Blood Based Biomarker Market

Blood-Based Biomarker Market Size (2023 to 2028)

The global blood-based biomarker market is poised to register a CAGR of 11.6% from 2023 to 2028 and the market size is predicted to grow from USD 20718 million in 2023 to USD 35865 million by 2028.

MARKET DRIVERS:

The growing patient population suffering from cancer and neurological disorders majorly drives the growth of the blood-based biomarker market. Cancer is one of the major causes of death worldwide, says WHO. Blood-based biomarkers are used for early detection and screening of cancer and neurological disorders and to improve patient outcomes, potentially leading to better prognosis and survival rates. Blood-based biomarkers provide essential information about a patient’s unique disease profile and assist in the proper treatment of individual needs. Due to these benefits, blood-based biomarkers have gained prominence in cancer and neurological disorder management, leading to more targeted therapies.

The growing number of R&D activities for blood-based biomarkers fuels the market’s growth rate further. At the Indian Institute of Science, research has found that the potential blood-based biomarker helps to predict disease progression and survival times in individuals who are at the last stage of brain tumor. The advancements in research, scientific discoveries and increased investments in research have opened new opportunities for the identification, validation, and application of blood-based biomarkers across various medical fields. The newly discovered biomarkers help to target diagnostics and therapeutics development with improved sensitivity and specificity.

The growing preference for biomarkers in drug discovery and development drives the global blood-based biomarkers market. Biomarkers play an important role in the early stages of drug development, where they can help to identify potential drug targets and elucidate disease pathways. The blood-based biomarker serves as a predictive and prognostic indicator of treatment response and helps in clinical trials to ensure early detection and an indication of efficacy and safety. Factors such as technological advancements, growing demand for personalized medicine, increasing clinical trials, a growing number of drug discovery and developmental activities and therapeutic monitoring further propel the global market growth.

MARKET RESTRAINTS:

Issues related to regulatory and reimbursement systems majorly limit the global market growth. Obtaining regulatory approval for new blood-based biomarkers can be a lengthy and complex process, thus, the delays in obtaining regulatory clearance can hinder the commercialization and adoption of biomarker tests. Companies may choose not to invest in developing biomarkers because of unclear and inconsistent payment processes, which may also restrict patient access to these tests. Thus, it majorly limits the market growth during the projected period. Poor awareness about the diseases, the high cost of products, and the lack of favorable insurance systems restrict the adoption of blood-based biomarker products across developing countries and hampers the growth rate of the global market.

Impact of COVID-19 on the blood-based biomarker market:

Several product and service markets have faced numerous issues and challenges due to the sudden rise of the COVID-19 pandemic. The healthcare sector faced more strain due to the sudden outbreak. However, the COVID-19 pandemic has offered several opportunities to the healthcare industry for various product and service verticals, including blood-based biomarkers. The global blood-based biomarkers market faced considerable challenges during the initial days of the COVID-19 pandemic due to the disruptions in the global supply chains and halt in the manufacturing activities. However, the market has picked up in quick time and the demand for blood-based biomarkers has increased to address the increasing needs of the COVID-19 patients. The COVID-19 pandemic led to a surge in research and development efforts, as this biomarker has played a crucial role in monitoring disease progression, predicting severe outcomes, and assessing treatment efficacy. This has been raising the demand for blood-based biomarker research and diagnostic tests related to COVID-19. Due to lockdowns, strict isolation, and several restrictions causing delays and disruption in clinical trials, the necessity for rapid and accessible point-of-care testing, including blood-based biomarker tests, had grown at a faster pace. It has also accelerated innovation and emphasized the importance of biomarker research and diagnostic capabilities.

REPORT COVERAGE:

This research report on the global blood-based biomarker market has been segmented and sub-segmented based on type, disease, application and region.

Blood-Based Biomarker Market – By Type:

• Screening Biomarkers
• Diagnosis Biomarkers
• Others

Based on type, the screening biomarkers segment is expected to account for the major share of the global market during the forecast period. These biomarker aids in early detection and result in more effective treatment and management strategies and assists in identifying diseases at an early stage and successful intervention, leading to better patient outcomes and higher survival rates. An increasing number of initiatives from the governments of several countries for population-based screening programs drive the growth of the screening biomarkers segment in the global blood-based biomarker market.

The diagnostic biomarkers segment is anticipated to witness a healthy CAGR during the forecast period. Diagnostic biomarkers are used for early detection and accurate diagnosis and to monitor treatment response and to assist in the identification of disease progression.

Blood-Based Biomarker Market – By Disease:

• Cancer
• Neurological Disorders
• Others

Based on disease, the cancer segment is estimated to capture the largest share of the global market during the forecast period. Cancer is one of the major causes of death worldwide. The usage of blood-based biomarkers in cancer treatment procedures has seen a rise in recent years and has a successful history of delivering improved patient outcomes.

The neurological disorder segment is predicted to account for a considerable share of the worldwide market during the forecast period. The growing patient population of neurological disorders like Alzheimer's disease, Parkinson's disease, and multiple sclerosis, advancements in neuroimaging and molecular biology techniques and rising emphasis on early diagnosis and disease monitoring to improve treatment outcomes and patient quality of life drive the growth of the neurological disorder segment in the global market.

Blood-Based Biomarker Market – By Application:

• Diagnostics
• Drug Discovery
• Personalized Medicine

Based on the application, the drug discovery segment is expected to hold the largest share of the worldwide market during the forecast period. The growing need for more efficient drug discovery processes with blood-based biomarkers, advancements in high-throughput screening and omics technologies and growing investments for research and development by pharmaceutical and biotechnology companies in biomarker-driven drug discovery propel the growth of the drug discovery segment in the worldwide market.

The personalized medicine segment is anticipated to witness a healthy CAGR during the forecast period. An increasing number of advancements in genomics and molecular biology, growing emphasis on tailoring treatments to a patient's genetic makeup and disease profile and rising interest of pharmaceutical companies in developing companion diagnostics alongside targeted therapies fuel the growth rate of the personalized medicine segment in the global market.

Blood-Based Biomarker Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region is expected to hold the major share of the worldwide market during the forecast period. The availability of a well-established healthcare system, the presence of advanced infrastructure that support the implementation of biomarker and the rising prevalence of chronic disease across North America primarily drive the growth of the blood-based biomarker market in the North American region. The favorable regulatory environment, precision medicine initiative and increasing clinical trials further contribute to the growth rate of the North American market.

The European region is anticipated to account for a substantial share of the global market during the forecast period. The presence of several leading research institutions, strong research and development capabilities, and a favorable regulatory environment that facilitates the approval of biomarkers in the European region propel the growth of the European blood-based biomarker market. An increasing number of precision medicine initiatives and favorable reimbursement policies further fuel the growth rate of the European market.

The Asia-Pacific region is anticipated to witness the fastest CAGR during the forecast period. The presence of a vast and diverse population, expanding healthcare system, growing research and development activities and rising emphasis on precision medicine drive the APAC market growth.

The Latin American region is expected to register a healthy CAGR during the forecast period. The growing burden of non-communicable illnesses, expanding healthcare infrastructure, scientific developments, and an emphasis on preventative healthcare support the blood-based biomarker market in the Latin American region.

The Middle East and Africa is expected to grow at a steady CAGR during the forecast period.

Key Market Players:

Diadem srl., Proteomedix, Cleveland Diagnostics, F. Hoffmann-La Roche Ltd, GENFIT, Nutech Cancer Biomarkers India Pvt Ltd, SysmOex Corporation, Minomic, Creative Diagnostics, Eisai Co., Ltd., and C2N Diagnostics are a few of the key players in the global blood-based biomarker market.