by Blood based biomarkers are molecules in the blood that indicate the presence or absence of certain medical conditions such as cancer, cardiovascular disease etc. They help diagnose disease, determine the prognosis and monitor treatment response. Blood based biomarkers offers advantages like being less invasive and easily accessible compared to other sample types like tumor tissues. Rising prevalence of chronic diseases like cancer and cardiovascular disease is driving the need for early diagnosis using biomarkers which is fueling growth of the blood based biomarker market. The Global Blood Based Biomarker Market Size is estimated to be valued at US$ 24.44 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period of 2024 to 2030.
Key Takeaways
Key players operating in the blood based biomarker market are Heraeus Holding, Ossila Limited, Nanoshel LLC, Nagase ChemteX Corporation, Suzhou Yacoo Science Co., Ltd., Agfa-Gevaert N.V., and Qingdao Topwell Chemical Materials Co., Ltd. Growing prevalence of various types of cancer globally is driving increasing demand for blood based biomarkers for early cancer screening and detection. Major players in the market are focusing on expansion in emerging markets of Asia Pacific and Latin America to tap higher growth opportunities in these regions.
Market Key Trends
One of the key trends in the blood based biomarker market is growing investments in identifying novel biomarkers using latest technologies like proteomics and genomics. Various biotech and pharma companies are investing heavily in biomarker identification and validation projects using these advanced technologies. This is helping companies develop highly accurate biomarkers with potential to revolutionize disease diagnosis, prognosis and monitoring.
Porter’s Analysis
Threat of new entrants: Low requirement of testing and capital makes threat of entry quite high. However, established players enjoy economies of scale.
Bargaining power of buyers: Large number of players in the market limits bargaining power of individual buyers. Standardized nature of products further reduces buyer power.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to availability of substitute materials and suppliers.
Threat of new substitutes: Advancements in non-invasive diagnostic techniques pose potential threat of substitution.
Competitive rivalry: Intense competition among existing players to gain market share keeps rivalry high. Players compete on price, innovation and quality.
Geographical Regions
North America accounts for the largest share of the blood based biomarker market in terms of value. Established healthcare infrastructure, growing elderly population and increasing incidence of chronic and lifestyle diseases drive the demand.
Asia Pacific is poised to witness the fastest growth during the forecast period. Improving access to healthcare, rising medical tourism and increasing public and private investments in the sector provide a strong growth environment in the region.
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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.
