January 27, 2022 11:00 ET | Source: Precedence Research Precedence Research
Ottawa, Jan. 27, 2022 (GLOBE NEWSWIRE) — The global biomarkers market size was valued at USD 63.06 billion in 2021. A biomarker is a biological molecule or gene that is used to evaluate pharmaceutical reactions, biological processes, and pathogenic procedures in an effective and accurate manner. Biomarkers can be found in blood, other than bodily fluids, and tissue and are also known as molecular markers or signature molecules.
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Diagnostic markets are becoming increasingly demanding. Traditionally, diagnostic instruments were focused on delivering accurate and consistent results; however, the biomarkers market demand includes early diagnosis with consistent and accurate outcomes. Accurately reporting results in the early stages of diseases, particularly cancer, presents considerable obstacles.
The demand for precise diagnostic techniques is growing as the number of life-threatening and chronic disorders rises. Globally, the number of biomarker suppliers, service providers, and producers is increasing, resulting in tremendous biomarkers market potential opportunities.
Report Scope of the Biomarkers Market
North America is the largest segment for biomarkers market in terms of region.This is attributed to an increase in diseases rates, increased consumer awareness, and technological advances, and improvements in healthcare infrastructure.
Europe region is the fastest growing region in the biomarkers market. This is due to the existence of well-known research institutes and major market players in the region. The increased collaborations between European universities and biomarkers solutions suppliers can be related to the market’s expansion. The Europe region’s healthcare services are likely to improve as biomarker testing becomes more widely available, boosting the growth of the biomarkers market.
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Introduction of artificial intelligence in the market
Since few years, oncologists have used biomarkers more than any other disease. Biomarkers are now being employed in clinical settings to monitor disease status, diagnosis, and therapy success. As a result, the global biomarkers market is expected to develop new technologies in response to the severe circumstances of cancer. As a result, the introduction of artificial intelligence is driving the growth of the biomarkers market during the forecast period.
High cost of investments
Due to the variance in biomarker performance in illness diagnosis, validating biomarkers takes a long time. As a result, the validation process takes longer time period and costs more money. Due to different categories of biomarkers tend to have common validation and development process steps, the process and schedule for validating and developing biomarkers in similar across biomarkers categories, with a few exceptions. Alternate endpoints are the most expensive to validate and develop, particularly in clinical studies, due to the significant clinical validation required. Thus, the high cost of investments is restricting factor for the growth of the biomarkers market.
Rising importance of companion diagnostics
The biomarkers and companion diagnostics have become increasingly important in medical practices, resulting in better diagnosis, monitoring, and treatment in a variety of illness areas. It can be used to find patients who are likely to respond well to certain medications or treatments. These tests are frequently performed in conjunction with a particular medicine. As a result, the rising importance of companion diagnostics is creating lucrative opportunities for the growth of the biomarkers market during the forecast period.
Validation of biomarkers
The evidence of the clinical utility and validity of biomarker-based assays is required for their usage in clinical settings. This is critical not just for assisting clinicians in their decision making in the practice of evidence-based medicine, but also for obtaining regulatory clearances and adequate funding for the test. Collecting the data needed to demonstrate clinical utility and validity, on the other hand, may be time consuming and costly procedure, made much more difficult by the lack of industry standards. Thus, the validation of biomarkers is a huge challenge for the market growth.
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