Biomarker Tests Market Proceeds To Witness Huge Upswing Over Assessment Period by 2027

Research Reports

Jan 27, 2021

Growing patient engagement in personal healthcare, increasing demand for biomarkers in other technologies such as next-generation sequencing technology, ultra-high – performance sequencing, the prevalence of genetic diseases, and the prospects for biomarkers in selective therapies are some of the factors driving market development. As well as advancements in nutrition, people are becoming more mindful of health and well-being. Improving the propensity of people for customized health care is driving the growth of the sector.

The biomarker test market is growing mainly due to the rising prevalence of genetic disorders. According to a recent study report published by the Market Research Future, Global Biomarker Tests Market accounted for USD 9,375 million in 2019 and is projected to reach USD 31859.73 Million by 2027 and register 14.60% CAGR during the forecast period.

Regional Overview

Europe, Asia-Pacific, North America, and the Middle East & Africa are the focus of the global demand for biomarker research.

In 2018, due to high disease risk, the presence of major industry players, favourable policy and regulatory policies, and the growing adoption of biomarker testing in the United States and Canada, North America led the market. The presence of business giants such as Pfizer Inc., Quest Diagnostics, Abbott, Thermo Fisher Science, Inc., and Bio-Rad Laboratories, Inc. makes it possible for the medication to be shipped promptly to the consumer, thereby leading to national business development.

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Thanks to rising cases of cardiovascular disease, booming healthcare industries and rising pharmaceutical technology advances, Europe is expected to be the second largest region on the market. According to figures published by the European Heart Network , for example, coronary artery disease causes 3.9 million deaths annually in Europe and more than 1.8 million deaths in the European Union ( EU).

Competitive Dynamics

The eminent players in the global biomarker tests market are Pfizer Inc., F. Hoffmann-La Roche AG, GlaxoSmithKline plc, GE Healthcare, Medtronics plc, Novartis AG, and Quest Diagnostics.

Segmental Analysis

The global market for biomarker tests has been split into the application and end-user groups.

The global market has been broken into aids, lung illnesses, infectious conditions, the central nervous system, and others, based on the application. The global market is categorized into pharmaceutical & medical firms, research instrument firms, healthcare IT / big data companies, and clinical laboratories on an end-user basis.

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In 2018, due to the cancer cases and growing demand for fast and accurate testing tools and personalized drugs, the cancer segment dominated the market by application. In 2018, cancer was the world’s second leading cause of death and accounted for almost 9.6 million deaths, according to the World Health Organisation (WHO), for instance. Around one in six deaths were caused by cancer globally in 2018.

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