The global predisposition biomarkers market is estimated to gain a significant CAGR over the forecast period, i.e., 2021–2030. The growth of the market can be attributed to the various advantages provided by biomarkers in reducing and monitoring the risks of several acute and chronic disease, along with aid in diagnosis and treatment. The use of biomarkers, significantly reduces the healthcare expenditure, as it monitors the health beforehand, which is estimated to boost its demand throughout the forecast period. Moreover, the rising prevalence of diseases, such as, cancer, and diabetes along with increasing government initiatives to reduce the cases of such diseases, is anticipated to promote the market growth. According to the data by the WHO, over 422 million people around the world suffer from diabetes, and it causes about 1.6 million deaths every year. Furthermore, introduction of novel and advanced technologies, such as, digital biomarkers, and escalating adoption of personalized medicines is projected to boost the market growth.
The global predisposition biomarkers market is segmented by application into screening, susceptibility analysis, diagnostic, prognostic, monitoring, and others, out of which, the diagnostic segment is anticipated to hold a notable share in the market during the forecast period on account of increasing incidences of late diagnosis of chronic diseases, which makes their treatment more complicated and riskier. Early diagnosis can eliminate such critical cases, and improve the success rate of the treatment. CLICK TO DOWNLOAD SAMPLE REPORT
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.
Regionally, the global predisposition biomarkers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to hold the largest market share over the forecast period owing to the undergoing advanced research and development in the healthcare sector along with the innovative clinical experiments, and development of new diagnostic tools. The market in the Asia Pacific is estimated to witness notable growth accounting to the increasing geriatric population, along with increasing cases of various chronic diseases, such as, cancer, hypertension, and diabetes. Moreover, development in the healthcare sector, backed by government initiatives and increasing investment, is anticipated to boost the market growth.
The global predisposition biomarkers market is further classified on the basis of region as follows:
Our in-depth analysis of the global predisposition biomarkers market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of the acute and chronic disease, and growing R&D investment for medical research are the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2030.
Lack of efficient healthcare system in developing countries is one of the major factors estimated to hamper the market growth.
The market in the North America is estimated to provide most growth opportunities owing to the efficient healthcare sector and growing medical R&D activities.
The major players in the market are Danaher Corporation, 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 and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The diagnostic segment is anticipated to hold largest market size over the forecast period on the back of increasing demand for early diagnosis for various diseases.
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