Biomarker Technologies Market Growth Share Analysis, Business Opportunities, Segmentation, Overview, Future Trends, Growth Outlook and Current Trends By 2023

iCrowd Newswire
22 Jan 2021, 19:33 GMT+10

The biomarker technologies market is rising exponentially under the influence of increased incidences of cancer, diabetes, cardiovascular and neurological diseases. Moreover, developments in the field of medical technology, government initiatives to promote research in the field of biomarker technologies, and an increase in the use of biomarkers to improve the accuracy of disease diagnosis are expected to spur market growth.

In cell biology, a biomarker is used as a medium for the detection of cellular defects, and for the isolation of a specific cell type (for example, Oct-4 protein is used as a biomarker for the identification of embryonic stem cells). In genetics, a biomarker or genetic marker is a stretch of the DNA sequence or oligonucleotide sequence that can be used to create genetic maps of any organism being studied. Biomarkers are used for diagnosis and clinical decision-making in cancer, diabetes, cardiovascular and neurological diseases.

According to Market Research Future (MRFR), the global biomarker technologies market is expected to reach USD 78 billion, with a CAGR of 9% from 2017 to 2023 (forecast period). The term biomarker is generally used to define a measurable indicator of a biological state or condition. The term also refers to a substance whose detection indicates the presence of a living organism. In medicine, a biomarker is referred to as a traceable material that is introduced into an organism to test the proper functioning of any organ.

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Biomarker Technologies Market Key Players

Some of the significant participants in the global biomarker technologies market are Abbott Laboratories, Agilent Technologies, Thermo Fisher Scientific, Roche, Waters Corporation, Danaher Corporation, Shimadzu Corporation, Danaher Corporation, Siemens Healthcare.

Biomarker Technologies Market Regional Analysis

Regionally, the market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.

The Americas are expected to account for the largest share of the market in biomarker technologies. The growing prevalence of cancer, cardiovascular disorders, neurological and autoimmune diseases and an increasing geriatric population are likely to propel the growth of the biomarker technologies market. For example, the National Cancer Institute (NCI) reported that there were 1,666,540 new cases of cancer in the United States in 2014. As a result, this increasing patient pool is expected to accelerate market growth during the forecast period. In addition, factors such as growing government initiatives and funding for research, the development of advanced medical treatment options, and the availability of favorable refund policies are likely to fuel the growth of the biomarker technology market in the American region. In addition, according to CMS (Centers for Medicare and Medicaid Services) U.S. health care spending risen by 4.3% to reach USD 3.3 trillion per person in 2016. As a result, rising personal per capita incomes and increasing health care spending, are likely to help boost America's market growth.

Europe is the second-largest market leader and holds a healthy share of the global market for biomarker technologies. The European market is expected to have a robust growth rate during the forecast period due to the availability of extensive treatment facilities and established healthcare infrastructure, along with a growing need for an effective and accurate diagnosis. According to Cancer Research UK, around 9,921 cases were diagnosed in 2015. These increasing incidences of cancer are expected to have a substantial impact on the market for biomarker technologies due to its widespread use in cancer. This impact would boost the biomarker technologies market in Europe.

The Asia Pacific is anticipated to be the fastest emerging market in the world. Factors such as the growing prevalence of chronic diseases are the key drivers of market development. For example, as per the International Diabetes Federation, almost 382 million people worldwide had diabetes in 2013. It is expected to reach around 500 million by the end of 2035. China and India are the first and second most affected diabetes nations. Increasing numbers of diabetic patients may lead to an increase in the number of patients with cardiovascular disease. As a result, these countries are anticipated to be the fastest-growing regions due to an increasing patient pool, health awareness, and the availability of new treatment methods. Moreover, increasing healthcare expenditure and growing living standards in the region are fueling the growth of the biomarker technologies market in the Asia Pacific region.

The Middle East and Africa are expected to report the least growth in the market due to some key factors such as lack of awareness and limited access and availability of treatment facilities. Throughout the Middle East, the United Arab Emirates is the largest market due to the growth of the healthcare sector and the growing availability of specialty care centers. With an increasing number of infectious diseases in the country, several key players are eager to set up their research and development centers to find a cure for these diseases. This will boost the use of biomarkers and, as a result, a steady growth rate could be seen during the forecast period.

Biomarker Technologies Market Segmentation

The global biomarker technologies market is segmented based on product type, profiling technology, disease application, and research areas.

Based on product type, the global biomarker technologies market is divided into consumables, instruments, services, and software/informatics.

Based on profiling technology, the global biomarker technologies market is segmented into imaging technology, immunoassay, PCR, NGS, chromatography, cytogenetics, mass spectrometry, and other technologies. The immunoassay segment is further segmented into ELISA, western blot, and protein microarray.

Based on disease application, the market is segmented into cancer, infectious disease, autoimmune diseases, neurological, cardiovascular disorders, and other disorders.

Based on research areas, the global market for biomarker technologies is segmented into metabolomics genomics, Proteomics, and other research areas. The metabolomics segment is further segmented into lipidomic and others.

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