The blood based biomarker market is estimated to be valued at US$ 18.8 billion in 2022 and is expected to exhibit a CAGR of 12.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Blood based biomarkers are biological molecules found in blood that are indicators of normal or abnormal processes, or of conditions or diseases such as cancer. These biomarkers can detect genetic mutations, expression changes or modifications of proteins linked to different cancers. Blood based biomarkers offer minimally invasive cancer diagnosis and monitoring as compared to biopsies or imaging tests.
Market key trends:
One of the major trends driving the growth of the blood based biomarker market is early diagnosis of cancer. Blood based biomarkers allow for easy, non-invasive and early detection of cancer, facilitating prompt diagnosis and treatment. Early detection significantly improves cancer treatment outcomes and patient survival rates. For example, blood based biomarker tests can detect early stage cancers, such as colorectal, breast and prostate cancers, which have high cure rates if caught early. This is increasing adoption of blood based biomarkers for cancer screening globally.
Threat of new entrants: Growing healthcare expenditure has resulted in high entry barriers for new players. The capital requirements are quite high to enter the market.
Bargaining power of buyers: Presence of several biomarker diagnostic players has given buyers more choice which increases their bargaining power.
Bargaining power of suppliers: Suppliers have less bargaining power as there are many suppliers of raw materials and reagents in the market.
Threat of new substitutes: Emergence of new non-invasive tests poses a potential threat of substitution.
Competitive rivalry: Intense competition exists among existing players to gain more market share.
Strength: Rising demand for more accurate and non-invasive diagnostic tests. Growing healthcare expenditure globally.
Weakness: High capital investment requirements. Stringent regulatory guidelines increase compliance costs.
Opportunity: Emerging economies providing growth opportunities. Increasing R&D activities to develop new biomarkers.
Threats: Threat from substitute diagnosis methods. Reimbursement issues in some regions.
The Global Blood Based Biomarker Market Size is expected to witness high growth, exhibiting CAGR of 12.8% over the forecast period, due to increasing prevalence of chronic diseases. North America dominates the market currently due to presence of major biomarker diagnostic players and growing healthcare spending in the region. The Asia Pacific region is expected to grow at a fast pace owing to rising healthcare expenditure, growing awareness, and increasing research activities in major countries like India and China.
Key players operating in the Blood Based Biomarker market are Diadem srl., Proteomedix, Cleveland Diagnostics, F. Hoffmann-La Roche Ltd, GENFIT, Nutech Cancer Biomarkers India Pvt Ltd, SysmOex Corporation, Minomic, Creative Diagnostics, Eisai Co., Ltd., and C2N Diagnostics. These companies are focusing on new product launches, collaborations and capacity expansion activities to strengthen their market position.