The global clinical biomarkers market size was USD 17.98 Billion in 2019 and is expected to reach a market size of USD 38.79 Billion by 2027 registering a CAGR of 10.2% over the forecast period, according to the latest report by Emergen Research.
The global clinical biomarkers market size was USD 17.98 Billion in 2019 and is expected to reach a market size of USD 38.79 Billion by 2027 registering a CAGR of 10.2% over the forecast period, according to the latest report by Emergen Research. The increasing prevalence of chronic diseases is one of the primary growth drivers for this market. According to the National Center for Health Statistics, in 2018, around 50% of all adults aged 18 years or older reported having a least one chronic health condition. Furthermore, 4 out of 10 adults reported having two or more chronic health conditions. These chronic diseases include heart disease, cancer, stroke, arthritis, diabetes, and obesity.
In addition to this, the favorable reimbursement policies for biomarker tests are expected to propel the growth of this market over the forecast period. For instance, in November 2019, the Centers for Medicare and Medicaid Services (CMS) released a final rule that makes changes to the Clinical Laboratory Fee Schedule (CLFS) for 2020. As per the rule, around 90 laboratory-developed tests (LDTs), including a wide variety of genomic, genetic, and molecular tests will now be covered under Medicare. This is expected to provide a major boost to the clinical biomarkers market growth over the forecast period. However, the lack of awareness about biomarker tests among patients and clinicians is expected to restraint market growth during the forecast period.
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/23
Product launches and upgrades, partnership and collaborations, and approvals are the major strategies adopted by players in the clinical biomarkers market. The key players in this market have focused on product launches and upgrades to expand their product portfolios and maintain their positions in the market. For instance, in October 2017, Roche launched a new version of its VERIOS platform for automated microscopy. The updated version offers advanced software tools for pathology and research laboratories.
In October 2016, Abbott Laboratories acquired Alere Inc. (US), a leading provider of point-of-care diagnostics and services. The acquisition strengthened the company’s position in the clinical biomarkers market by expanding its product portfolio.
Partnership and collaborations were another key strategy adopted by players to expand their geographic reach and strengthen their product portfolios. For instance, in August 2018, Abbott Laboratories entered into a partnership with the Bill & Melinda Gates Foundation (US) to develop a new test for malaria. Under this partnership, the company will invest USD 75 million over five years to develop a new rapid diagnostic test for malaria that can be used at the point of care.
In November 2018, QIAGEN N.V. entered into a collaboration with the Foundation for Innovative New Diagnostics (FIND) (Switzerland) to develop a point-of-care test for chlamydia and gonorrhea that can be used in resource-limited settings.
Clinical biomarkers have been extensively preferred in the field of clinical medicine and research owing to their significant role in early diagnosis, predicting disease progression and response to therapy. Clinical biomarkers are considered as objective measures of normal biological processes, pathogenic processes or pharmacologic responses to a therapeutic intervention. A clinical biomarker can be a nucleic acid, protein, carbohydrate or lipid molecule, enzyme or metabolite that is used as an indicator of a normal or abnormal process, physiological state or disease.
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/clinical-biomarkers-market
Some Key Highlights from the Report:
- Key participants include Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd., Siemens Healthcare Private Limited, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., Qiagen, Abbott Laboratories, Epigenomics AG, and Meso Scale Diagnostics LLC.
- The service segment is expected to account for largest revenue share over the forecast period owing to the advancement in the field of Precision Medicine and the increasing utilization of biomarkers in the field of drug development and clinical research. The demand for liquid biopsy is anticipated to increase at a high CAGR over the forecast period owing to its non-invasive nature and ability to monitor disease progression.
- On the other hand, the diagnostics segment is expected to grow at a relatively high CAGR over the forecast period. The growth of this segment can be attributed to the increasing prevalence of cancer and chronic diseases, as well as the availability of new and advanced biomarker-based diagnostic tests.
- Based on application, the market is segmented into oncology, cardiology, neurology, immunology, and others. The oncology segment is expected to account for the largest revenue share over the forecast period. This can be attributed to the increasing prevalence of cancer globally and the availability of new and advanced biomarker-based diagnostic tests and treatments.
- The translational research segment is expected to account for largest revenue share over the forecast period owing to the advancement in the field of Precision Medicine and the increasing demand for personalized medicine services. Also, service providers are expected to focus on providing comprehensive solutions that encompass sample preparation, target enrichment, library construction, data analysis, and interpretation.
- Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for the largest revenue share over the forecast period due to the presence of a large number of players in the region. In addition, the market in the region is expected to grow due to the increasing prevalence of cancer and chronic diseases, and the availability of new and advanced biomarker-based diagnostic tests and treatments. Europe is expected to be the second-largest market over the forecast period due to the presence of a large number of players in the region.
- Asia Pacific is expected to be the fastest-growing market over the forecast period due to the increasing prevalence of cancer and chronic diseases, and the availability of new and advanced biomarker-based diagnostic tests and treatments. Latin America is expected to grow at a relatively high CAGR over the forecast period due to the increasing prevalence of cancer and chronic diseases, and the availability of new and advanced biomarker-based diagnostic tests and treatments.
Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/23
For the purpose of this report, Emergen Research has segmented the global clinical biomarkers market on the basis of type, disease, application, and region:
Type Outlook (Revenue, USD Billion; 2017–2027)
- Safety
- Efficacy
- Validation
Disease Outlook (Revenue, USD Billion; 2017–2027)
- Cancer
- Cardiovascular Diseases
- Neurological Diseases
- Immunological Diseases
- Others
Application Outlook (Revenue, USD Billion; 2017–2027)
- Diagnostics
- Drug Discovery & Development
- Personalized Medicines
- Others
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
Custom Requirements can be requested for this Report [Customization Available] @ https://www.emergenresearch.com/request-for-customization/23
Explore More Reports Emergen Research:
Free Space Optics (FSO) Communication Technology Market
AI-Enabled Medical Imaging Solutions Market
Intelligent Drug Discovery Market
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
Eric Lee
Corporate Sales Specialist
14671 110 Avenue, Surrey, British Columbia, V3R2A9
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Emergen Research Media Citations: https://www.emergenresearch.com/media-citations
Press Release: https://www.emergenresearch.com/press-release/global-clinical-biomarkers-market
Visit for More Insights: https://www.emergenresearch.com/insights
Explore Our Custom Intelligence services | Growth Consulting Services
Latest Published Titles Smart Cities Market | Smart Learning Market
Trending Titles Humanoid Robot Market | Incident Response Market