Global Diagnostic Biomarkers Market Highlights over 2020-2030
The global diagnostic biomarkers market is estimated to garner a significant CAGR over the forecast period, i.e., 2021–2030. The growth of the market can be attributed to the rising prevalence of diseases, such as, cancer, and diabetes, combined with the increasing demand for early diagnosis of such disease. Early diagnosis can significantly reduce the risk of complications and improve the chances of recovery. According to a report by the World Health Organization (WHO), cancer caused over 10 million deaths in 2020. The major type of cancers included lung, colon-rectal, liver and breast cancer, which are all treatable, if diagnosed on time. Lung cancer was the cause of 1.80 million deaths, whereas 935 000 deaths were caused by colon and rectum cancer; liver cancer was responsible for 830 000 deaths of the total deaths and breast cancer caused 685000 deaths. Moreover, rising demand for advanced treatment options and growing R&D investment for medical research, are estimated to further boost the market growth.
The global diagnostic biomarkers market is segmented by product into consumable, software, and service, out of which, the consumable segment is anticipated to hold the largest share in the market during the forecast period on account of easy availability and affordable process of consumables, as compared to screening devices, and other biomarkers. On the basis of application, the market is segmented into oncology, metabolic diseases, neurological diseases, and others, out of which, the oncology segment is anticipated to attain notable growth during the forecast period, on the back of increasing cases of cancer globally, along with high mortality rate associated with cancer. As per other statistics of the WHO, cancer is the second leading cause of death globally, accounting for almost 9.6 million deaths, in the year 2018.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Diagnostic Biomarkers Market Regional Synopsis
Regionally, the global diagnostic biomarkers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to hold the major share over the forecast period on the back of the efficient healthcare sector, supported by the high government investment. Moreover, technological advancement, increasing funding for R&D activities, and development of novel diagnostic tools, is estimated to boost the market growth. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period on account of increasing prevalence of cancer and other chronic diseases, along with the developing healthcare sector and economic development in the region.
The global diagnostic biomarkers market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global diagnostic biomarkers market includes the following segments:
By Product
- Consumable
- Software
- Service
By Application
- Oncology
- Metabolic Disease
- Neurological Disease
- Others
By End-Use
- Hospital
- Academic Research Institute
- Diagnostic Center
- Others
Growth Drivers
- Increasing Demand for Early Diagnosis
- Advancement in Diagnostic Technology
Challenges
- High Cost of Diagnostic Biomarkers
Top Featured Companies Dominating the Market
- Siemens Healthcare GmbH
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- PerkinElmer Inc.
- Biomarker Technologies, Inc.
- Almac Group Limited
- Myriad Genetics, Inc.
- F. Hoffmann-La Roche Ltd
- Epigenomics AG
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories, Inc.
- QIAGEN GmbH
