by The global blood based biomarker market is estimated to be valued at US$ 21.21 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030. Blood based biomarkers are components derived from blood sample which indicate normal and abnormal process in human body. These biomarkers are extensively used for diagnosis and monitoring of various diseases such as cancer, cardiovascular disorders, neurological disorders and others. The rising prevalence of chronic diseases worldwide has increased the demand for early diagnosis which is driving the growth of blood based biomarker market. The global blood based biomarker market provides advantages such as non-invasive blood sampling procedure, cost effectiveness anBlood Based Biomarker Marketd rapid results. With advancement in biomarker discovery and validation methods, blood based biomarkers play a vital role in precision medicine approach for clinical application.
Market key trends:
One of the key trends in the Global Blood Based Biomarker Market Size is the growing adoption of multi-analyte biomarker panels. Earlier diagnosis was based on single biomarker tests but recent studies have shown that combination of multiple biomarkers increases diagnostic accuracy. Multi-analyte biomarker panels provide advantage of detecting disease at early stage and monitoring disease progression. Major market players are focused on developing novel multiplex testing platforms for detection of multiple biomarkers from single blood sample. This trend is expected to boost the market growth during forecast period. In addition, growing funding from public and private organizations for biomarker research and rising number of clinical trials for biomarker validation will also contribute to the market expansion.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the blood based biomarker market is low to medium due to the presence of high R&D cost and regulations for clinical trials and product launches.
Bargaining power of buyers: The bargaining power of buyers is medium as they prefer suppliers who can provide biomarkers at competitive prices and quick turnaround time.
Bargaining power of suppliers: The bargaining power of suppliers is medium to low due to the presence of multiple biomarker manufacturers and service providers.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for blood based biomarkers in disease diagnosis and monitoring.
Competitive rivalry: The competitive rivalry is high among existing players due to the presence of few global players dominating majority of the market share.
Key Takeaways
The global blood based biomarker market is expected to witness high growth during the forecast period of 2023 to 2030. Regional analysis shows North America dominating the market currently due to presence of advanced healthcare infrastructure and increasing adoption of advanced biomarker technologies for cancer diagnosis in the region. Europe is the second largest market globally.
Key players operating in the blood based biomarker market include Neste, AEMETIS INC., Gevo, Shell PLC, Lanza Jet, and Sky NRG. Neste is one of the leading oil and gas companies globally providing renewable diesel and sustainable aviation fuel.
The global blood based biomarker market size for 2023 is US$ 21.21 Bn. Blood based biomarkers find wide applications in disease diagnosis, drug discovery, personalized medicine, and monitoring of disease progression or treatment response. Cancer segment dominated the market in 2022 due to increasing prevalence of cancer worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
