The European biomarkers market's size is expected to be worth USD 21.52 billion by 2027 from USD 11.73 billion in 2022, growing at a CAGR of 12.90% during the forecast period.
Increased diagnostic uses of biomarkers, increased funding for pharma and biotech businesses, a rapidly growing number of contract research organizations, low cost of clinical trials in developing countries, high cancer prevalence, and new research efforts are all driving growth in the European biomarkers market. The research also includes discovering biomarkers based on genetic data in the context of resistance, which might help predict radiation therapy responses and prognoses. As a result, the high prevalence of cancer and increased R&D efforts are projected to improve the market's overall growth. As the need for cost-effective and efficient treatment doses grows, biomarkers enable pharmaceutical companies to evaluate and develop novel medicines. To simplify the discovery and development of new medicines, biomarkers are utilized in drug validation and testing, sample preparation, and assay development. The biomarkers market is also gaining traction due to several factors, including an increase in diagnosis applications for companion diagnostics and personalized medicine, a fall in the cost of clinical trials in various emerging economies, and an increase in biotechnology and pharmaceutical company's investment in research and development.
Due to the rising prevalence of cancer, the use of cancer biomarkers has risen dramatically in recent years, giving opportunities to improve cancer patient care by boosting diagnosis and treatment efficacy. Personalized medications, companion diagnostics, disease risk assessment all use biomarkers extensively. Biomarkers' growing diagnostic applications are likely to fuel market expansion in the coming years. The rising disease burden and the bigger population in this region are key factors in higher growth prospects for these areas. In addition, the increasing number of hospitals in these areas presents significant opportunities for biomarker producers. With the advancement of technology in clinical laboratory testing, imaging exams, and biomarker tests, the market for diagnostic biomarkers is increasing. In recent years, biomarker tests have influenced patient clinical care. Biomarkers are usually identified by examining pathophysiology and epidemiology, both of which provide insensitive and nonspecific indicators. The rising frequency of chronic heart illnesses, particularly heart attacks, in Europe offers attractive prospects in the biomarkers industry.
The major factors limiting the growth of the European biomarkers market are high capital investments and low cost-benefit ratios, poorly suited regulatory and reimbursement systems, and technical issues related to sample collection and storage. The high costs of biomarker validation are a big challenge for businesses, particularly firms. In addition, intrinsic fluctuation in biomarker levels and molecular heterogeneity add to the difficulties in the biomarker validation process.
This research report on the European Biomarkers Market has been segmented and sub-segmented into the following categories:
By Disease Indications:
Geographically, the biomarkers market in Europe is expected to develop rapidly over the forecast period, owing to increased drug discovery activities. The rising incidence of cancer and the increased focus on new medication development are two reasons propelling the industry forward. Early detection based on biomarkers allows for sensitive and cost-effective testing, which is predicted to lower cancer mortality. In addition, the biomarker's ability to properly measure risk has aided in increasing technology acceptance, which has resulted in market expansion.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the European 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.).
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