Biomarkers Market Worth 53.34 Billion USD by 2021
PUNE, India, February 17, 2017 /PRNewswire/ --
According to a new market research report "Biomarkers Market by Product (Consumables, Service), Type (Safety, Efficacy, Validation), Disease Indication (Cancer, Cardiovascular Disorders), Application (Diagnostics Development, Drug Discovery and Development, Disease-Risk) - Global Forecast to 2021" published by MarketsandMarkets, the market is projected to reach USD 53.34 Billion by 2021 from USD 27.95 Billion in 2016, growing at a CAGR of 13.8% during the forecast period (2016-2021).
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Browse 117 market data Tables and 37 Figures spread through 157 Pages and in-depth TOC on "Biomarkers Market "
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The report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the Biomarkers Market along with the estimates and forecasts of the revenue. Growth in the Biomarkers Market is mainly driven by factors such as increasing diagnostic applications of biomarkers, increasing R&D funding for pharma and biotech companies, increasing number of CROs and low cost of clinical trials in developing countries, the high prevalence of cancer, and new initiatives for biomarker research. On the other hand, high capital investments and low cost-benefit ratio poorly suited regulatory and reimbursement systems, and technical issues related to sample collection and storage are the major factors restraining the growth of this market.
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The Biomarkers Market is segmented on the basis of product, type, application, disease indication, and region. On the basis of product, the Biomarkers Market is segmented into consumables, services, and software. The consumables segment is estimated to account for the largest share of the global Biomarkers Market in 2016. The large share of this segment is primarily attributed to the lower price of consumables than that of screening and automation instruments.
On the basis of type, the Biomarkers Market is segmented into safety, efficacy, and validation biomarkers. The efficacy biomarkers segment is further classified into predictive, surrogate, pharmacodynamics, and prognostic biomarkers. In 2016, the safety biomarkers segment is expected to account for the largest share of the Biomarkers Market. However, the efficacy biomarkers segment is estimated to register the highest CAGR during the forecast period.
On the basis of application, the Biomarkers Market is categorized into diagnostics, drug discovery & development, personalized medicine, disease risk assessment, and other applications (DNA fingerprinting, ecotoxicology, and forensics). The diagnostics segment is estimated to account for the largest share of the market in 2016. Factors such as increasing prevalence of cancer, technologically developed biomarker products, individualized treatments for cancer, and the need for early-stage cancer diagnosis are driving the growth of this segment in the Biomarkers Market.
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On the basis of disease indication, the Biomarkers Market is categorized into cancer, cardiovascular disorders, neurological disorders, immunological disorders, and others (renal disorders, urinal diseases, diabetes, and tuberculosis). The cancer segment is estimated to account for the largest share of the global Biomarkers Market in 2016. The growth of this segment is primarily attributed to the increasing prevalence of cancer.
Key players in the Biomarkers Market include QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (U.S.), Merck Millipore (U.S.), Bio-Rad Laboratories, Inc. (U.S.), and Enzo Biochem, Inc. (U.S.).
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