Biomarker Technologies Market to Reach $58.50 Bn, Globally, by 2026 at 13.2% CAGR, Says Allied Market Research
Rise in prevalence of various diseases, surge in R&D activities in healthcare coupled with increase in adoption of early toxicity testing, advantages offered by biomarker in drug development, and rapid escalation in genome mapping programs drive the growth of the global biomarker technologies market. On the other hand, high initial capital investments required for biomarker discovery and lack of awareness regarding the use of biomarker technologies check the market growth to some extent. However, high potential of the emerging economies is expected to create lucrative opportunities for the key players in the industry.
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The consumables segment to rule the roost-
Based on product, the consumables segment accounted for more than two-third of the total market segment in 2018 and is expected to maintain its dominance throughout the forecast period. This is attributed to the crucial role consumables play in biomarker testing. The instruments segment, on the other hand, is projected to grow at the fastest CAGR of 14.1% through 2019–2026.
The immunoassay segment to retain its top status during the study period-
Based on technology, the immunoassay segment contributed to nearly half of the total market share in 2018 and is anticipated to lead the trail during the estimated period. Rise in prevalence of various types of cancers such as breast cancer, prostate cancer and others has spurred the growth. At the same time, the next generation sequencing segment is predicted to cite the fastest CAGR of 15.1% till 2026.
North America to maintain its dominance through 2019–2026-
Based on geography, North America held more than two-fifth of the market share in 2018 and is anticipated to dominate during the period 2019–2026. Surge in R&D related to drug discovery, easy availability of instruments and consumables, availability of trained technicians, and high prevalence of diseases such as cancer and autoimmune diseases have augmented the growth. Simultaneously, the Asia-Pacific region would showcase the fastest CAGR of 14.8% till 2026.
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Frontrunners in the industry-
The key market players analyzed in the global biomarker technologies market report include Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc., Agilent Technologies, Inc., LI-COR, Inc., Merck KGAA, PerkinElmer Inc., QIAGEN, Shimadzu Corporation, and F. Hoffmann-La Roche AG. These market players have adhered to a number of strategies including partnership, expansion, collaboration, joint ventures, and others to enhance their stand in the industry.
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