Business Synopsis of Global Biomarker Technologies Market:
The Biomarker Technologies Market is expected to reach USD 78 Billion by 2023 at a CAGR of 9% during the forecast period. The term biomarker is usually used to define a measurable indicator of some biological state or condition. It is also referred to a substance whose detection indicates the presence of a living organism. Biomarkers are used for diagnosis and clinical decision making in cancer, diabetes, and cardiovascular and neurological diseases. The market for biomarker technologies is growing worldwide due to drivers such as increased occurrence of above diseases, advances in the area of medical technologies, governmental initiatives supporting research in the area of biomarker technologies, and increasing uses of biomarkers to increase the accuracy of disease diagnosis. However, high capital investments required for the discovery, development of biomarkers, and the high cost of biomarkers are restraining the growth of the biomarker technologies market.
Biomarker Technologies Market Players Business Overview:
Thermo Fisher Scientific
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Biomarker Technologies Market Segmentation
The Global Biomarker Technologies Market is segmented on the basis of product type, profiling technology, disease application, and research areas. Considering product type, the market is segmented into consumables, instruments, services, and software/informatics.
By profiling technology, the market is segmented into immunoassay, PCR, imaging technology, mass spectrometry, NGS, chromatography, cytogenetics, and other technologies. Based on immunoassay, the market is again segmented into ELISA, western blot, and protein microarray.
With reference to disease application, the market is segmented into cancer, infectious disease, autoimmune diseases, neurological, cardiovascular disorders, and other disorders.
On account of research areas, the market is segmented into Genomics, Proteomics, Metabolomics, and other research areas. Metabolomics is further segmented into lipidomic and others.
Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. The American region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.
Regional Summary of Biomarker Technologies Market
Americas is going to account for the largest share of the biomarker technologies market. The increasing prevalence of cancer, cardiovascular diseases, neurological as well as autoimmune diseases, and rising geriatric population are likely to enhance the growth of the biomarker technologies market. For instance, the National Cancer Institute (NCI) stated that there were 1,666,540 new cases of cancer in 2014 in the United States. Thus, this increasing patient pool is likely to enhance the market growth during the forecast period. Additionally, factors such as increasing government initiatives and funding for research, development in advanced medical treatment options, and availability of favorable reimbursement policies are likely to propel the growth of the biomarker technologies market in the American region. Furthermore, according to CMS (Centers for Medicare and Medicaid Services) U.S. the health care spending increased by 4.3 percent to reach USD 3.3 trillion per person in 2016. Thus, the increasing per capita income of individuals, as well as rising healthcare spending, are likely to aid up the market growth in Americas.
Europe is the second market leader and holds a healthy share in the global biomarker technologies market. The European market is expected to exhibit a sturdy growth rate during the forecast period owing to the availability of advanced treatment facilities and established healthcare infrastructure along with growing need for efficient and accurate diagnosis. Furthermore, according to the Cancer Research U.K., there were around 9, 921 cases of cancer diagnosed in 2015. These rising incidences of cancer are expected to have a positive impact on the biomarker technologies market due to its wide usage in cancer. This impact will enhance the biomarker technologies market in Europe.
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Asia Pacific is expected to be the fastest emerging market. Factors such as the increasing prevalence of chronic diseases is the major driver for the market growth. For instance, in accordance with the International Diabetes Federation, nearly 382 million people had diabetes in 2013 worldwide. This is expected to reach around 500 million by the end of 2035. China and India are the first and second most affected countries with diabetes. The increasing number of diabetic patients can lead to the increasing patient number with cardiovascular diseases. Thus, these countries are expected to be the fastest growing regions due to the increasing patient pool, raising awareness about health, and availability of new treatment methods. Moreover, rising healthcare expenditure and rise in the standard of living in the region are driving the growth of biomarker technologies market in the Asia Pacific region.
The Middle East and Africa is expected to show the least growth in the market due to some major factors such as lack of awareness and limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market owing to the development of the healthcare industry and rising availability of specialty care centers. With the increasing number of epidemic diseases in this region, many key players are willing to set up their research and development centers to find a cure for these diseases. This will increase the usage of biomarkers and thus, a steady growth rate might be seen during the forecast period.
Major Table of Content For Biomarker Technologies Market Research Report – Forecast to 2023:
1. Report Prologue
2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
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