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Biomarkers Market Growth 2022- COVID-19 Impact on Industry Share, Revenue, Investment Opportunities, Competitive Analysis and Forecast Research Report 2030: SPER Market Research
The growing prevalence of chronic diseases, innovations in the techniques utilized for the advancement of biomarker-based diagnostics, and the increasing geriatric population are the foremost aspects predicted to foster the market over the review duration. The increasing number of COVID-19 cases around the globe and an augmenting number of research on the usage of biomarkers for facilitating the detection & treatment of COVID-19 will also assist market growth. For instance, a new-fangled biomarker-based non-diagnostic screening device was approved by the U.S. FDA during March 2021 named Tiger Tech COVID Plus Monitor. This device is utilized to recognize indicative biomarkers for COVID-19 and several hyperinflammatory & hypercoagulable situations in individuals aged 5 years and above.Present innovations in biomarkers, likewise biomarker signatures, are making neurological syndromes more treatable. This has resulted in non-invasive testing, speedier drug advancement, and early diagnosis. Research & development is leading to the discovery of novel biomarkers. For instance, as per Nature Journal during 2020, tetranection is a probable biomarker for heart failure diagnosis. Likewise, during 2020, sTNFR2 was disclosed as a novel biomarker for the diagnosis of acute adult T-cell leukemia/lymphoma. The market is probable to observe lucrative growth over the review duration owing to such innovations and technological developments. The usage of biomarkers in infectious disease diagnosis is predicted to become progressively common during the near future.
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According to the SPER market research, 'Biomarkers Market Size, Share & Trends Analysis By Product, By Type, By Application, By disease indication By, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030' states that the biomarkers market is projected to reach USD 117.6 billion by 2030 with a CAGR of 11.8%. Companion diagnostics, increasing incidence of cancer around the globe, escalating grants and funds for biomarker research, and persistent developments, are the foremost aspects acting as the fuel for the enlargement of this market.
An augment in the prevalence of fatal diseases has been witnessed over the past few years, which involves cancer, diabetes, Cardiovascular Disorders (CVDs), and several other chronic diseases. One of the foremost factors leading to an augment in their prevalence is lifestyle changes. As per the WHO during recent past year, ischemic heart disease and stroke have become the leading cause of death around the globe, accounting for nearly 8.9 million deaths around the globe followed by stroke and COPD.
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Growing investment by market players in the research and development of biomarkers, launch of different tests in the market, coupled with several collaborations & partnerships are some of the foremost aspects predicted to propel the requirement for biomarkers in the review duration. Some of the key companies are operating in market include Abbott Laboratories, Bio-Rad Laboratories, Inc., Merck KGaA, Charles River Laboratories, International, Inc., Enzo Biochem, Inc., Eurofins Scientific, PerkinElmer, Inc., QIAGEN N.V., F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific Inc.
North America presently registers the market growth for biomarkers, and it is projected to continue its stronghold for a few more years. Around North America, the US controls the greatest market share. The number of USFDA-approved drug labels comprising information on the molecular biomarkers has augmented dramatically over the last decade. In addition, growing burden of chronic diseases in the US created demand for precise and effective biomarkers.
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