The Biomarker Technologies Market is growing pervasively at the rapid pace; mainly due to the increased research and development activities that are driven by substantial investments.
Simultaneously, the rising demand for diagnosis and treatment of diseases associated with the old age escalates the market growth on the global platform.
Acknowledging the accruals, the market is garnering currently, Market Research Future (MRFR) in its recently published study report, asserts that the growth of the global biomarker technologies will reach USD 78 BN by 2023, registering a staggering CAGR of 9 % from 2018 to 2023.
Additional factors fostering the market growth include the widened uptake of biomarkers technologies, increasing research and development activities transpired into the field of biomarker test, growing number of contract research organizations and the cost-effective clinical trials. The spreading awareness towards the effective diagnosis processes along with the growing demand for personalized medicine is contributing to the market growth to an extent.
On the other hand, high capital investments required for the discovery, development of biomarkers, and the high cost of biomarkers are some of the factors obstructing the market growth. Nevertheless, government grants and initiatives that are undertaken to increase the R&D activities in the field are expected to support the market growth.
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Biomarker Technologies Market – Segmentation
The MRFR analysis is segmented into five key dynamics for the convenience of understanding;
By Product Types: Consumables, Instruments, Services, and Software/Informatics among others.
By Profiling Technologies : Immunoassay (ELISA, western blot, and protein microarray.), PCR, Imaging Technology, Mass Spectrometry, NGS, Chromatography, and Cytogenetics, among other Technologies.
By Disease Applications: Cancer, Infectious Disease, Autoimmune Diseases, Neurological, and Cardiovascular Disorders, among other disorders.
By Research Areas: Genomics, Proteomics, and Metabolomics (lipidomic and others.), among other research areas.
By Regions: Europe, North America, APAC and the Rest-of-the-World.
Biomarker Technologies Market – Regional Analysis
The North American region dominates the global biomarker technology market. Heading with the rapid research and development initiatives, the market is expected to create a large revenue pocket over the forecast period. Factors substantiating the market growth include substantial investments in the R&D activities in the field of diagnosis, prognostic treatments, and drug formulation.
Furthermore, the increasing prevalence of cancer, cardiovascular, autoimmune and neurological diseases alongside the rising geriatric population are positively impacting the market growth in the region. Additional factors such as high healthcare expenditures, increasing government initiatives and funding for research, development to discover advanced medical treatment options, and the availability of favorable reimbursement policies are expected to propel the market growth in the region.
Europe accounts for the second-largest market for biomarker technologies. With the availability of advanced treatment facilities and established healthcare infrastructure and the growing demand for accurate diagnosis, the market is expected to register a considerable CAGR. Besides, factors such as favorable governmental support and initiatives propel the market growth in the region.
The proliferating healthcare sector heading with the resurging economy is fostering the market growth brilliantly. The rising incidences of cancer are expected to impact on the biomarker technologies market positively.
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Whereas, the Asia Pacific biomarker technologies market is proliferating, emerging as one of the promising markets, globally. Asian countries especially, India and China provide immense growth opportunities for the biomarker technologies market, accounting for the huge population. Additionally, factors such as the increasing prevalence of chronic diseases are the major driving forces for the market growth.
Furthermore, factors such as the increasing patient pool, raising awareness about healthcare, and the availability of new treatment methods are fostering the market growth in the region. Also, rising healthcare expenditure and improvement in the standard of living due to the improving economic conditions in the region are propelling the growth of biomarker technologies market in the APAC.
Biomarker Technologies Market – Competitive Analysis
Highly competitive biomarker technologies market appears to be fragmented. Major players are focusing on optimizing situational awareness towards customers to ensure their mission success. Matured players are increasingly seeking market expansion through various strategic activities such as M&A, innovation, increasing investments in R&D and cost-effective product portfolio.
The market leaders profiled in the MRFR analysis include Abbott Laboratories, Agilent Technologies, Thermo Fisher Scientific, Roche Waters Corporation, Danaher Corporation, Shimadzu Corporation, Danaher Corporation, and Siemens Healthcare.
November 01, 2018 – Sirona Dx (US), a leader in high-complexity genomics and proteomics services, introduced Imaging Mass Cytometry™ services on the Fluidigm Hyperion™ Imaging System to advance biomarker discovery and therapeutic development.
Considering the impressive Imaging Mass Cytometry results from top pharmaceutical companies and leading academic medical centers, Sirona Dx had taken this decision to bring some more biomarker technologies into the field.
October 29, 2018 – NanoString Technologies, Inc. (US), a provider of life science tools for translational research and molecular diagnostic products, announced signing a translational research agreement with NanoString Technologies, Inc. (US), a leading provider of life science tools for translational research and molecular diagnostic products to identify and develop biomarkers for MacroGenics’ MGD013 program.
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