation

  • The safety biomarkers segment held the largest market share of more than 38% in 2020, driven by the high awareness about routine health checkups, lowered drug attrition rate, and a rise in population that is at high risk of developing various diseases, such as cancer, cardiovascular conditions, and kidney disorders. 
  • The validation biomarkers segment is expected to exhibit the second-fastest growth over the forecast period owing to the use of these biomarkers in the pharmaceutical sector to predict the therapeutic failure of pharmaceutical molecules with low therapeutic profiles and distinct genetic profiles.

 

Based on the Application Insights the market is segmented into Diagnostics, Drug Discovery & Development, Personalized Medicine, Others

  • The drug discovery & development segment dominated the biomarkers market in 2020 with a revenue share of more than 31.5% owing to extensive R&D initiatives for the development of targeted therapeutics, the ability to predict drug efficacy more easily, and a fast-track approval process.
  • The diagnostics segment is estimated to register the fastest CAGR over the forecast period owing to advantages in early-stage detection of disease, this creates an opportunity for the diagnostic segment to propel early diagnosis and improve the rate of diagnosis.

 

Based on the Disease Insights the market is segmented into Cancer, Cardiovascular Diseases (CVDs), Neurological Diseases, Immunological Diseases, Others

  • The cancer segment held the largest market share of more than 37% in 2020, driven by a rise in demand for rapid and accurate diagnostic tools, an increase in global cancer burden, and an unmet need for more specific, personalized, therapeutic targets for cancer patients. 
  • The CVD segment is anticipated to register the second-fastest CAGR over the forecast period. The use of cardiac biomarkers in patients suffering from COVID-19 with an increased risk of developing heart disease facilitates early detection and risk stratification.

 

Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa

  • In 2020, North America accounted for the highest revenue share of more than 44% of the global market. The increasing disease burden, growing consumer awareness, proactive government actions, technological breakthroughs, and improvements in healthcare infrastructure can be attributed to this growth. 
  • Europe is projected to be the second-largest market by 2028 due to the presence of prominent research institutes and market players operating in this region. The market growth can be attributed to increasing collaborations between European universities and biomarker solution providers. 

 

Browse through Grand View Research’s Clinical Diagnostics Industry Research Reports  

  • In Vitro Diagnostics Market: TThe global in vitro diagnostic market size was valued at USD 111.67 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 0.2% from 2022 to 2030. The growth can be attributed to the increasing adoption of IVDowing to the rise in testing due to the pandemic.

 

  • Hereditary Testing Market: The global hereditary testing market size was valued at USD 6.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2022 to 2030. The expanding reproductive genetic health space is one of the key market drivers.

 

Market Share Insights

  • April 2021: Amgen announced the launch of the Biomarker Assist program to improve access to advanced biomarker testing for non-small cell lung cancer patients. 
  • February 2020: President Trump, recently, signed a bill to fund the federal government in the U.S. along with the National Cancer Institute that received USD 6.44 billion.
  • January 2020: Johnson & Johnson Services, Inc. received a grant from Food Allergy Research & Education (FARE) worth USD 250,000 to propel the research on food allergy biomarkers.
  • January 2020:  Biocept, Inc. launched the Target Selector platform and assays that allow physicians to evaluate circulating tumor cells and breast/lung cancer-associated biomarkers in the CSF of patients.

 

Key Companies Profile:

Diagnostic biomarker kits are widely used in drug development and clinical research. Innovative noninvasive techniques involving the use of biomarkers as a diagnostic tool to identify chronic diseases are expected to act as a key driver.

Some prominent players in the global biomarkers market include:

  • F. Hoffmann-La Roche Ltd.
  • Abbott Laboratories
  • Epigenetics AG
  • General Electric
  • Johnson & Johnson Services, Inc.
  • Thermo Fisher Scientific, Inc.
  • Bio-Rad Laboratories, Inc.
  • Siemens Healthineers AG
  • Qiagen

 

Order a free sample PDF of the Biomarkers Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com/

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