Biomarker Test Market Overview with Detailed Analysis, Competitive landscape, Fo

Rising Prevalence of Genetic Diseases to Augment the Global Biomarker Test Market: Forecast (2016-2022)

The Global Biomarker Test Market Size is predicted to garner USD 16,112.8 million during the forecast period (2016-2022). The global market is estimated to experience growth at 14.5% CAGR owing to the rising prevalence of genetic diseases, asserts Market Research Future (MRFR). Biomarkers are referred to as the molecules which are used to diagnose diseases as these indicate abnormal or normal process in the body. They can be any molecules like proteins, DNA (genes), or hormones that indicate the health. Biomarkers can be classified on the basis of several parameters including characteristics such as molecular biomarkers or imaging biomarkers.

The ever-increasing population coupled with the upward trend in the adoption of sedentary lifestyles are considered to offer the industry with a huge target population base. With increasing government grants along with research funding for the development and discovery of novel biomarkers, the global biomarker test market is considered to flourish during the assessment period. Moreover, the advent of biomarker-based diagnostic kits for screening high-risk population and the increasing prevalence of genetic disorders is further anticipated to augment the client base for this market.

The demand for biomarkers is accelerating in the development process and drug discovery as use of biomarkers triggers the success rate in drug development process, improves patient outcome, and decrease costs. It also aids in predicting drug efficacy faster than the conventional clinical endpoints. Such factors are considered to propel the market growth during the assessment period. Additionally, the rising diagnostic applications of biomarkers, growing number of CROs, R&D funding for biotech and pharma companies, and low cost of clinical trials in the developing economies, new initiatives for biomarker research, and high prevalence of cancer are some of the other major factors stimulating the market growth.

On the flip side, high capital investments coupled with low cost-benefit ratio, technical issues associated with the sample collection and storage, and poorly suited reimbursement and regulatory systems are some of the major concerns considered to dampen the market growth in the coming years.

Competitive Analysis

The prominent players operating the global biomarker test market are F. Hoffmann-La Roche AG, Novartis AG, PFIZER INC., Medtronics, GlaxoSmithKline plc., Quest Diagnostics, and GE Healthcare.

Global Biomarker Test Market: Segmental Analysis

The global biomarker test market has been segmented on the basis of application, end-user, and region.

By mode of application, the biomarker test market has been segmented into cardiovascular, cancer, central nervous system, infectious diseases, and others.

By mode of end-users, the biomarker test market has been segmented into diagnostic tool companies, pharma & biotech companies, clinical laboratories, healthcare IT/big data companies, and others.

Browse More Information @ https://www.marketresearchfuture.com/reports/biomarker-test-market-3570 

Regional Insights

Geographically, the biomarker test market span across regions namely, Europe, North America, Asia Pacific, and the Middle East & Africa.

Among all the regions, the North American region accounts for largest market share and is considered to garner USD 6,640.4 million during the assessment period. The growth is attributed to the increasing potential for biomarkers in targeted therapies, increasing research and development activities in the healthcare industry, and increasing technological advancements in this region. The European region is considered to hold the second largest position in the global market closely followed by North America with a market value of USD 5,222.8 million.

The Asia Pacific region is considered to be the fastest growing region for biomarker tests and is considered to expand at 31.42% CAGR during the assessment period. The growth is attributed to the growing awareness associated with the use of big data analytics by the healthcare providers in this region.

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Bhagyashri Bhole Joined: October 1st, 2019