Global Diagnostic Biomarker Market 2022-2028

Global Diagnostic Biomarker Market 2022-2028

Global diagnostic biomarker market size was $20.2 billion in 2021 and is growing at a considerable CAGR of 12.8% during the forecast period. Rising number of research institute focusing on diagnostic biomarkers is one of the prime factors affecting and driving the market. Increasing advancement in biomedical technologies along with techniques related to laboratory is also estimated to be the prime factors that are contributing significantly towards the growth of the market. However, availability of resources that are limited along with high cost involvement are some major factors that are hindering the growth of the global diagnostic biomarker market across the globe.

Further, active funding availability for research institute is one of the key factors that are creating opportunity for the market. New product launches and collaboration in the market are likely to drive the growth of the global diagnostic biomarker market. For instance, in February 2020, Biodesix had set forth the commencement of its next phase in order to develop biomarker with Merck KgaA, along with Pfizer Inc., this collaboration will support the company in test discovery along with artificial intelligence and their applications to immunotherapy.

Impact of COVID-19 on the Global Diagnostic Biomarker Market

The global diagnostic biomarker market was positively affected by the COVID-19 pandemic since December 2019. The COVID-19 pandemic in the major economies had led to an increase in the demand for diagnostic biomarker in application across the globe with the demand for advanced and enhanced features. The hospitals also have a greater number of diagnostic procedures witnessed as many people admitted due to COVID-19 specially the old age group.

Segmental outlook

The market is segmented based on application, diagnostic technique and end-user. Based on application, the market is segmented oncology, cardiology, neurology, nephrology and other. By diagnostic technique, the market is segmented into Elisa, colorimetric assay, liquid chromatography-mass spectrometry, and particle-enhanced turbidimetric immunoassay and other. By end-user, market is segmented into hospitals & diagnostic labs and research centers.

Based on the application, oncology holds a significant market share. It is mostly used in the hospitals for providing proper effective diagnostic procedures to assist the patient. With the increasing pervasiveness of cancer across the globe the scope of oncology segment has also increased. According to American cancer society data across the globe an estimated 19.3 million new cancer cases occurred in 2020. A cancer biomarker supports in measuring the risk of developing cancer in a specific tissue for providing effective treatment to patients.

Regional Outlooks

The global diagnostic biomarker market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2020 in the global diagnostic biomarker market. Some factors that are boosting the market growth in North America are growing cancer patients among population; leading manufactures and players present in the region. According to statistical data of 2020 provide by American Cancer Society in the US that highlighted around 1,806,590 new cancer cases. Additionally, well developed infrastructure of health that has led to rising healthcare R&D investments is other factors that are promoting the growth of the market.

Global Diagnostic Biomarker Market, by Region 2021-2027

Asia-Pacific will have Considerable Growth in the Global Diagnostic Biomarker Market

Asia-Pacific region is expected to witness significant growth opportunities for the market. Increasing pervasiveness of chronic diseases such as cancer cases in India, China and South Korea along with rising health care expenditure in emerging economies of the region is likely to drive the growth of the regional market. Further due to high government investments in R&D and rising adoption of personalized medicine especially in china are other prime factors that are driving the growth of the market in this region.

Market Player Outlook

Key players of the global diagnostic biomarker market are Abbott, F. Hoffmann-La Roche Ltd, Merck KgaA, SIGNOSIS INC., and QIAGEN among others. To survive in the market, these players adopt different marketing strategies such as product launches. For instance, in April 2021, F. Hoffmann-La Roche Ltd. had notified to introduce Elecsys Anti-p53 immunoassay. This will support in offering various type of diagnose related with cancers that includes oesophageal cancer and bowel cancer among others in patients along with different type of diagnostic tests. Additionally, the Elecsys Anti-p53 immunoassay will also support in monitoring the cancer cell remnants in the body of patients that is suffering from cancer.

In April 2021, F. Hoffmann-La Roche Ltd. had received the approval from U.S. Food and Drug Administration (FDA) in order to identify endometrial cancer among the patients through companion diagnostic. VENTANA MMR RxDx Panel was launch with the support and collaboration with GlaxoSmithKline (GSK) in order to provide help to patients suffering from endometrial cancer as they have limited options related to their treatment. Through this collaboration both the company have got into healthcare strategy in order to offer assistance through specific therapy.

In January 2021, Astellas Pharma Inc. had come up with the collaboration with regards to research with Actinium Pharmaceuticals, Inc., through this the company wants to develop theranostics to be the part of its business which is the combination of therapeutics along with diagnostics. With the support of this patients could get efficient and effective treatment with the proper guidance by healthcare professionals.