by The global Blood Based Biomarker Market is estimated to be valued at US$ 18.8 billion in 2022 and is expected to exhibit a CAGR of 12.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood-based biomarkers refer to biomarkers that can be detected in blood. They provide invaluable information regarding disease risk, diagnosis, prognosis, and response to therapy. Blood is an ideal specimen source as it can be collected easily and non-invasively. Blood-based biomarkers have applications across various therapeutic areas such as oncology, cardiology, neurology and others. Ongoing advancements in proteomic and genomic technologies have enabled identification of novel blood-based biomarkers. These biomarkers help guide treatment decisions and enable personalized or precision medicine approaches.
Market key trends:
One of the major trends in the blood based biomarker market is the shift towards personalized medicine. With advancements in understanding disease biology at the molecular level, treatment approaches are also focusing on targeted therapies. Blood based biomarkers help identify patients that may benefit the most from a particular treatment approach. This enables personalized treatment strategies. Another key trend is the use of multi-omics approaches for biomarker discovery. Next generation technologies such as proteomics, metabolomics and exposomics are being used along with genomics for comprehensively profiling patient blood samples. This is expected to facilitate discovery of novel biomarker signatures with better predictive and prognostic abilities.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant funds are required for R&D activities to develop new biomarkers.
Bargaining power of buyers: The bargaining power of buyers is high as the market is fragmented with numerous diagnostics facilities and pharmaceutical companies.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials used by manufacturers are not differentiated and can be sourced from multiple suppliers.
Threat of new substitutes: The threat of new substitutes is low as blood-based biomarkers are more effective and preferred than other diagnostic techniques like biopsy.
Competitive rivalry: high due to presence of numerous players focusing on product innovation.
Key Takeaways
The Global Blood Based Biomarker Market Size is expected to witness high growth, exhibiting CAGR of 12.8% over the forecast period, due to increasing prevalence of chronic diseases. The market was valued at US$ 18.8 billion in 2022.
Regional analysis
North America dominates the blood based biomarker market owing to increased adoption of advanced diagnostic techniques. Asia Pacific is expected to exhibit fastest growth during the forecast period rising healthcare expenditure and growing cases of cancer in countries like China and India.
Key players
Key players operating in the blood based biomarker market are Diadem srl., Proteomedix, Cleveland Diagnostics, F. Hoffmann-La Roche Ltd, GENFIT, Nutech Cancer Biomarkers India Pvt Ltd, SysmOex Corporation, Minomic, Creative Diagnostics, Eisai Co., Ltd., and C2N Diagnostics. Key players are focusing on new product launches, partnerships and geographical expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
