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(MoneyNewsWire.Net, February 26, 2018 ) The global biomarkers market is estimated to reach USD 53.34 Billion by 2021 from USD 27.95 Billion in 2016, growing at a CAGR of 13.8% during the forecast period (20162021
Growth in the market is mainly driven by factors such as increasing diagnostic applications of biomarkers, increasing R&D funding for pharma and biotech companies, increasing number of CROs and low cost of clinical trials in developing countries, the high prevalence of cancer, and new initiatives for biomarker research. On the other hand, high capital investments and low cost-benefit ratio, poorly suited regulatory and reimbursement systems, and technical issues related to sample collection and storage are the major factors restraining the growth of this market.
Browse Market Data Tables and In-Depth TOC of the Biomarkers Market to 2021 @ https://www.researchcosmos.com/reports/global-biomarkers-market-analysis-and-forecast-to-2022-growth-opportunity-assessment/2741902
The biomarkers market is segmented on the basis of product, type, application, disease indication, and region. Based on product, the market is segmented into consumables, services, and software. The consumables segment is estimated to account for the largest share of the global market in 2016 majorly due to the lower price of consumables than that of screening and automation instruments. On the basis of type, the market is segmented into safety biomarkers, efficacy biomarkers, and validation biomarkers. The efficacy biomarkers segment is further segmented into predictive biomarkers, surrogate biomarkers, pharmacodynamics biomarkers, and prognostic biomarkers. The safety biomarkers have widespread applications in the drug discovery and development. Hence, this segment is estimated to account for the largest share in 2016.
On the basis of application, the market is categorized into diagnostics, drug discovery & development, personalized medicine, disease risk assessment, and other applications (DNA fingerprinting, ecotoxicology, and forensics.). The diagnostics segment is estimated to account for the largest share of the market in 2016 majorly due to the increasing prevalence of cancer, technologically developed biomarker products, individualized treatments for cancer, and the need for early-stage cancer diagnosis.
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On the basis of disease indication, the biomarkers market is categorized into cancer, cardiovascular disorders, neurological disorders, immunological disorders, and others (renal disorders, urinal diseases, diabetes, and tuberculosis). The cancer segment is estimated to account for the largest share of the market in 2016 due to the increasing prevalence of cancer worldwide.
North America is estimated to account for the largest share of the market in 2016. The increase in R&D spending for biomarker research and development and technological advancements are driving the growth of the market in North America. Asia is expected to witness the highest CAGR during the forecast period. Factors such as increasing use of biomarkers for diagnostic purposes, increasing incidence of chronic diseases, and increasing outsourcing of pharmaceutical R&D activities to outsourcing partners in Asia are driving the growth of the market in Asia.
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Major players operating in the biomarkers market include QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (U.S.), Merck Millipore (U.S.), Bio-Rad Laboratories, Inc. (U.S.), and Enzo Biochem, Inc. (U.S.).
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