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Global Biomarkers Market Size, Share, Trends, COVID-19 Impact and Growth Analysis Report – Segmented By Product, Biomarker Type (Safety Biomarkers, Efficacy Biomarkers), Application, Disease Indications and Region – Industry Forecast (2021 to 2026)
The size of the global biomarkers market is expected to be worth USD 76.38 billion by 2026, growing at a CAGR of 13.44% from 2021 to 2026.
Impact of COVID-19 on the global biomarkers market:
Many biomarkers are also playing an important role in the diagnosis of COVID-19. For example, C-reactive protein, lymphocytes, lactate neutrophil-to-lymphocyte ratio, D-dimer, cardiac troponin, renal biomarkers, interleukin-6, and platelet count are only a few examples of biomarkers. Patients with severe COVID-19 infection complications had considerably greater levels of these markers than their non-severe counterparts. Furthermore, the number of lymphocytes and platelet in severe patients was substantially lower than in non-severe individuals. In addition, the market-leading manufacturers have created several assays and assay kits to assist COVID-19 research.
KEY DRIVING FACTORS:
The global biomarkers market growth is driven by chronic diseases such as cancer, diabetes, and other contagious diseases. Also, the technological advancements in the healthcare sector and the continual product launches in the market are expected to expand the market growth. In addition, the increasing importance of companion diagnostics is likely to witness market growth.
However, the growing geriatric population is more prone to various chronic diseases such as cancer. However, over the forecast period, the demand for the diagnostic markets has been rapidly increased. Whereas traditional diagnostic instruments were designed to produce accurate and consistent results, today's market demands include early detection with accurate and consistent outcomes. There are significant challenges in presenting accurate results in the early stage of diseases, especially in cancer.
As the demand for cost-effective and efficient treatment doses grows, biomarkers enable pharmaceutical companies to analyze and develop novel medicines. The biomarkers are using in drug validation and testing, sample separation, and assay development to facilitate the discovery and development of new drugs. Moreover, increasing funding by the government and private organizations for conducting research and development activities is expected to encourage market growth.
However, unfavorable reimbursement policies and limited investment funds in some underdeveloped countries are expected to restrain the market growth. Also, the cost associated with the processing is very high, which is expected to impede the global biomarkers market growth during the forecast period.
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KEY MARKET INSIGHTS:
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By Disease Indications:
KEY MARKET PLAYERS PROFILED IN THIS REPORT:
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