The biomarker technologies market is growing pervasively at the rapid pace; mainly due to the increased research and development activities that are driven by substantial investments. Simultaneously, the rising demand for diagnosis and treatment of diseases associated with the old age escalates the market growth on the global platform.
Acknowledging the accruals, the market is garnering currently, Market Research Future (MRFR) in its recently published study report, asserts that the growth of the global biomarker technologies will reach USD 78 BN by 2023, registering a staggering CAGR of 9 % from 2018 to 2023.
Additional factors fostering the market growth include the widened uptake of biomarkers technologies, increasing research and development activities transpired into the field of biomarker test, growing number of contract research organizations and the cost-effective clinical trials. The spreading awareness towards the effective diagnosis processes along with the growing demand for personalized medicine is contributing to the market growth to an extent.
On the other hand, high capital investments required for the discovery, development of biomarkers, and the high cost of biomarkers are some of the factors obstructing the market growth. Nevertheless, government grants and initiatives that are undertaken to increase the R&D activities in the field are expected to support the market growth.
Market Segmentation
The global biomarker technologies Industry 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.
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.
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.
Read More @ https://www.marketresearchfuture.com/reports/biomarker-technologies-market-6150
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