New York, Dec. 11, 2020 (GLOBE NEWSWIRE) -- The market growth is driven by technological advancements in post-genomic technologies and extensive applications of diagnostic biomarkers in precision medicine.
Market Size – USD 41.47 Billion in 2019, Market Growth – CAGR of 13.6%, Market Trends – Growth in low-cost clinical trials in developing economies.
The Global Biomarkers Market is forecast to reach USD 115.45 Billion by 2027, as per a new report by Reports and Data. The market growth is driven by technological advancements in post-genomic technologies, extensive applications of diagnostic biomarkers in precision medicine, rise in R&D funding by pharma & biotech companies, and growth in low-cost clinical trials in developing economies. However, the market is facing certain challenges, such as low cost-benefit, high capital investment, poor reimbursement and regulations, and technical issues pertaining to sample storage and collection.
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Biomarkers are used for the detection and prediction of disease susceptibility and monitor disease progression for cancer, infectious diseases, autoimmune diseases, and central nervous system diseases. The biomarkers are applicable beyond research labs to increasing clinical usage in diagnostic procedures, treatment efficacy, and monitoring of disease status. An increase in incidences of cancer is likely to drive the demand for market technology.
The COVID-19 Impact:
The onset of COVID-19 has influenced industrial activities worldwide. Pharma company manufacturers are at the forefront of human response to the COVID-19 pandemic. An increase in the number of biotech firms to explore and develop a vaccine for the virus has created fierce competition. Biomarkers are playing a crucial role in the development of therapies for chronic diseases at an unprecedented rate, and a substantial amount of funds are being put into the research and development of the market product. The market will witness an increased demand in the coming years.
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Further key findings from the report suggest
- According to the World Health Organisation, 17.9 million people die due to cardiovascular diseases (CVDs) every year. Around 31% of global deaths are caused by heart attacks and strokes due to immense tobacco use, unhealthy diet, physical inactivity, and harmful effects of alcohol.
- Prognostic biomarkers are considered beneficial in the identification of aggressive tumor evolution in cancer patients, whereas predictive biomarkers allow for the identification of patients with a higher likelihood of responding to a specific medication.
- Immunological biomarkers comprising serum cytokines, soluble forms of cell receptors, adipocytokines, chemokines, and immune activation markers may function as cellular activation surrogate markers and are of great significance in the proper functioning of the immune system.
- The biomarkers market in the Asia Pacific region is projected to grow at the fastest rate in the forecast period attributed to the presence of a large pool of patients, growing awareness about several target conditions, and improving healthcare infrastructure in the region.
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For the purpose of this report, Reports and Data has segmented the Global Biomarkers Market on the basis of product, type, application, disease indication, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Consumables
- Software
- Services
- Type Outlook (Revenue, USD Billion; 2017-2027)
- Efficacy Biomarkers
- Surrogate Biomarkers
- Predictive Biomarkers
- Prognostic Biomarkers
- Pharmacodynamic Biomarkers
- Safety Biomarkers
- Validation Biomarkers
- Efficacy Biomarkers
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Drug Discovery and Development
- Diagnostic
- Disease Risk Assessment
- Personalized Medicine
- Others
- Disease Indication Outlook (Revenue, USD Billion; 2017-2027)
- Cardiovascular Disease
- Cancer
- Immunological Disorders
- Neurological Disorders
- Other Diseases
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
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