Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- The "Biomarkers Market by Product & Service (Consumable, Service, Software), Type (Safety, Efficacy, Validation), Disease (Cancer, Infectious, Neurological), Application (Diagnostics, Drug Discovery, Personalized Medicine), Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global biomarkers market is poised for significant growth, with a projected value of USD 104 billion by 2028. The market is expected to grow at a compound annual growth rate (CAGR) of 12.0% during the forecast period (2023-2028). A recent market report provides valuable insights into the market dynamics, premium insights, and key companies shaping the biomarkers industry.
The cancer segment within the disease indications category is anticipated to be the fastest-growing segment in the biomarkers market during the forecast period. Factors contributing to this growth include the early management and detection facilitated by cancer biomarkers, as well as a robust pipeline of cancer biomarker products from major manufacturers. The cancer segment holds immense potential for advancements in early detection and personalized treatment.
The diagnostics segment accounted for the largest share of the biomarkers market in 2022. This segment is expected to continue its growth trajectory due to the increasing prevalence of chronic diseases, rising demand for targeted treatment and diagnosis, and expanding applications of biomarkers. The diagnostics segment plays a crucial role in facilitating accurate and early disease detection, thereby driving market growth.
North America dominated the biomarkers market in 2022, capturing the largest market share. The region's growth can be attributed to several factors, including the rising population suffering from chronic diseases, the adoption of biomarkers in personalized medicine, organic and inorganic growth strategies pursued by key players in partnership with established pharmaceutical companies, and advancements in biomarkers. The regional government's focus on identifying biomarkers for rare neurodegenerative diseases presents new opportunities for market expansion.
The global biomarkers market presents immense opportunities for companies to leverage the growing importance of companion diagnostics, capitalize on the rise in cancer prevalence, and contribute to continuous advancements in personalized medicine. Challenges related to biomarker validation and sample collection/storage must be overcome, but the potential for growth and innovation remains high in this dynamic market.
Premium Insights:
- Growing Importance of Companion Diagnostics Expected to Drive Global Market
- Consumables Accounted for Largest Share of Asia-Pacific Market in 2022
- Asia-Pacific to Witness Highest Growth During Forecast Period
Key Market Dynamics:
Drivers
- Growing Importance of Companion Diagnostics
- Increase in Global Prevalence of Cancer
- Increase in Funds and Grants for Biomarker Research
- Continuous Product Innovations
Restraints
- High Capital Investments and Lengthy Timelines for Biomarker Development
Opportunities
- Personalized Medicine
- Emerging Economies
Challenges
- Challenges Associated with Biomarker Validation
- Technical Issues Related to Sample Collection and Storage
Key Companies Mentioned:
- Abbott Laboratories
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Bioagilytix Labs
- Biomerieux Sa
- Celerion
- Charles River Laboratories International, Inc.
- Cisbio Bioassays
- Diametra
- EKF Diagnostics Holdings, plc
- Enzo Biochem, Inc.
- Eurofins Scientific
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson
- JSR Life Sciences, LLC
- Merck KGaA
- Meso Scale Diagnostics, LLC
- Microconstants, Inc.
- Northeast Bioanalytical Laboratories LLC.
- Perkinelmer, Inc.
- Qiagen N.V.
- Signosis, Inc.
- Singulex, Inc.
- Stressmarq Biosciences Inc.
- Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/lgeu92
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