Chicago, June 30, 2022 (GLOBE NEWSWIRE) -- According to the new market research report, the "Biomarkers Market by Product (Consumable, Service), Type (Safety, Efficacy, Validation), Disease (Cancer (Solid & Liquid Biopsy), Neurological), Application (Diagnostics, Drug Discovery & Development, Personalized Medicine) - Global Forecast to 2026", is expected to reach USD 78.1 billion in 2026 from USD 43.1 billion in 2021 at a CARG of 12.6%.
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The Growth in the biomarkers market is mainly driven by factors such as the growing importance of companion diagnostics, increasing prevalence of cancer worldwide, increasing funds & grants for biomarker research, and continuous product innovations.
By product & service, the biomarker market is segmented into consumables, services, and software. In 2020, the consumables segment accounted for the fastest-growing segment of the global market. The growth of this segment can primarily be attributed to the increasing use of kit-based products for biomarker testing and the repeated purchase of consumables.
Based on application, the biomarkers market is segmented into diagnostics, drug discovery & development, personalized medicine, disease risk assessment, and other applications. In 2020, the diagnostics segment accounted for the fastest-growing segment of the market. The use of biomarkers for the diagnosis of multiple diseases, including cancer, infectious diseases, cardiovascular disorders, and neurological disorders, is on the rise. The increasing use of biomarkers is a major factor that drives the growth of the diagnostics segment of the market.
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Based on disease indication, the biomarkers market is segmented into cancer, infectious diseases, neurological disorders, immunological disorders, cardiovascular disorders, and other disease indications. In 2020, the infectious diseases segment accounted for the largest share of the market. The large share of this segment can be attributed to the growing prevalence of infectious diseases, coupled with the outbreak of the COVID-19 pandemic.
Based on type, the biomarkers market is segmented into efficacy biomarkers, safety biomarkers, and validation biomarkers. In 2020, the efficacy biomarkers segment accounted for the largest share of the global market. The large share of this segment can be attributed to the ability of these biomarkers to evaluate the therapeutic efficacy of drug products.
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Geographical Growth Scenario:
The biomarkers market in the Asia Pacific region is projected to register the highest growth during the forecast period. The growth of this segment is primarily due to the increasing use of biomarkers for diagnostic purposes, the growing prevalence of chronic diseases, favorable government initiatives, and the growing focus on genomic & proteomic research projects.
Key Players in Biomarkers Market:
- F. Hoffmann-La Roche Ltd. (Switzerland),
- Thermo Fisher Scientific Inc. (US),
- Abbott Laboratories (US),
- QIAGEN N.V. (Netherlands),
- PerkinElmer, Inc. (US),
- Merck KGaA (Germany),
- Bio-Rad Laboratories, Inc. (US),
- Enzo Biochem, Inc. (US),
- Charles River Laboratories International, Inc. (US), and
- Eurofins Scientific (Luxembourg).
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