Growth Dynamics on Biomarkers Market 2019-2026| Key Players: Abbott , R&D System , F. Hoffmann-La Roche Ltd. ,R&D System , Thermo Fisher Scientific , Axon Medchem Bio-Rad Laboratories, Inc. , BioVision Inc. , Sino Biological Inc. ,CENTOGENE N.V.
The above information is given by Fortune Business Insights™ in a recent study, titled, “Biomarkers Market Size, Share & Industry Analysis, By Indication (Oncology, Cardiology, Neurology, and Others), By End User (Pharmaceutical & Biotechnology Companies, Diagnostics & Research Laboratories, Hospitals & Specialty Clinics, Others), and Regional Forecast, 2019-2026.” The study further mentions that the biomarker market size was USD 39.10 billion in 2018 and is projected to reach USD 97.51 billion by 2026, thereby exhibiting a CAGR of 12.1% during the forecast period.
The report covers :
o Global biomarkers market trends, with detailed analysis on consumer trends & manufacturer trends.
o Overview on supply analysis covering trends across raw material suppliers, technology providers and distributors.
o Key areas of investments identifying market opportunities and challenges in forecast time frame.
o Competitive analysis of the industry players along with the overview on strategic management.
o Comprehensive company profiles of the major industry players.
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An Overview of the Impact of COVID-19 on this Market :
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Leading Players operating in the Biomarkers Market are :
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
• R&D System
• F. Hoffmann-La Roche Ltd.
• R&D System
• Thermo Fisher Scientific
• Axon Medchem
• Bio-Rad Laboratories, Inc.
• BioVision Inc.
• Sino Biological Inc.
• CENTOGENE N.V.
• Other key market players
Increasing Demand for Personalized Medicine to Accelerate Growth
Biomarkers are increasingly used in disease diagnostics. They also play an important role in development of personalized medicine for several disease conditions. Disease diagnosis and treatment procedures possess certain limitations and because of this, the concept of personalized medicine is becoming popular nowadays. Patients suffering from immunological disorders and cancer are rapidly inclining towards customized treatment options based on their genetic and clinical features. It would propel the biomarkers market growth during the forecast period.
Oncology Segment to Grow Steadily Backed by Rising Prevalence of Chronic Diseases
In terms of indication, the market is grouped into oncology, cardiology, neurology and others. Out of these, the oncology segment dominated the market in 2018. This growth is attributable to the increasing cases of cancer. Growing demand for personalized medicine in diagnosis and treatment of cancer, along with increasing number of new biomarker based assays and tests being introduced by market players, is propelling the growth of oncology segment. Rising prevalence of neurological disorders and increasing investment by key market players in the development of neurology biomarkers are is one of the major factor anticipated to drive the growth of the segment at faster rate.
Rising Investment by Key Players to Favor Growth in North America
The market is geographically fragmented into Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Out of these regions, in 2018, North America held USD 14.80 billion biomarkers market revenue and is expected to grow by showcasing a high CAGR in the coming years. This is likely to occur because of the rising investments by several industry giants in the development of biomarkers. The region will be followed by Europe.
Asia Pacific, on the other hand, is anticipated to grow with a higher CAGR owing to the increasing demand for disease diagnosis because of the rising incidence of cardiovascular disease and cancer. As per the Ministry of Health, approximately203 million people are living with cardiovascular diseases in China at present. It is set to upsurge by 73.0% in 2030. It would in turn, drive the growth of the market in this region.
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