Biomarker Technologies Market - Growth, Trends and Forecast 2023
The market for biomarker technologies is expanding worldwide under the influence of factors such as advances in the area of discovery technologies, governmental initiatives supporting research in the area of biomarker technologies and increasing incidences of various diseases such as cancer, diabetes, cardiovascular and neurological disorders. Sources from National Cancer Institute (NCI) reveal that in 2011, approximately 13,397,159 people were affected with various cancer types in the United States. The National Cancer Institute (NCI) further states that an estimated 1,666,540 new cases of cancer are expected to be identified during 2014 in the United States. According to the International Diabetes Federation (IDF), worldwide nearly 382 million people were living with diabetes in 2013.
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This number is expected to reach nearly 592 million by the end of 2035. China and India represent the first and second positions among top countries with high prevalence of diabetes, 98.4 million and 65.1 million respectively. The aforementioned stats indicate a favorable market for biomarker technologies during coming years. The market may face significant challenge due to high initial investment for biomarker discovery.
Globally, the market for biomarker technologies has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The market for biomarker technologies is mainly dominated by North America, followed by Europe, Asia-Pacific and Rest of the World (RoW). Well established healthcare infrastructure and favorable reimbursement scenario are among the major factors responsible for North America’s leading position. Asia-Pacific is likely to emerge as the high potential market during upcoming years. Presence of a large number of patients with cancer and diabetes, emerging economies of India and China, and improving healthcare infrastructure are some major factors that are expected to drive the market growth in the region. Conducting of clinical trials at low cost as compared to developed region is one of the major factors that attract multinational companies to invest in the growing market of Asia-Pacific. RoW region comprise Latin America, Africa and Middle East countries. Lack of awareness, low per capita income and poor healthcare infrastructure have been among major factors restraining the market growth in the region since long. However, during coming future, the market will witness a substantial growth in the region owing to growing awareness and economical growth.
Abbott Laboratories, Becton, Dickinson and Company, Affymetrix Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., Danaher Corporation, Gen-Probe Inc., F. Hoffmann La Roche Ltd., DiagnoCure Inc., and Siemens Healthcare are some major companies operating in the biomarker technologies market.
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