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Biomarker Technologies Market - SynopsisThe 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.
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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.
Top Players:
Market Research Future (MRFR) recognizes the following companies as the key players in the biomarker technologies market. Some of the players are Abbott Laboratories, Agilent Technologies (U.S.), Thermo Fisher Scientific (U.S.), Roche (Switzerland), Waters Corporation (U.S.), Danaher Corporation (U.S.), Shimadzu Corporation (Japan), Siemens Healthcare, and Bio-Rad Laboratories (U.S.).
Segmental Analysis:
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 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.
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.
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