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Jul-2019

Global Biomarkers Market Size to Grow USD 76.38 Billion By 2026

Global Biomarkers Market Size, Share, Trends, COVID-19 Impact and Growth Analysis Report – Segmented By Product, Biomarker Type (Safety Biomarkers, Efficacy Biomarkers), Application, Disease Indications and Region – Industry Forecast (2021 to 2026)

Global Biomarkers Market Size (2021 to 2026)

The size of the global biomarkers market is expected to be worth USD 76.38 billion by 2026, growing at a CAGR of 13.44% from 2021 to 2026.

Impact of COVID-19 on the global biomarkers market:

Many biomarkers are also playing an important role in the diagnosis of COVID-19. For example, C-reactive protein, lymphocytes, lactate neutrophil-to-lymphocyte ratio, D-dimer, cardiac troponin, renal biomarkers, interleukin-6, and platelet count are only a few examples of biomarkers. Patients with severe COVID-19 infection complications had considerably greater levels of these markers than their non-severe counterparts. Furthermore, the number of lymphocytes and platelet in severe patients was substantially lower than in non-severe individuals. In addition, the market-leading manufacturers have created several assays and assay kits to assist COVID-19 research.

KEY DRIVING FACTORS:

The global biomarkers market growth is driven by chronic diseases such as cancer, diabetes, and other contagious diseases. Also, the technological advancements in the healthcare sector and the continual product launches in the market are expected to expand the market growth. In addition, the increasing importance of companion diagnostics is likely to witness market growth.

However, the growing geriatric population is more prone to various chronic diseases such as cancer. However, over the forecast period, the demand for the diagnostic markets has been rapidly increased. Whereas traditional diagnostic instruments were designed to produce accurate and consistent results, today's market demands include early detection with accurate and consistent outcomes. There are significant challenges in presenting accurate results in the early stage of diseases, especially in cancer.

As the demand for cost-effective and efficient treatment doses grows, biomarkers enable pharmaceutical companies to analyze and develop novel medicines. The biomarkers are using in drug validation and testing, sample separation, and assay development to facilitate the discovery and development of new drugs. Moreover, increasing funding by the government and private organizations for conducting research and development activities is expected to encourage market growth.

RESTRAINING FACTORS:

However, unfavorable reimbursement policies and limited investment funds in some underdeveloped countries are expected to restrain the market growth. Also, the cost associated with the processing is very high, which is expected to impede the global biomarkers market growth during the forecast period.

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KEY MARKET INSIGHTS:

Based on the product, the consumables product segment is expected to dominate and hold the largest share in the global biomarkers market during the forecast period. The segment growth is attributed to the increasing healthcare expenditure and growing popularity of targeted therapies.
The safety biomarkers segment is projected to account for a significant share during the forecast period based on the type. Over the years, the efficacy of biomarkers has been growing rapidly. As a result, the use of safe products leads to a high success rate and enhances the patient's well-being after surgery, increasing market demand.
The diagnostic developments segment will likely witness a significant share in the coming years based on the application. The Increasing Scale of hospitals enables the market to grow at a rapid rate. Also, Capital investment income in both developed and emerging countries is boosting market demand.
Geographically, the North American biomarkers market accounted for a dominant share in the global market in 2020. However, the market is expected to generate an enormous share due to the increasing disease burden, technological advancements in the healthcare sector, and leading biomarker players. The U.S. and Canada have significant revenue share in the market. The European biomarkers market is anticipated to witness the largest share due to significant market contributors such as Germany, UK, France, Italy, and Spain. The Asia Pacific biomarkers market is the fastest-growing region worldwide. It is projected to expand highly with an increasing CAGR of over 16.0% throughout the forecast period. Supportive government investment policies, a surge in research, and biomarkers development are likely to encourage the APAC biomarkers market. In addition, developing countries such as China and India are conducting R&Ds to identify the biomarkers for contagious diseases.
Bio-Rad Laboratories (U.S.), PerkinElmer, Inc. (U.S.), Merck & Co, Inc. (U.S.), Qiagen N.V. (Netherlands) are some of the leaders in the global biomarkers market.