The global biomarkers market size was valued at USD 51.18 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.2% from 2021 to 2028. 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.
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.
Key Player Mentioned:
- 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
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Product Segment Analysis:
- Safety
- Efficacy
- Validation
Application Segment Analysis:
- Diagnostics
- Drug Discovery & Development
- Personalized Medicines
- Others
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.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
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.
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