Latest News- Biomarkers Market: Safety is expected to lead the Type segment during 2024-2028

The Biomarkers Market is being driven by Increasing prevalence of heart diseases

The Biomarkers Market is expected to grow at a CAGR of 16.83% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 87.96 billion. The global biomarkers market is poised for significant growth due to the increasing number of research initiatives and new product launches. Notably, a study published in the British Journal of Cancer in October 2022 revealed the potential of the BC-116 biomarker panel for detecting primary Bladder Cancer. This test could potentially reduce the frequency of cystoscopies during surveillance if it achieves a negative predictive value greater than 95%. The BC-116 panel demonstrated an 89% sensitivity and 67% specificity in its validation. Furthermore, in February 2022, the Foundation for the National Institutes of Health (FNIH) Biomarkers Consortium initiated a project titled "Neurofilament as a Fluid Biomarker of Neurodegeneration in Familial Frontotemporal Degeneration (FTD)" to identify the most effective blood tests for measuring a neurodegenerative protein, contributing to the early detection of rare neurodegenerative diseases. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Safety
  • Efficacy
  • Validation
• Application
  • Drug discovery and development
  • Diagnostics
  • Personalized medicine
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of heart diseases
• Growing advancements in genomics and proteomics
• Growing focus on development of biomarker-based diagnostic methods

However, the market also witnesses some limitations, which are as follows:

• High cost associated with development and validation of biomarker tests and infrastructure
• Stringent regulations associated with new product approval
• Shortage of skilled clinicians

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Market Scope in Biomarkers Market Research Report

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Research Analysis Overview

Biomarkers play a pivotal role in diagnosing and monitoring various fatal diseases, including prostate and lung cancer, neurological disorders, and cardiac problems. Companion diagnostics, driven by research investments, facilitate early detection through molecular markers, active genes, and protein products. Unhealthy food habits and physical inactivity contribute to the rise of these conditions. Product innovations and biomarker advancements continue to fuel the market, with funds and grants supporting ongoing research. Organic compounds derived from regular cells are essential for accurate diagnosis and effective treatment.

Market Research Overview

The global life sciences tools and services market encompasses companies and offerings involved in the research and development (R&D) of a range of product categories, including capital equipment, instruments, accessories, and consumables. These tools are utilized in the pharmaceutical and biotechnology industries for R&D and in laboratory diagnosis of diseases such as prostate cancer, lung cancer, bowel cancer, and neurological diseases. Additionally, the market includes life sciences-related services, including contract research, contract manufacturing, and contract sales. Factors driving market growth include increasing research investments, the rise in fatal diseases, and the growing importance of companion diagnostics and digital biomarkers. According to Technavio, this market is expected to expand significantly due to the aging population, with the proportion of those over 60 predicted to increase significantly. This demographic shift will lead to increased demand for diagnostic tools and services for various diseases, as reported in esteemed publications such as PLOS Journal and Nature Journal.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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Website: www.technavio.com/