Blood Based Biomarker Market Driven by Increasing Prevalence of Chronic and Lifestyle Diseases & Technological Advancements

 

The Blood Based Biomarker Market is estimated to be valued at US$ 18.8 billion or Mn in 2022 and is expected to exhibit a CAGR of 12.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Blood based biomarkers refer to proteins, enzymes, DNA, or other biological markers that can be detected in blood samples. They play a crucial role in detecting and monitoring various diseases and therapeutic responses. Blood tests allow healthcare professionals to screen for diseases, monitor treatment effectiveness, and detect recurrence. Some common applications of blood based biomarkers include screening and diagnosis of cancer, diagnosis of cardiovascular diseases, and monitoring treatment response in neurological disorders.

Market Dynamics:
Rising prevalence of chronic and lifestyle diseases such as cancer, cardiovascular diseases, and neurological disorders is a major factor fueling demand for blood based biomarkers across the globe. According to the World Health Organization (WHO), cancer accounted for nearly 10 million deaths in 2020 worldwide. Technological advancements in biomarker discovery and validation are also boosting market growth. For instance, proteomics and genetic sequencing technologies have enabled identification of novel biomarkers and development of multi-analyte diagnostic panels with high accuracy. Moreover, growing focus on personalized medicine is prompting healthcare providers and pharmaceutical companies to adopt blood based biomarkers to develop targeted treatment approaches. All these factors are expected to drive the blood based biomarker market growth over the forecast period.

SWOT Analysis
Strength: The blood based biomarker market leverages advanced technologies like AI and machine learning to identify clinically relevant biomarkers. Minimal invasiveness of blood sample collection makes these solutions highly patient-compliant. Streamlined regulatory processes facilitate rapid translation of R&D into commercial tests.

Weakness: High costs associated with biomarker discovery, validation and commercialization pose challenges especially for startup firms. Dependence on reference labs and healthcare professionals for sample collection and analysis limits direct-to-consumer sales potential.

Opportunity: Growing incidence of chronic diseases worldwide is boosting demand for effective early detection methods. Biomarker profiling helps deliver personalized care plans and guide therapeutic interventions. Emerging economies present a large patient pool and conducive regulatory environment.

Threats: Stringent premarket approval regimes and reimbursement policies restrict market entry. Potential discovery of better performing biomarkers could rapidly make existing solutions obsolete. Intense competition from alternatives like imaging and biopsy tests.

Key Takeaways
The Global Blood Based Biomarker Market Size is expected to witness high growth, exhibiting CAGR of 12.8% over the forecast period, due to increasing preference for minimally invasive diagnostic procedures among patients and healthcare professionals.

Regional analysis: North America dominates the global market currently owing to rapid technological adoption and supportive insurance coverage for advanced diagnostics in the US and Canada. Asia Pacific is anticipated to be the fastest growing regional market due to growing healthcare expenditure, presence of large patient population and increasing focus of international players.

Key players: Key players operating in the blood based biomarker market are Diadem srl., Proteomedix, Cleveland Diagnostics, F. Hoffmann-La Roche Ltd, GENFIT, Nutech Cancer Biomarkers India Pvt Ltd, SysmOex Corporation, Minomic, Creative Diagnostics, Eisai Co., Ltd., and C2N Diagnostics. They are focusing on launch of innovative biomarker panels to expand their product portfolios.

 

Read more: https://www.trendingwebwire.com/blood-based-biomarker-market-forecast-share/ 

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