Biomarker Tests Market Insight
The global biomarker test market is expected to exhibit a strong 14.5% CAGR over the forecast period from 2016 to 2022, according to the latest research report from Market Research Future (MRFR). According to the report, the global biomarker test market is expected to rise to a valuation of USD 16,112.8 million by 2022.
Biomarker Tests Market Competitive Analysis:
Leading players in the global biomarker test market include Quest Diagnostics, Medtronics, GE Healthcare, GSK plc, Pfizer Inc., Novartis AG, and F. Hoffman-La Roche AG.
In August 2019, Genomind announced a new, improved biomarker test for mental health screening.
Biomarker Tests Market Segmentation:
The global biomarker test market is segmented on the basis of application, end use, and region.
By application, the global biomarker test market is segmented into cancer, cardiovascular, infectious diseases, central nervous system conditions. Cancer is likely to dominate the global biomarker test market over the forecast period due to the increasing investment in cancer research and the increasing demand for more accurate diagnostic tests for specific cancers. The increasing precision afforded by biomarker testing in cancer diagnosis is likely to drive the cancer segment over the forecast period. the cancer segment is expected to rise to a valuation of USD 5,395.6 million by 2022.
By end use, the global biomarker test market is segmented into pharma and biotech companies, diagnostic tool companies, healthcare IT/big data companies, and clinical laboratories. Pharma and biotech companies are likely to retain the largest share in the global biomarker test market over the forecast period due to their growing investment in the sector. The pharma and biotech companies sector is expected to exhibit a steady rise to a valuation of USD 5,451.8 million by 2022.
Biomarker Tests Market Regional Analysis:
North America commands the largest share in the global biomarker test market and is likely to remain the leading revenue generator over the forecast period due to the growing demand for advanced, precise biomarker testing in the region. The growing healthcare sector in the region has provided the biomarker test market with significant scope for growth, leading to steady growth of the market in the region. The rapid development of more advanced and more precise biomarker tests is likely to remain a promising activity in the North American market for biomarker tests. Increasing reliance on biomarker tests by physicians at the time of making the diagnosis has led to a growing scope for the biomarker test market over the forecast period. Increasing demand for clinical decision support systems in North America is also likely to remain a key factor in the growing biomarker test market in the region.
The growing use of biomarker tests for mental health screening and remedies is likely to be a major driver for the biomarker tests market in North America. Mental health has become a key topic for the healthcare sector in North America in recent years, leading to the development of more accurate diagnostic tests in the field. The increasing awareness regarding the link between mental and physical anomalies and disorders is likely to result in an increasing interest in biomarker tests for conditions in the realm of mental disorders. This is likely to drive the biomarker tests market in North America at a steady growth rate over the forecast period. Biomarker tests are also used for diagnosing increasingly prevalent healthcare concerns such as cancer and CVDs. This is likely to remain a major driver for the biomarker test market over the forecast period, as the demand for cancer and CVD diagnostics is likely to increase at a steady rate over the forecast period.
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Asia Pacific is likely to exhibit rapid growth in the global biomarker test over the forecast period. This is mainly due to the growing government funding for the healthcare sector as well as the increasing private investment in the field of medical research and diagnostics. China is likely to play a leading role in the growing biomarker test market in Asia Pacific over the forecast period due to the growing private healthcare sector in the region. India is also likely to play a key role in the growth of the biomarker test market in Asia Pacific over the forecast period due to the growing investment in medical research and diagnostic test development. The growing healthcare research sector in India is likely to play a crucial role in the growth of the biomarker test market in the region over the forecast period. The Asia Pacific market for biomarker tests is expected to exhibit a robust 15.2% CAGR over the forecast period from 2016 to 2022, according to MRFR.
