Biomarkers Market Marks Outstanding Growth: Industry Top Players Analysis, Revenue, Application, COVID-19 Impact, Demand & Industry Forecast
The Global Biomarkers Market 2020 shares are rising as the COVID 19 pandemic destabilizes other markets that struggle with the closure of businesses globally. This compulsion during a time of isolation, job loss, and stress is witnessed to be more, according to data collected by Market Research Future experts. Yet, the Biomarkers Market is expected to garner revenue of USD 4,582.8 Million by 2027, while soaring at 10.28% through the years 2020 to 2027—the forecast period.
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Biomarkers Market—Boomers & Decliners
The biomarkers market worldwide is on the growth path, thanks to the ever-increasing use of biomarkers in the field of medicine. Biomarkers also offer tremendous support for efficient clinical decision making, which is mainly dependent on diagnosing the health status of a patient. Biomarkers are progressively finding application in the diagnosis of various diseases, especially cancer. Due to these factors, the market for biomarkers is expanding rapidly for decades.
Further, with the growing popularity of biomarkers, an escalating number of pharmaceutical companies are using biomarkers in its drug development efforts. Alongside this, a few industrial companies have dedicated research efforts for discovering biomarkers. The global economic downturn was futile to have a detrimental effect on the biomarkers market worldwide when COVID 19 fell into action. Yet, the global market for biomarkers continued to surge ahead at a double-digit growth rate, even in the lockdown period. These factors have immensely served the market’s growth and promise to expand further in the future timeframe.
The Global Biomarkers Market is further studied for the segments of product, type, application, and disease indication.
The Biomarkers Market, by the segment of the product, has included services, consumables, and software. The mounting applications of biomarkers in neurology and oncology, customization of reagents and kits offered by the manufacturers, and enhanced sensitivity and refined specificity are the factors garnering revenue for crucial players contributing to the global biomarkers market.
The biomarkers market, by the segment of type, has included safety biomarkers, efficacy biomarkers, and validation biomarkers. The efficacy biomarkers segment further includes surrogate, predictive, pharmacodynamics, and prognostic biomarkers.
The Americas apprehended the largest market share for biomarkers in the year 2019 that was attributed to escalating developments in diagnostic applications of biomarkers, spurring R&D funding for biomarker research, as well as the elevated prevalence of cancer.
Europe region grabs the second-largest share in the global biomarkers market. Europe would follow the Americas in terms of revenue during the forecast period owing to the incidence of favorable government initiatives and laws, rising prevalence of lifestyle-associated conditions, large target population base, and escalating adoption rate of biomarker dependent diagnostic tests.
Asia-Pacific region also might witness the highest market growth potential over the forecast period owing to the going up to the number of contract research organizations and the low cost of clinical trials coupled with the increasing adoption of advanced medical imaging systems.
The top players in the global biomarkers market are Thermo Fisher Scientific Inc., PerkinElmer Inc., Merck KGaA, Abbott Laboratories, Enzo Biochem Inc., EKF Diagnostics, LLC, Signosis, Meso Scale Diagnostics, and PerkinElmer Inc.
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