May 21, 2024
Blood Based Biomarker Market

Advancing Healthcare Through Blood-Based Biomarkers Is Driven By Increasing Cancer Diagnostics

Blood-based biomarkers play a crucial role in disease diagnostics and treatment by helping physicians gain meaningful insights into a patient’s health condition. These biomarkers aid in cancer screening and monitoring of the disease by detecting even trace amounts of DNA or proteins shed by tumors into the bloodstream. As cancer remains one of the leading causes of mortality worldwide, the demand for reliable and non-invasive biomarker tests is on the rise. Blood samples can be easily collected through a routine blood draw and biomarkers derived from blood offer useful medical information without requiring invasive tissue biopsies.

The global Blood Based Biomarker Market is estimated to be valued at US$ 24.44 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Early cancer detection has emerged as a major trend augmenting the blood based biomarkers market growth. Biomarkers serve as effective screening aids that can identify cancer even before clinical symptoms arise. For instance, advanced blood tests are being developed that can detect up to 50 types of cancers including difficult to diagnose tumors like ovarian, pancreatic and esophageal cancers through a simple blood draw. This significantly improves prognosis of diseases as treatment outcomes are much better when cancers are detected at an earlier stage. Such innovations are expected to positively impact market expansion over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the blood based biomarker market is moderate due to high capital requirements and regulatory barriers. However, growing investment in healthcare industry mitigates this threat to some extent.

Bargaining power of buyers: Buyers in the blood based biomarker market have moderate to high bargaining power owing to the presence of many established players and availability of alternatives. However, customized offerings and potential medical benefits increase buyer dependence on market players.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials. However, the degree of backward integration of major market players limits the influence of suppliers.

Threat of new substitutes: Threat from new substitutes in the blood based biomarker market is low as these biomarkers hold advantages over other diagnostic methods in terms of accuracy, simplicity and non-invasiveness.

Competitive rivalry: The competitive rivalry in the market is high owing to presence of many global and regional players offering innovative products. Key players operating in the market undertake strategic initiatives like partnerships, new product launches and regional expansions to gain market share.

Key Takeaways

The Global Blood Based Biomarker Market Size is expected to witness high growth over the forecast period. The global Blood Based Biomarker Market is estimated to be valued at US$ 24.44 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024-2031.

Regionally, North America dominated the market in 2024 with a share of over 35.0% owing to advanced healthcare infrastructure, growing preference for non-invasive diagnostic techniques and increasing funding for biomarker discovery. Asia Pacific is anticipated to exhibit the fastest growth through 2031 led by expansion of key players in countries like India and China, rising medical tourism, increasing healthcare expenditure etc.

Key players operating in the blood based biomarker market 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. These players are engaged in new product launches, acquisitions and expansion strategies to strengthen their geographic footprint and service offerings. For instance, in 2021, Agfa-Gevaert N.V. acquired Integrated Biomedical Services Limited to enhance its diagnostic imaging solutions portfolio in India.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it