The Global Blood Based Biomarker Market is Anticipated to Witness High Growth Owing to Increasing Pr
Author : Shraddha Shinde | Published On : 12 Feb 2024
The global blood based biomarker market has emerged as a promising diagnostic tool to aid in the detection and management of various chronic and life-threatening diseases. Blood based biomarkers are proteins or metabolites that are elevated or expressed in the blood owing to pathological conditions in tissues or organs. They play an important role in disease screening, risk assessment, diagnosis, prognosis, and monitoring therapeutic response. Some key applications of blood based biomarkers include detection of cancers, cardiovascular diseases, neurological disorders, and other metabolic conditions. The growing prevalence of these diseases and increasing demand for minimally invasive diagnostic procedures are some major factors driving the growth of this 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 2024 to 2030.
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. These players are focusing on new product launches, partnerships, and geographical expansion strategies to gain a competitive edge in the market.
Some key opportunities in the market include development of novel biomarkers for early disease detection and integration of biomarker data with clinical records to improve diagnostics. The market is also witnessing increased demand from emerging economies in Asia Pacific and Latin America owing to growing healthcare infrastructure and awareness. Major players are expanding their presence in these regions through strategic collaborations with local players.
Market drivers and restrain:
- Increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders is a major market driver. These diseases require frequent monitoring which is fueling the demand for reliable and non-invasive diagnostic tests.
- Technological advancements in biomarker discovery techniques such as omic technologies have enabled identification of large number of novel biomarkers. This is positively impacting the market growth.
- Issues related to standardization, complex regulatory approvals and high development costs associated with biomarker validation pose significant challenges. This acts as a major restrain for the market growth.
- Limited awareness about the clinical utility of blood based biomarkers among healthcare professionals in developing regions hinders the market penetration. Do not write conclusion.
The blood based biomarker market is dominated by cancer segment. Cancer biomarkers help in early screening and prognosis of the disease condition. Cancer biomarkers aid in monitoring the treatment effectiveness and help detect recurrence. With rising prevalence of cancer worldwide, cancer segment holds largest share in the blood based biomarker market owing to increased adoption of cancer biomarkers.
Next dominating segment is cardiac segment. Cardiac biomarkers help in diagnosis of acute coronary syndrome and myocardial infarction. Troponin and CK-MB cardiac biomarkers are widely utilized for diagnosing cardiac conditions. Rising geriatric population vulnerable to cardiovascular diseases and greater accuracy of cardiac biomarkers in diagnosis and prognosis propels this segment.
North America holds leading share in the global blood based biomarker market currently. Presence of major biomarker manufacturers, higher healthcare spending, rising initiatives for biomarker research and presence of advanced healthcare infrastructure supports market growth in the region. Asia Pacific is fastest growing region due to rising healthcare awareness, increasing healthcare expenditure, growing geriatric population and focus of key players to tap growth opportunities in emerging economies of the region.
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