Global Blood Based Biomarker Market, By Type (Screening Biomarker, Diagnosis Biomarker, and Others), By Disease (Cancer, Neurological Disorders, and Others), By Application (Diagnostics, Drug Discovery, and Personalized Medicine), and By Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa) is estimated to be valued at US$ 18.8 Bn in 2022 and is expected to exhibit a CAGR of 12.8% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Key trends in the market include research and development for blood based biomarker by key players which is expected to drive the market growth over the forecast period. For instance, in July 2020, C2N Diagnostics, a privately-held biotechnology company, announced to develop blood biomarkers for the early identification of Alzheimer’s disease.
Global Blood Based Biomarker Market– Impact of Coronavirus (COVID-19) Pandemic
Lockdown or shutdown was imposed in many countries globally, which had a negative impact on the economy of the private healthcare sector globally. This lockdown resulted in the closure of industrial establishments and disruption in supply chain of the products, except manufacturing of essential commodities. Thus, COVID-19 pandemic has affected the economy by directly affecting the production and demand, by creating disruptions in distribution channels and also, by its financial impact on firms and financial markets. Supply chain and manufacturing activities in India, China, the U.S., and others have been disrupted due to lockdown. Whereas, the countries such as Thailand, Indonesia, Singapore, and others are facing problems with transportation of raw materials. Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources, which are required to ensure safety in hospitals and provide treatment to patients with other diseases, which has also impacted the market negatively.
Browse 29 Market Data Tables and 33 Figures spread through 166 Pages and in-depth TOC on “Global Blood Based Biomarker Market”- Forecast to 2030, Global Blood Based Biomarker Market, By Type (Screening Biomarker, Diagnosis Biomarker, and Others), By Disease (Cancer, Neurological Disorders, and Others), By Application (Diagnostics, Drug Discovery, and Personalized Medicine), and By Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa)
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Moreover, increasing research and development expenditure which is also expected to aid in growth of the global blood based biomarker market over the forecast period. For instance, according to the Congressional Research Service Report April 2020, the total global R&D expenditure increased by three folds, which was US$ 676 billion to US$ 2.0 trillion in the year 2000 and 2018, respectively.
Key Takeaways of the Global Blood Based Biomarker Market:
- The global blood based biomarker market is expected to exhibit a CAGR of 12.8% during the forecast period due to key companies in the market focusing on product launches which is expected to boost the growth of the market. For instance, in November 2021, Biognosys, a leader in proteomics solutions for drug discovery and development, announced the launch of its next-generation blood biomarker discovery solution, which will be offered as a contract research service. The service is designed to help researchers decipher the complexity of the blood proteome and unlock unbiased discoveries for pharma and diagnostics development and precision medicine.
- In terms of Application, Drug Discovery segment is estimated to hold the largest market share in the global blood based biomarker market over the forecast period, owing to increasing product launches by key players for blood based biomarkers. For instance, in July 2020, Biological Dynamics, Inc., an innovative diagnostic company committed to improving global health, announced a new biomarkers program designed for drug development applications in Alzheimer's disease (AD). The company will use its proprietary Verita platform uses AC Electrokinetics (ACE) technology for isolation of nanoparticles and macromolecules from biofluids, such as whole blood, plasma and serum, to develop a portfolio of assays for detection and quantification of blood-based biomarkers associated with AD and other neurodegenerative conditions. The program is funded by the Alzheimer's Drug Discovery Foundation's (ADDF) Diagnostics Accelerator, an initiative that aims to fast-track the development of novel biomarkers for the early detection of Alzheimer's disease and related dementias.
- Among the regions, North America estimated to hold a dominant position in the global blood based biomarker market in 2022 owing to increasing the prevalence of cancer. For instance, according to data published by Centers for Disease Control and Prevention, 1,708,921 new cancer cases were reported and 599,265 people died of cancer in 2018 in the U.S. For every 100,000 people, 436 new cancer cases were reported and 149 people died of cancer in the U.S.
- Major players operating in the global blood based biomarker market are Diadem srl., Proteomedix, Cleveland Diagnostics, Hoffmann-La Roche Ltd, GENFIT, Nutech Cancer Biomarkers India Pvt Ltd, SysmOex Corporation, Minomic, Creative Diagnostics, Eisai Co., Ltd., and C2N Diagnostics