The global biomarkers market size was USD 39.10 billion in 2018 and is expected to reach USD 97.51 billion by 2026, exhibiting a CAGR of 12.1% over the forecast period. The rise can be attributed to an escalation in the diagnostic applications of biomarkers. This is further being supplemented by the growing prevalence of cancer and an increase in the number of research and development activities.
List of Key Players Mentioned in the Report:
• Axon Medchem
• F. Hoffmann-La Roche Ltd.
• Sino Biological Inc.
• BioVision Inc.
• Bio-Rad Laboratories, Inc.
• R&D System
• Myriad RBM
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Oncology Segment to Record Substantial Growth Driven by Surging Cancer Prevalence
On the basis of application, the market is subdivided into neurology, cardiology, oncology, and others. Of these, the oncology segment is expected to record a significant CAGR over the estimated period. The rise is being driven by the soaring prevalence of cancer and the escalating product application in cancer diagnostics. Based on region, the industry is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.
Drivers and Restraints:
Surging Product Demand Driven by Escalating Adoption in Diagnostic Applications
Biomarkers market growth can be majorly attributed to the increasing product usage in disease risk assessment, personalized medicine, companion diagnostics, and drug discovery and development. Biomarkers play a major role in personalized medicine. Their various applications comprise diagnosis, prognosis, and targeted therapies for a number of disease conditions.
The product demand is prominently being propelled by the growing deployment of companion diagnostics as a tool for personalized treatment in patients. However, the industry expansion is likely to be hindered owing to higher costs involved in biomarker research and analyses.
Major Players Enter Collaborations & Partnership Agreements to Sustain Industry Footing
Prominent companies are focused on the adoption of a series of initiatives including mergers, acquisitions, collaborative agreements, and partnerships for strengthening their industry position. These market players are undertaking research activities for the development of new products. Some of the other initiatives comprise growing participation in trade conferences.
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