Research Nester published a report titled “Prognostic Biomarkers Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global prognostic biomarkers market in terms of market segmentation by indication, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global prognostic biomarkers market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period, i.e., 2021–2030. The market is segmented on the basis of indication into oncology, cardiological diseases, diabetes, and others, out of which, the oncology segment is estimated to hold the largest share in the market during the forecast period, owing to the increasing cases of cancer recurrence among recovered patients, with different cancers having different recurrence chances. Breast cancer, bladder cancer, and leukemia has 25-30% chance of recurrence, while ovarian cancer and glioblastoma have over 90% of recurrence risk. As per the data by the World Health Organization (WHO), cancer is responsible for every one out of six deaths in the world. In 2020, cancer was the cause of over 10 million.
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The global prognostic biomarkers market is estimated to grow on the back of advantages of prognostic biomarkers in studying the likely patient health outcome in chronic diseases, such as, cancer, depression, eczema, hepatitis B and C, and autoimmune diseases. Moreover, growing healthcare sector, increasing medical research and advancement, and rising funding in the R&D activities, are projected to boost the market growth.
Regionally, the global prognostic biomarkers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is anticipated to garner largest share over the forecast period owing to the increasing health awareness among the masses, backed by high disposable income and reimbursement policies in the region. Moreover, the high per capita healthcare expenditure in the region, is estimated to further boost the growth of the regional market. According to other statistics by the WHO, North America’s per capita healthcare expenditure exceeded USD 10,050.279 in 2018. Similarly, the market in the Europe region is projected to garner highest CAGR over the forecast period, on the back of rising prevalence of cancer, along with high geriatric population and efficient healthcare system. The market in Asia Pacific is estimated to witness notable growth throughout the forecast period, on account of high cases of diabetes, with over 65% of the population suffering from diabetes, especially in India, and China. Moreover, the improving healthcare sector, backed by economic growth in the region is estimated to boost the market growth.
Increasing Incidences of Chronic Disease Recurrence to boost the Market Growth
Owing to the unhealthy lifestyle, genetic structure, family history, and other factors, the chances of relapse and recurrence of chronic diseases is rising among patients. This is estimated to promote the demand for prognostic biomarkers, as these biomarkers can predict the status of patient’s health and risks of recurrence. This is estimated to immensely boost the market growth, especially in the developed countries.
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However, high costs of these biomarkers, along with their unavailability in the developing nations are expected to operate as key restraint to the growth of the market over the forecast period. This report also provides the existing competitive scenario of some of the key players of the global prognostic biomarkers market which includes company profiling of Meso Scale Diagnostics, LLC, PerkinElmer Inc. (NYSE: PKI), Myriad Genetics, Inc. (NASDAQ: MYGN), Siemens Healthcare GmbH (ETR: SHL), F. Hoffmann-La Roche Ltd (SWX: RO), Epigenomics AG (FRA: ECX), Thermo Fisher Scientific Inc. (NYSE: TMO), Bio-Rad Laboratories, Inc. (NYSE: BIO), and QIAGEN GmbH (NYSE: QGEN).
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