The global biomarker market is anticipated to grow at a CAGR of around 14.6% during the forecast period (2021-2027). Biomarkers play an important role in the early detection of a disease state. They are majorly used in disease diagnostics and the discovery & developments of personalized drugs. The factors that are driving the growth of the biomarker market include the rising prevalence of cancer disease, rising adoption of the biomarker for diagnostic applications, and increasing government funding for cancer research and clinical trials. The government initiatives and rising expenditure by key market players to launch new drugs and technological innovation are other major factor boosting the growth of the market. By geography, North America is the major region with a large patient base affected with cancer disease. According to the National Cancer Institute estimates, in 2020, in the US there were an estimated 1,8 million cancer cases diagnosed and 606,520 people have died. In line with this, by 2040, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million.
Browse the full report description of "Global Biomarker Market Size, Share & Trends Analysis Report by Type (Genomic Biomarker, and Protein Biomarker) By Application (Drug Discovery & Development, Diagnostic, Prognostic, Predictive, and Others ) By Disease (Cancer, Cardiac, Renal, Central Nervous System Disease, and Others) By End-User (Hospitals, Diagnostic Centre, and Research Institute) Forecast 2021-2027" at https://www.omrglobal.com/industry-reports/global-biomarker-market
However, the market players are also adopting new strategies such as merger’s & acquisition, partnership collaboration, business expansion, and new technology innovation to remain competitive in the market and to generate more revenue. For instance, in March 2021, Agilent Technologies has acquired Resolution Bioscience Inc., a precision oncology solutions developer for $550 million in cash. Through this acquisition, Agilent technologies will expand its capabilities in next-generation sequencing (NGS)-based cancer diagnostics. Additionally, the acquisition will also support Agilent to meet the customer demand and to fulfil the requirements of the fast-growing precision medicine market. Besides, there are some factors that hamper the growth of the biomarker market include high capital investments and low cost-benefit ratio, and technical issues related to sample collection and storage.
Market Coverage
o By Type
o By Application
o By Disease
o By End-User
o North America
o Europe
o Asia-Pacific
o Rest of the World
Key questions addressed by the report
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
Global Biomarker Market Report Segment
By Type
By Application
By Disease
By End-User
Global Biomarker Market Report Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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