The global clinical biomarker testing market size was recorded around USD 10.89 billion in 2020 and reach USD 24.66 billion by 2027, registering a CAGR of 14.6% during the forecast period, 2021-2027. Clinical biomarker testing is the procedure that identifies the molecular signs of health in a human body, helping healthcare professionals to explain and strengthen the quality of patient care provided. Biomarker testing is also known as genetic or molecular testing, which will continue to be among the most sought-after techniques among researchers. This is expected to remain the key factor driving the growth of the clinical bio market testing market. In line with the exponentially rising prevalence of cancers worldwide, oncology will especially remain the top application area as clinical bio market testing finds wide application in tumor testing/tumor genetic testing/tumor profiling.
Major Factors Likely to be Impacting Clinical Biomarker Testing Industry over Forecast Period
The advancements in molecular techniques, rising uptake of biomarker tests by healthcare professionals, and boosting research and funding activities for clinical biomarker testing will raise the demand for clinical biomarker testing, offering new growth avenues to the global market for clinical biomarker testing. Factors such as increasing involvement of patients in personal healthcare or fitness-conscious and rising prevalence of genetic and chronic diseases such as diabetes, cancers, cardiovascular disorders, others are anticipated to drive the global growth for clinical biomarker testing market.
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Mounting demand for clinical biomarkers in various technologies such as ultra-high-throughput sequencing and next-generation sequencing technologies has positively impacted the sales of clinical biomarker testing in the healthcare and pharmaceutical sector across the globe significantly. However, the poor reimbursement scenario, lack of testing centers, and stringent and uncertain regulatory framework may restrain the growth of clinical biomarker testing in the global market over the forecast period.
Impact of COVID-19 on Clinical Biomarker Testing Market
The outbreak of COVID-19 increased the demand for clinical biomarker testing as there is an excruciating need to screen for tests for a large number of patients across several sectors, primarily the health and pharmaceutical sector. As the coronavirus crisis continues to take over the world, impacting many businesses worldwide, there has been a significant surge in demand for clinical biomarker testing that has been seen across the globe, positively impacting the clinical biomarker testing market value in 2020 and subsequent years.
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Scope of the Report
The report outlines the global clinical biomarker testing market study based on technology, application, and end-user.
The clinical biomarker testing market has been segmented based on technology –
- Ultra-high Throughput Sequencing
- Next-generation Sequencing
- Others
The clinical biomarker testing market has been segmented based on application –
- Cancer
- Cardiovascular
- Nervous system
- Infectious diseases
- Others
The clinical biomarker testing market has been segmented based on the end user –
- Pharma & Biotech Companies
- Diagnostic tool companies
- Clinical Laboratories
- Healthcare IT
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Clinical Biomarker Testing Market: Regional Outlook
Based on the region, the global clinical biomarker testing market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East, and Africa. In 2020, North America held the largest share in the clinical biomarker testing market, followed by the Asia Pacific and Europe due to favorable government initiatives and the increasing disease burden in the region.
Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast period due to increasing R&D investment and vital biomarker companies in the region.
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Key Global Clinical Biomarker Testing Market Competitors Includes –
The clinical biomarker testing market is highly fragmented, with the presence of a large number of small players across the globe. The vital clinical biomarker testing market manufacturers operating in the global market are –
- Novartis
- GlaxoSmithKline
- F. Hoffmann-La Roche AG
- Pfizer Inc.
- GE Healthcare
- Medtronics plc
- LECO Corporation
- Metabolon Inc.
- Biocrates LifeSciences AG
- Danaher Corporation
- Agilent Technologies
- Thermo Fisher Scientific Co.
- Shimadzu Corporation
- Bio-Rad Laboratories
- Quest Diagnostics.
The clinical biomarker testing market report thoroughly analyzes macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.