The Global Blood-Based Biomarker Market Growth Accelerated By Rising Incidences Of Cancer
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Blood Based Biomarker Market |
The global blood based biomarker
market is witnessing increasing research and development activities from
biotechnology and pharmaceutical companies. Blood based biomarkers play a vital
role in disease diagnosis, prognosis, and predicting treatment response. They
are being utilized in conditions like cancer, cardiovascular disorders,
neurological disorders, and other clinical areas. Some of the key applications
of blood based biomarkers include detection of cancer, managing diabetes, heart
disease risk assessment, and brain injury or disorders. The rising prevalence
of chronic diseases and growing need for safe non-invasive procedures are
fueling the demand for blood based biomarkers.
The global blood based biomarker
Market is estimated to be valued at US$
24.44 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.
Market Dynamics:
The global blood based biomarker
market is witnessing high growth owing to rising demand for non-invasive
diagnostic procedures. Non-invasive procedures offer advantages like minimal
risk, reduced healthcare costs, and greater acceptance by patients. Blood based
biomarkers provide an ideal alternative to invasive biopsies and procedures
through liquid biopsies. Liquid biopsies utilize blood samples for detection of
biomarkers indicating presence of cancer or other conditions. This is gaining
significance due to benefits like real time monitoring of disease, low costs,
and minimum pain and discomfort to patients.
Further, increasing investments
by biotech companies are also positively impacting the market growth. Biotech
firms are funding extensive R&D for identification of novel blood based
biomarkers and their clinical applications. For instance, Biotech company Roche
received FDA approval for its Cobas EGFR Mutation Test v2 which is a blood
based test to detect EGFR mutations in patients with non-small cell lung
cancer. Ongoing biomarker research worldwide is expected to lead to discovery
of new biomarkers with high sensitivity and specificity in the coming years.
This will augment the market expansion during the forecast period.
SWOT Analysis
Strength: The blood based
biomarker market possesses several technological strengths. Liquid biopsy
techniques allow for non-invasive sample collection and offer faster turnaround
times compared to traditional tissue biopsy methods. These biomarkers can also
provide real-time insights into disease progression and treatment efficacy
through regular monitoring. Furthermore, the continuous development of novel
assays and analyte panels enables more accurate disease detection and
diagnosis.
Weakness: However, substantial
variability exists between different testing platforms and standardized
protocols are still lacking. This hinders direct comparisons of results from
different labs. Significant R&D investments are also required to validate
emerging biomarkers and transition them into clinical use. Regulatory approvals
for new tests can be a lengthy process.
Opportunity: The market sees
strong growth opportunities due to rising demand for personalized healthcare
approaches. Continuous technological advancements are expanding the clinical
applications of blood-based biomarkers in oncology, cardiology, and other
therapeutic areas. In addition, growing awareness among patients and physicians
regarding liquid biopsy benefits presents significant prospects.
Threats: Compliance with varying
regulatory pathways across global regions poses challenges. Reimbursement
coverage and pricing pressures also influence market adoption. intense
competition threatens existing players as the entry of new entrants increases.
Additionally, the COVID-19 pandemic has disrupted clinical trial operations and
diagnostic product supplies.
Key Takeaways
The Global
Blood Based Biomarker Market Size is expected to witness high growth
over the forecast period. Rapid technological enhancements coupled with growing
demand for non-invasive diagnostic procedures are major drivers. The global
Blood Based Biomarker Market is estimated to be valued at US$ 24.44 billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period
2024 to 2031.
Regional analysis comprises: The North American region holds the
largest share of the blood based biomarker market and is expected to maintain
its dominance during the forecast period. This can be attributed to growing
funding for cancer and other target disease research, presence of leading
biomarker companies, and advancing healthcare infrastructure. However, Asia
Pacific is projected to witness the fastest CAGR over the next few years led by
economic development, healthcare reforms, and expanding patient access in
countries such as China, India and Japan.
Key players comprises: Key players operating in the blood based
biomarker market are Heraeus Holding, Ossila Limited, Nanoshel LLC, Nagase
ChemteX Corporation, Suzhou Yacoo Science Co., Ltd., Agfa-Gevaert N.V., and
Qingdao Topwell Chemical Materials Co., Ltd. These leading companies focus on
new product launches, partnerships, and geographical expansions to strengthen
their market position.
Get More Insights Here
https://techaxen.com/forging-an-ancient-metals-forming-process-still-thriving-in-modern-times/
https://www.newswirestats.com/blood-based-biomarker-market-size-share-growth-outlook-2023/
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