The biomarker test market is making significant strides over recent years. The market is witnessing an upward trajectory continually mainly due to the rising burden of pervasively growing rate of chronic diseases, and the technological advancements transpired in the biomarkers field. Moreover, the increasing demand for effective diagnostic processes and treatments are accelerating the growth of the market.
According to Market Research Future (MRFR), the valuation of the global biomarker test is poised to escalate to USD 24,259 MN by 2025, registering 14.5 % CAGR throughout the assessment period (2019-2025). In 2018, the market valuation had reached USD 9,375, MN. The rising uptake of biomarker tests among most healthcare professionals to elucidate and support their clinical decision acts as a key driving force for the market.
Additional factors such as the increasing involvement of patients in personal healthcare, rising prevalence of genetic diseases, and growing potential for biomarkers in targeted therapies, substantiate the market growth. Also, augmenting demand for biomarker tests in next-generation sequencing and ultra-high-throughput sequencing technologies fosters the growth of the market.
Conversely, the lack of knowledge about the possible applications and research and indications creating difficulties in their implementation, alongside the ethical and regulatory issues, impede the market growth. Also, inaccurate diagnosis of fatal diseases obstructs the growth of the market to an extent. Nevertheless, government grants and initiatives allotted to foster the R&D required in the biomarker field would support the market throughout the review period.
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Biomarker Test Market – Segmentation
The report has been segmented into three major dynamics.
By Application: Cancer, Infectious Diseases, Cardiovascular, Central Nervous System, and others
By End User: Pharma & Biotech Companies, Healthcare IT/Big Data Companies, Diagnostic Tool Companies, Clinical Laboratories, and others.
By Regions: Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
The application segment has been further bifurcated into cancer, infectious diseases, cardiovascular, central nervous system, and others. Among these, the cancer segment dominated the overall biomarker test market in 2018. The growth of the segment attributes to the increasing demand for rapid & accurate diagnostic tools and personalized medicines for the cancer treatment led by the growing prevalence of the disease.
Biomarker Test Market – Regional Analysis
North America dominates the global biomarker test market with the largest share. The market growth attributes to the rising prevalence of chronic diseases and the presence of several major market players in the region. Besides, favorable government initiatives and regulatory entities, alongside the growing adoption of biomarker testing, foster the growth of the regional market.
Moreover, factors such as high healthcare expenditures and substantial R&D investments to drive diagnosis, prognostic treatments, and drug formulation activities, are substantiating the regional market growth, superbly. The North American biomarker test market is estimated to retain its dominance throughout the assessment period.
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Europe accounts for the next-significant market share for biomarker tests, globally. The market is predominantly driven by the increasing cases of cardiovascular diseases and well-established healthcare industries & increasing technological advances in biomarker products. Moreover, favorable governmental support and initiatives drive the regional market growth brilliantly. The European biomarker test market is expected to grow at a considerable CAGR during the next six years.
The Asia Pacific biomarker test market is growing rapidly, mainly due to the presence of prominent biomarker companies and increasing R&D investments. Asian countries provide immense growth opportunities for the biomarker test market, accounting for over half of the world’s total population. Moreover, the availability of low-cost clinical trials in developing countries is estimated to foster the market growth in the region. Furthermore, rising investments from private equity firms and venture capitalists in the biomarker test market in India, China, and Japan impact the regional market growth, hugely.
Biomarker Test Market – Competitive Analysis
Highly competitive, the global biomarker test market appears to be well established with the presence of several notable players. To gain a larger competitive advantage in this market, players adopt strategic initiatives such as collaborations, mergers & acquisitions, and product launch/innovations. These players invest substantially to drive R&D and expansion plans. R&D helps them to bring about novel products while investments in acquisitions & partnerships, help them to increase their global footprints.
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Players leading the global biomarker test market include Novartis AG, F. Hoffmann-La Roche AG, Pfizer Inc., GE Healthcare, Medtronics plc., GlaxoSmithKline plc., and Quest Diagnostics, among others.
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