PUNE, INDIA, February 27, 2023 /EINPresswire.com/ -- The global Biomarkers Market is expected to reach USD 104.0 billion in 2028 from USD 59.1 billion in 2023 at a CARG of 12.0%.Factors responsible for the growth in the biomarkers market are mainly factors such as the growing importance of diagnostics, increasing prevalence of cancer and cardiac problems, increasing funds & grants for biomarker research, continuous product innovations, and biomarker advancements. However, factors such as time-consuming process of biomarker validation, high cost, and difficulty in developing assays are hampering the growth of the market.

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“During the forecast period, the cancer segment of by disease indications segment, accounted for the largest growing segment of the biomarkers market.”

Based on disease indication, the biomarkers market is divided into infectious diseases, neurological disorders, immunological disorders, cancer, cardiovascular disorders, and other disease indications. During the forecast period (2023-2028), the cancer segment is expected to be the fastest-growing segment in the biomarkers market. In the future, the cancer biomarkers are expected to be further boosted by a strong pipeline of products from major manufacturers related to cancer biomarkers. Factors responsible for the high growth of the segment includes early management and early detection by cancer biomarkers.

“In 2022, by application, the diagnostics segment accounted for the biggest share of the biomarkers market.”

Based on application, the biomarkers market is divided into drug discovery & development, personalized medicine, diagnostics, disease risk assessment, and other applications. In 2022, the diagnostics segment accounted for the largest share of the application segment in the biomarkers market. Factor responsible for the growth in this segment include, the segment will expand as chronic diseases will become more prevalent, and targeted treatment and diagnosis demand will increase. The growing applications of biomarkers is also driving the growth of the diagnostics segment of the biomarkers market.

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“In 2022, North America accounted for the largest share of the biomarkers market.”

In 2022, North America accounted for the largest share of the market. Factors responsible for the growth of the region includes increasing population suffering from chronic diseases in the region, increasing use of biomarkers in personalized medicine, various organic & inorganic growth strategies adopted by key players with established pharmaceutical companies in this region, increasing applications and advancements in biomarkers. Additionally, the regional government is also focusing on identifying biomarkers for rare neurodegenerative diseases, which will create new opportunities for market.

Breakdown of primaries

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Respondent - Supply Side- 70%, Demand Side-30%
By Designation - CXOs and Directors- 30%, Executives - 25%, Mangers - 45%
By Region - North America - 40%, Europe - 25%, APAC – 20%, RoW- 15%

The biomarkers market is dominated by a few globally established players such as 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), Eurofins Scientific S.E.(Luxembourg), Meso Scale Diagnostics, LLC. (US), Stressmarq Biosciences (Canada), DiaMetra Srl (Italy),Signosis, Inc. (US), Agilent Technologies, Inc. (US), Johnson & Johnson (US), bioMérieux SA (France), EKF Diagnostics Holdings, Plc (UK), MicroConstants, Inc. (US), NorthEast BioAnalytical Laboratories LLC. (US), JSR Life Sciences, LLC (US), BioAgilytix Labs (US), Celerion (US), Singulex, Inc. (US), and Cisbio Bioassays (France).

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Research Coverage:

The report segments the biomarkers market based on region (Asia Pacific, Europe, North America, and Rest of the World), product(consumables services, software), type (safety biomarkers, efficacy biomarkers [predictive biomarkers, surrogate biomarkers, pharmacodynamics biomarkers, prognostic biomarkers], and validation biomarkers, application (diagnostics, drug discovery & development

Ganesh Pardeshi
ReportsnReports
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ganesh.pardeshi@reportsandreports.com
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