According to Data Bridge Market Research new Market report “Global Biomarkers Market, By Product Type (Consumables, Services, Softwares), By Technology (Efficacy, Safety, Validation), Application (Diagnostics, Drug Discovery, Personalized Medicine, Disease Risk Assessment), Indication (Cardiovascular, Immunological) By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) - Trends and Forecast to 2024”, has accounted to USD 31.4 billion in 2016, growing at a CAGR of 12.2% from 2017 to 2024, and is expected to reach USD 78.9 billion by 2024.
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Biomarkers are substances or activities that serve as markers of a specific biological activity. Biomarkers are extensively used in research and diagnostic applications. In addition to this, they are also used in the development of new drug therapies through the discovery of new target drugs. Factors such as increasing healthcare expenditure, increase in R&D funding, rising utility of biomarkers for diagnostic purposes, growing number of CROs, low-cost for conducting clinical trials in developing countries, and new initiatives for biomarker research are driving the growth of the biomarkers market. On the other hand, high capital investments and high cost-to-benefit ratio; regulatory and reimbursement challenges; and high cost of testing, sample collection, and storage are the major factors restraining the growth of this market.
Based on Geography the Global Biomarkers Market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. In 2016, North America is expected to dominate the market with a share of 35.6%, growing at a CAGR of 10.7% in the forecast period 2017 to 2024. The dominance of North America is owing to high incidence of cardiovascular diseases, coupled with favorable reimbursement scenarios and highest treatment success rate.
The major players in this market are turning to strategies such as mergers, acquisition and new product developments as major market strategies to penetrate the market. The biomarkers market is highly consolidated with few major companies having a large proportion of the market share. The key industry players in the global biomarkers market are QIAGEN N.V, PerkinElmer, Inc, Merck & Co, Inc. Bio-Rad Laboratories, Enzo Biochem, Inc., EKF Diagnostics Holdings, plc, Meso Scale Diagnostics, LLC, Singulex, Inc., Cisbio Bioassays, Biosims Technologies, and Signosis, Inc among other players.
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