Blood-based biomarkers refer to biological molecules found in blood that can be objectively measured and evaluated as indicators of normal biological processes, pathogenic processes, or pharmacologic responses to therapeutic interventions. The demand for blood-based biomarkers has been increasing rapidly owing to their role in early detection of cancer and other diseases. Blood tests for biomarkers help in non-invasive disease diagnosis and prognosis that reduces the need for biopsies or surgeries. With the increasing incidences of cancer and chronic diseases globally, demand for blood-based biomarkers for detecting symptoms at an early stage is rising.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rise in cancer incidences across the world is one of the key factors driving the growth of the global blood-based biomarker market. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. Early detection of cancer through blood tests can significantly improve the chances of treatment. Blood-based biomarkers help in detecting cancer at an early stage by testing the blood for molecules produced by tumors or other substances. This is augmenting the demand for blood-based cancer biomarkers. Innovation in biomarker development with focus on liquid biopsy is also accelerating the market growth.
Segment Analysis
The global blood based biomarker market is dominated by cancer segment which accounts for more than 30% share of the total market. Cancer segment is dominating due to increasing adoption of blood based cancer biomarker tests for early detection and monitoring of cancer. These tests helps in detecting cancer at an early stage when treatment options are more effective.
Key Takeaways
The Global Blood Based Biomarker Market Size is expected to witness high growth during the forecast period of 2024 to 2031. 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.
Regional analysis shows that North America region currently dominates the market due to presence of advanced healthcare infrastructure and increasing R&D investments for development of novel biomarkers. The Asia Pacific region is expected to be the fastest growing market during the forecast period owing to rising healthcare expenditures, increasing awareness regarding biomarker based tests and rising cancer incidence in countries like China and India.
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. Heraeus Holding is a leading player focused on developing blood based cancer biomarkers. The company offers wide range of cancer biomarkers that helps in therapeutic monitoring and detection of recurrence.
Get More Insights Here
https://techaxen.com/forging-an-ancient-metals-forming-process-still-thriving-in-modern-times/
https://www.newsstatix.com/blood-based-biomarker-market-size-share-growth-outlook-2023/
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