by The Blood Based Biomarker Market is estimated to be valued at US$ 18.8 Bn in 2022 and is expected to exhibit a CAGR of 12.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood based biomarkers are molecules that are objectively measured and evaluated as indicators of normal biological as well as pathogenic processes or pharmacologic responses to therapeutic interventions. They are helping to develop personalized medicine approach and assist in early detection, diagnosis, assessment of disease progression and response to treatment. Key application areas of blood based biomarkers include cancer, cardiovascular diseases, neurological disorders and autoimmune disorders. Recent technological advancements have enabled minimally invasive testing of biomarkers using small volume of blood samples.
Market Dynamics:
Rising demand for non-invasive diagnostic procedures is a major driver fueling growth of the blood based biomarker market. Blood collection is a very simple and painless procedure compared to tissue/fluid sampling. Further, increasing R&D investments by pharmaceutical and biotechnology companies to develop biomarker-based tests for disease diagnosis and drug development is also supporting market growth.
Another key growth driver is increasing adoption of personalized medicine approach. Blood based biomarkers can help physicians tailor treatment regimens according to individual patient’s genetic makeup and disease condition. This improves therapeutic outcomes and quality of life.
Segment Analysis
The blood-based biomarker market is dominated by the cancer segment due to the increasing prevalence of various types of cancers globally. Within the cancer segment, the lung cancer sub-segment holds the largest market share as blood-based biomarkers help in early detection, choosing appropriate therapies and monitoring treatment response and recurrence of lung cancer.
PEST Analysis
Political: Government initiatives to increase funding for biomarker research will aid market growth. Economic: Rising healthcare expenditure and growing economy in emerging nations drives market expansion. Social: Increasing public-private partnerships and awareness about early cancer diagnosis boosts the market. Technological: Advancements in biomarkers discovery and high-throughput technologies support market growth.
Key Takeaways
The Global Blood-Based Biomarker Market Size is expected to witness high growth, exhibiting a CAGR of 12.8% over the forecast period, due to increasing preference for non-invasive diagnostic procedures.
Regionally, North America holds the largest market share currently due to increasing R&D investments and healthcare expenditure in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period supported by expanding healthcare infrastructure, rising medical tourism, and growing penetration of biomarker technologies in major Asian countries.
Key players operating in the blood-based biomarker market are Diadem srl., Proteomedix, Cleveland Diagnostics, F. Hoffmann-La Roche Ltd, GENFIT, Nutech Cancer Biomarkers India Pvt Ltd, SysmOex Corporation, Minomic, Creative Diagnostics, Eisai Co., Ltd., and C2N Diagnostics. Major players are focusing on new product launches, innovations in biomarker discovery technologies, and expanding their geographical presence through collaborations and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
