The biomarkers market size in the Asia Pacific is predicted to be worth USD 14.13 billion by 2028 from USD 6.67 billion in 2023, growing at a CAGR of 16.20% during the forecast period.
The biomarkers market in the APAC region is primarily driven by the rising cancer incidence, developing CROs, and the rising prevalence of the chronic disease across the APAC. In addition, people in metropolitan locations are more inclined to adopt sedentary lifestyles, increasing their risk of developing chronic diseases. Increasing chronic illness incidence, particularly cancer, cardiovascular disease, and diabetes, necessitates more research to support market growth.
In addition, the growing need for biomarkers in diagnostic areas, expanding research and development expenditures, and rising healthcare expenditures are a few key factors contributing to the growth of the biomarkers market in the APAC region. Furthermore, a growing number of low-cost clinical trials in emerging countries, growth initiatives in biomarkers research, rising information technology, and a rising need for drug discovery are expected to favor the market’s growth rate during the forecast period.
Moreover, the increasing government attempts to minimize the cost of medical procedures, and a growing focus on personalized medicine further boosts the market growth in this region. In addition, the increasing trend in the pharmaceutical industry is expected to increase medication production, which is reflected in favor of the market. Furthermore, the growing investments and funding by the government and private organizations in healthcare centers and growth in the importance of minimally invasive and non-invasive treatment techniques are predicted to fuel the market's growth rate.
However, the limited acceptance of advanced biomarkers tests and the high cost of developing and validating biomarkers limit the biomarkers market’s growth in the Asia Pacific. On the other hand, the Asia Pacific biomarkers market growth is expected to be restrained by high capital expenditures, high testing costs, and the need for low profit-to-cost ratios. Furthermore, unfavorable policies by both private and public organizations pose a hurdle to the growth of the APAC biomarkers market.
This research report on the APAC biomarkers market has been segmented and sub-segmented into the following categories:
By Disease Indications:
The Asia Pacific region is expected to grow at a significant compound annual growth rate during the forecast period. Some factors contributing to growth include crucial biomarker participants in the region, strategic planning for joint product development, and increased R & D investment in developing countries. In addition, in emerging countries, the cost of clinical trials is relatively lower than in developed countries, which is expected to impact expansion positively. China, Japan, India, and Australia are the countries that are significantly contributing to the Asia Pacific biomarkers market expansion.
China held the largest share of the APAC biomarkers market in 2021 and is likely to register a predominant share during the forecast period. The biomarkers market in China is projected to be driven by the rising incidence of CVDs and demographic changes, such as an aging population and fewer younger people. According to the data released by China’s Ministry of Health, 203 million individuals in the country suffer from cardiovascular disease, which is anticipated to rise by 73% by 2030.
On the other hand, the Indian biomarkers market is anticipated to witness a promising share in the APAC market during the forecast period. The biomarker market is predicted to grow as biopharmaceutical companies invest more in drug discovery and development. In addition, the penetration of biomarker solutions is expected to be boosted by continuing conferences and seminars aimed at promoting awareness about the significance of biomarkers in disease management among the Asian community, which includes patients, healthcare professionals, and research organizations.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the Asia Pacific Biomarkers Market profiled in this report are Bio-Rad Laboratories (U.S.), Qiagen N.V. (Netherlands), Enzo Biochem (U.S.), PerkinElmer, Inc. (U.S.), Merck & Co, Inc. (U.S.), EKF Diagnostics Holdings plc. (U.S.), Meso Scale Diagnostics, LLC (U.S.), Singulex, Inc. (U.S.), BioSims Technologies (France), Cisbio Bioassays (France), and Signosis, Inc. (U.S.).
The APAC biomarkers market is estimated to grow at a CAGR of 16.2% from 2022 to 2027.
Thermo Fisher Scientific, Bio-Rad Laboratories, Roche Diagnostics, and Qiagen are some of the notable companies in the APAC biomarkers market.
The growth of the biomarkers market in APAC is primarily driven by factors such as increasing prevalence of chronic diseases, growing demand for personalized medicine, and advancements in biomarker discovery and development.
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