The North American biomarkers market is expected to reach USD 47.65 billion by 2027 from USD 27.28 billion in 2022, growing at a CAGR of 11.80% during the forecast period.
The biomarkers market in North America is primarily driven by the growing relevance of companies’ diagnostics, the rising global prevalence of cancer, increased funds and grants for biomarker research, and continual product improvements. Growing need for biomarkers in the diagnostic area, rising research and development expenditures, and rising healthcare expenditure are further accelerating the growth rate of the North American biomarkers market. In addition, the rising prevalence of sickness to boost the productivity of pharmaceuticals in pharmaceutical businesses and people’s demand for disease prevention by detecting as early as feasible is fueling market expansion.
Validating biomarkers takes a long time due to inconsistencies in their efficacy in sickness diagnosis. As a result, the validation process becomes time-consuming (about 15 years when combined with the time required for FDA clearance) and costly. With a few exceptions, the process and timing for generating and validating biomarkers are similar because different biomarkers have similar development and validation process steps. Surrogate endpoints are the most expensive to develop and validate, especially in clinical studies, due to the significant clinical validation required.
Impact of COVID-19 on the North American biomarkers market:
The COVID-19 outbreak caused widespread disruption in nearly every industry. In its realm, the healthcare sector also saw an unparalleled influence. This is not the situation in the biomarker market, where biomarkers are crucial in developing chronic care drugs and where the government and pharmaceutical companies will invest heavily, stifling market growth. To assist COVID-19 research, the market’s main manufacturers produced a variety of assays and assay kits.
The COVID-19 study has helped researchers untangled the complicated picture of coronavirus by developing breakthrough biomarker technologies and a wide range of goods such as antibody tests and PCR testing. As a result, the COVID-19 has had a beneficial impact on the North American biomarkers market.
This research report on the North American Biomarkers Market has been segmented and sub-segmented into the following categories:
By Disease Indications:
Geographically, North America had the biggest share in the global biomarkers market in 2020. The increasing use of biomarkers in personalized medicine, diverse growth methods used by important players with established pharmaceutical corporations in this region, and a higher biomarker acceptance rate for disease diagnosis, can all be attributed to this region’s large share.
Biomarkers are becoming more widely utilized to diagnose diseases like cancer, infectious diseases, cardiovascular disorders, and neurological disorders. The increasing use of biomarkers is one of the primary factors driving the diagnostics segment of the biomarkers market forward.
The U.S. biomarkers market accounted for the most significant share in the North American market in 2020. According to the US National Library of Medicine, there are roughly 1,515 cancer biomarkers in clinical studies. In the forecast period, the release of new cancer biomarkers will raise the market size of biomarkers. The cancer biomarker market is dominated by breast and lung cancer, and these instances are expected to rise in the coming years. As a result, the biomarker revenue will increase during the projection period.
In North America, the Canadian biomarkers market is second only to the United States. The elderly population of Canada is looking forward to the Canadian Market. Every year, a considerable number of people are diagnosed with cancer. Lung cancer and prostate cancer are more common in this region, so the government is investing more in healthcare.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the North American 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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