Biomarker technologies are applied for diagnosis that help to detect diseases and the effect of treatment. As they are able to diagnose diseases at very early stage, biomarkers are used in cancer diagnosis and treatment. Biomarkers are applied in various medical specialties like cancer, diabetes, cardiovascular and neurological diseases.
Demand Scenario
The global biomarker technologies market is 45.31 billion USD in 2018 and is forecasted to reach 84.33 billion USD by 2025 with a CAGR of 9.28% during the period
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Growth by Region
North America led the market in 2018 due to advances in healthcare infrastructure. Asia Pacific will have high growth rate due to increasing population of cancer, diabetes patients and support from public and private organizations for biomarker research in this region. The regions like Latin America, Africa and Middle East countries will witness substantial growth due to growing awareness and economic growth.
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Drivers vs Constraints
The growth of the market is mainly driven by increasing healthcare expenditure and increasing R&D funding. The increasing utility of biomarkers in diagnostic process and new initiatives for biomarker research aid for the growth of the market. However, the requirement of high capital investments for the discovery, development, and validation of biomarkers restrains the growth of the market.
Industry Structure and Updates
Nightingale Health, the Finnish innovator of an internationally recognized blood biomarker testing technology announced that further steps are taken towards widespread expansion and development of its services.
Oncology Venture is a company that has in-licensed a specialized biomarker technology called “Drug Response Prediction” from its parent company called Novartis
