Among the various prevailing chronic diseases, cancer is the second leading cause of death globally. Other than cancer, infectious diseases such as HIV/AIDS, tuberculosis, malaria, and human papillomavirus (HPV) are also responsible for the increasing death rates, especially in developing countries.
Emerging next-generation sequencing offers improvement in infectious disease diagnostics and regions present on a gene during the diagnosis of a disease, and it is difficult to access them with the Sanger sequencing method. Significant strides in advancing sequencing technologies and computational tools have facilitated an increasing number of genomic studies to be performed, further generating huge amounts of data. Data generated from the genomic projects and initiatives require in-depth analyses for deriving potential insights, which are then used to improve clinical outcomes. To address this critical requirement pertaining to downstream genomic data analysis, biotechnology companies are significantly investing in research and development (RD) to expand their respective clinical biomarkers pipeline for research and diagnostic applications. As the next frontier of precision medicine, the global clinical biomarkers market showcases enormous potential to completely revolutionize patient care and overall wellness in general.
In 2021, the global Clinical Biomarkers Market was valued at $21,304.3 million, and it is expected to reach $54,294.0 million by 2032, growing at a CAGR of 8.73% during the forecast period 2022-2032. The growth in the global clinical biomarkers market is expected to be driven by the increasing demand for clinical biomarker products, increasing key player initiatives, and increasing prevalence of infectious diseases and various types of cancer globally.
Market Lifecycle Stage
Clinical biomarkers have been extensively preferred in the field of clinical medicine to offer individualized treatment options to patients. Biomarkers are crucial to the rational development of medical therapeutics and are involved in their use in in-vitro diagnostics purposes, particularly in the fields of chronic disease and nutrition. Companies such as Illumina, Inc., F. Hoffmann-La Roche Ltd Agilent Technologies, Inc., and Myriad Genetics, Inc., in the clinical biomarkers market are launching products, majorly focusing on indications for infectious diseases and cancer types such as breast cancer, ovarian cancer, lung cancer, and cervical cancer. Several companies, such as Thermo Fisher Scientific Inc., QIAGEN N.V., NeoGenomics Laboratories, and CENTOGENE N.V., are collaborating and partnering with the stakeholders to develop and expand technological expertise to offer potential products in the global clinical biomarkers market. Breast cancer is the most frequent tumor growth in women, and its incidence experienced innovation in systematic screening. The increasing incidence of breast cancer has led to an increase in demand for its diagnosis and treatment.
Market Drivers
Increasing Demand for Clinical Biomarker Products
Due to the ever-rising cancer cases, the need for better products is becoming more evident. Several key players are aligning their technologies as per the market requirements to provide technologically advanced products and services by adopting inorganic strategies such as product launches. Globally, there has been a significant increase in the number of people suffering from different types of cancer. Incidence rates of cancer continue to increase, primarily owing to high-fidelity diagnostic and screening measures. Cancer prevalence has also been a major factor of concern for the global healthcare industry.
- Hoffmann-La Roche Ltd partnered with Bristol Myers Squibb on personalized solutions for cancer patients with the development of a new digital pathology algorithm to generate biomarker data from clinical trial samples. The following figure depicts personalized care for cancer patients.
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Key Questions Answered in the Report
- What are the major market drivers, challenges, and opportunities in the global clinical biomarkers market?
- What are the business development strategies such as business expansion, acquisitions and funding among others which are implemented by the major players to sustain in the competitive market?
- Which is the dominant product and service type developed by the leading and emerging players for clinical biomarkers?
- How is each segment of the market expected to grow during the forecast period from 2022 to 2032? Following are the segments:
- Which companies are anticipated to be highly disruptive in the future, and why?
- Which are the leading companies for the global clinical biomarkers market?
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