The global biomarkers market is set to gain traction from their increasing usage in a wide variety of applications, namely, drug discovery and development, safety assessment, and medicine. Besides, numerous biotech and pharmaceutical companies are persistently investing huge sums in the research and development activities. The increasing prevalence of cancer is also one of the crucial factors that would affect the market positively during the forecast period.
The above information is given by Fortune Business Insights™ in a recent study, titled, “Biomarkers Market Size, Share & Industry Analysis, By Indication (Oncology, Cardiology, Neurology, and Others), By End User (Pharmaceutical & Biotechnology Companies, Diagnostics & Research Laboratories, Hospitals & Specialty Clinics, and Others), and Regional Forecast, 2019-2026.” The study further mentions that the biomarker market size was USD 39.10 billion in 2018 and is projected to reach USD 97.51 billion by 2026, thereby exhibiting a CAGR of 12.1% during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
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Drivers
Increasing Demand for Personalized Medicine to Accelerate Growth
Biomarkers are increasingly used in disease diagnostics. They also play an important role in development of personalized medicine for several disease conditions. Disease diagnosis and treatment procedures possess certain limitations and because of this, the concept of personalized medicine is becoming popular nowadays. Patients suffering from immunological disorders and cancer are rapidly inclining towards customized treatment options based on their genetic and clinical features. It would propel the biomarkers market growth during the forecast period.
Regional Analysis-
Rising Investment by Key Players to Favor Growth in North America
The market is geographically fragmented into Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Out of these regions, in 2018, North America held USD 14.80 billionbiomarkers market revenue and is expected to grow by showcasing a high CAGR in the coming years. This is likely to occur because of the rising investments by several industry giants in the development of biomarkers. The region will be followed by Europe.
Asia Pacific, on the other hand, is anticipated to grow with a higher CAGR owing to the increasing demand for disease diagnosis because of the rising incidence of cardiovascular disease and cancer. As per the Ministry of Health, approximately 203 million people are living with cardiovascular diseases in Chinaat present. It is set to upsurge by 73.0% in 2030. It would in turn, drive the growth of the market in this region.
