Biomarker-Based Diagnostic Panel Market Overview:
Biomarker-Based Diagnostic Panel Market size is estimated to reach $30 billion by 2030, growing at a CAGR of 12% during the forecast period 2024-2030. The market for Biomarker-Based Diagnostic Panels is primarily driven by several key factors contributing to its growth. These include the growing importance of companion diagnostics, the increasing prevalence of personalized medicine approaches, the rise in investment in biomarker research activities, elevated demand for non-invasive diagnostic tests, and technological advancements in disease diagnosis. In April 2023, Oxford Cancer Biomarkers Ltd (OCB) concluded a successful funding round led by Plutus Investment Group LLP, highlighting its leadership in AI-driven precision cancer diagnostics.
The increasing demand for Biomarker-Based Diagnostic Panels is primarily attributed to the heightened emphasis on personalized medicine approaches, where biomarkers play a crucial role in tailoring diagnostics and treatments to individual patient profiles. This demand is further fueled by the growing importance of companion diagnostics, facilitating the identification of optimal therapeutic strategies based on specific biomarker profiles. These factors positively influence the Biomarker-Based Diagnostic Panel industry outlook during the forecast period.
Biomarker-Based Diagnostic Panel Market - Report Coverage:
The “Biomarker-Based Diagnostic Panel Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Biomarker-Based Diagnostic Panel Market.
| Attribute |
Segment |
|
By Type
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Safety Biomarkers
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Efficacy Biomarkers
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Validation Biomarkers
|
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By Application
|
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Oncology
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Cardiology
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Nephrology
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Others
|
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By End Use
|
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Hospitals
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Research Institutes
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Diagnostic Labs
|
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By Geography
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North America (U.S., Canada and Mexico)
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Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe),
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Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific),
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South America (Brazil, Argentina, Chile, Colombia and Rest of South America)
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Rest of the World (Middle East and Africa).
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COVID-19 / Ukraine Crisis - Impact Analysis:
● The Biomarker-Based Diagnostic Panels industry has been significantly affected by the COVID-19 pandemic. Supply chain disruptions, workforce challenges, and decreased healthcare access have hindered production and adoption. However, the industry also witnessed increased focus on diagnostic biomarkers for COVID-19 and related complications, presenting opportunities for innovation and market expansion.
● The Russia-Ukraine war has had a notable impact on the Biomarker-Based Diagnostic Panels industry, introducing disruptions in the global supply chain for critical components and materials. The conflict has led to uncertainties in trade, causing challenges in the production and distribution of diagnostic panels. Additionally, geopolitical tensions have influenced investor confidence and strategic decision-making, potentially affecting research and development initiatives in the field.
Key Takeaways:
● Asia-Pacific to Register Highest Growth
Geographically, in the global Biomarker-Based Diagnostic Panel Market, Asia-Pacific is analyzed to grow with the highest CAGR of 13.2% during the forecast period 2024-2030. In the dynamic landscape of the Biomarker-Based Diagnostic Panel industry, Asia Pacific stands out as the fastest-growing region, poised to play a pivotal role in shaping the sector's future. The region's robust growth can be attributed to a confluence of factors, including a rising awareness of the importance of early disease detection and an increasing focus on personalized medicine. The demand for diagnostic biomarkers is witnessing an unprecedented surge, fueled by advancements in healthcare infrastructure and a proactive approach to healthcare in countries like China and India. India Brand Equity Foundation, In July 2022, the World Bank approved a US$ 1 billion loan towards India's Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission. Additionally, the burgeoning middle-class population in the region, with an increasing disposable income, is driving the adoption of cutting-edge diagnostic technologies.
● Safety Biomarkers Segment to Register the Fastest Growth
In the Biomarker-Based Diagnostic Panel Market analysis, the Construction segment is estimated to grow with the highest CAGR of 12.9% during the forecast period 2024-2030. In the dynamic landscape of the Biomarker-Based Diagnostic Panel industry, Safety Biomarkers emerging as the fastest-growing segment, charting unprecedented progress. These biomarkers, measured before or after exposure to medical products or environmental agents, play a pivotal role in indicating the likelihood, presence, or extent of adverse effects, thereby ensuring enhanced safety protocols in healthcare interventions. The industry's focus on establishing biomarker-based diagnostic methods has propelled Safety Biomarkers to the forefront, with a keen eye on their qualification for regulatory acceptance and utilization. As stakeholders increasingly recognize the importance of comprehensive safety assessments, the demand for biomonitoring capabilities has intensified, further propelling the prominence of Safety Biomarkers in the industry.
● Advancements in Laboratory Techniques is Propelling the Market Growth.
Advancements in laboratory techniques serve as a prominent driver for the growth of the Biomarker-Based Diagnostic Panel market. The continuous evolution of laboratory technologies, such as high-throughput screening, next-generation sequencing, and precision medicine approaches, has significantly enhanced the capabilities of biomarker discovery, validation, and implementation in diagnostics. These advancements enable researchers and clinicians to identify and analyze a myriad of biomarkers with unprecedented accuracy and efficiency, leading to the development of sophisticated diagnostic panels. The Biomarker-Based Diagnostic Panel market benefits from the synergistic relationship between advancements in laboratory techniques and the quest for precision diagnostics, driving the demand for these innovative panels in clinical settings.
● High development costs Limiting the Market Growth.
The Biomarker-Based Diagnostic Panel industry confronts a significant market challenge in the form of high development costs. The process of identifying, validating, and incorporating biomarkers into diagnostic panels demands substantial financial investments. Research and development efforts to discover novel biomarkers with high specificity and sensitivity require extensive laboratory work, clinical trials, and data analysis. Additionally, the stringent regulatory requirements and quality assurance standards imposed by health authorities contribute to elevated development costs. These financial barriers often pose challenges for smaller companies and startups looking to enter the market, limiting their ability to compete with more established players. The complexity of biomarker discovery, coupled with the need for cutting-edge technologies and specialized expertise, further amplifies the cost burden.
Biomarker-Based Diagnostic Panel Market Share (%) By Region, 2023
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Biomarker-Based Diagnostic Panel Market. The top 10 companies in this industry are listed below:
1. Abbott Laboratories
2. BioMerieux
3. Merck KgaA
4. Roche Diagnostics
5. Metabolomic Diagnostics
6. Almac Diagnostic Services
7. Danaher Corporation
8. Thermo Fisher Scientific
9. Randox Laboratories Ltd.
10. Qiagen
Scope of Report:
| Report Metric |
Details |
|
Base Year Considered
|
2023
|
|
Forecast Period
|
2024–2030
|
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CAGR
|
12%
|
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Market Size in 2030
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$30 billion
|
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Segments Covered
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Type, Application, End Use and Region
|
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Geographies Covered
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North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).
|
|
Key Market Players
|
1. Abbott Laboratories
2. BioMerieux
3. Merck KgaA
4. Roche Diagnostics
5. Metabolomic Diagnostics
6. Almac Diagnostic Services
7. Danaher Corporation
8. Thermo Fisher Scientific
9. Randox Laboratories Ltd.
10. Qiagen
|
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