Blood Based Biomarker Market Early Diagnosis of Cancer is Facilitating Growth
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.
Market Overview:
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.
Porter’s Analysis
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.
SWOT Analysis
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.
Key Takeaways
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 preference for minimally invasive diagnostic procedures among patients and healthcare professionals.
Regional analysis: North America dominates the global market currently owing to rapid technological adoption and supportive insurance coverage for advanced diagnostics in the US and Canada. Asia Pacific is anticipated to be the fastest growing regional market due to growing healthcare expenditure, presence of large patient population and increasing focus of international players.
Key players: 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. They are focusing on launch of innovative biomarker panels to expand their product portfolios.
Read more: https://makuv.com/blood-based-biomarker-market-contributes-major-share-to-global-market/
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