by The global blood based biomarker market is projected to be valued at US$ 24.44 billion in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period from 2024 to 2030. The market for blood based biomarkers is driven by the ability of these biomarkers to detect diseases at an early stage with minimal invasive procedures. Rising prevalence of various chronic and lifestyle diseases have boosted the demand for effective diagnostic solutions in recent years. Blood based biomarkers provide cost effective, simple and accurate diagnostic solutions for diseases like cancer, cardiac disorders, neurological conditions and others.
Key Takeaways
Key players operating in the blood based biomarker 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.. The key players are focusing on development of novel biomarkers by leveraging advanced technologies like proteomics, genomics and bioinformatics. Growing research in liquid biopsy for early cancer diagnosis is presenting lucrative opportunities for players in the market. Continuous technological advancements like magnetic bioparticle assays and protein microarrays are expanding applications of blood based biomarkers in various disease indications.
Market drivers:
Rising geriatric population and increasing healthcare expenditures are some of the key factors driving the growth of the Global Blood Based Biomarker Market Size. Growing demand for minimally invasive liquid biopsy tests for cancer screening and management is also propelling the market growth. Increasing applications of blood based proteomics for understanding disease pathogenesis at molecular level is another major growth driver. Growing adoption of personalized medicine approach coupled with integration of advanced technologies like AI in biomarker analytics is expected to boost the market during the forecast period.
Challenges in the Blood Based Biomarker Market
The blood based biomarker market faces numerous challenges currently. Some of the key challenges include regulatory hurdles during discovery and approval process of new biomarkers. Getting regulatory approvals for biomarkers requires extensive clinical validation studies which is time consuming and expensive. Another major challenge is lack of standardization and harmonization. There are no universally accepted protocols or guidelines for sample collection, handling, storage and analysis across different geographies which create inconsistencies in data collection. Lack of skilled professionals to perform complex diagnostic tests and analysis using biomarkers is hindering the market growth. Developing inexpensive, reliable and user friendly diagnostic tests for widespread adoption also remains a challenge. Companies need to focus more on biomarker specificity and sensitivity to differentiate diseases accurately for facilitating clinical decisions. High capital investment required for biomarker discovery, development and setting up manufacturing facilities also poses challenges.
SWOT Analysis
Strength: blood being one of the most accessible body fluids for collecting clinical samples; non-invasive sample collection through simple blood draw
Weakness: regulatory hurdles in discovery and approval of new biomarkers; lack of standardization and harmonization in sample collection protocols
Opportunity: growing incidences of cancer and other chronic diseases driving demand; development of inexpensive point-of-care diagnostic kits
Threats: intellectual property and commercialization issues; long product development cycles increasing compliance costs
The geographical regions where the blood based biomarker market is concentrated in terms of value currently includes North America and Europe. This is attributed to presence of advanced healthcare infrastructure, high healthcare spending, presence of leading biomarker companies and regulatory support for biomarker research in these regions. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period owing to growing geriatric population, rising healthcare expenditure, increasing focus on early disease diagnosis in major Asian countries like China and India. Improving research capabilities and conducive regulatory policies are also supporting the growth of blood based biomarker market in Asia Pacific.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
