Biomarkers market worth $53.3bn by 2021

Based on MarketsandMarkets™ report “Biomarkers Market is projected to reach USD 53.3 billion by 2021, at a CAGR of 13.8% during the forecast period”. In 2016, the market for biomarkers was valued at USD 28 billion. Some of the major factors driving the growth of this market include the growing applications of biomarkers in diagnostic procedures and the rising occurrence of cancer across the globe. In contrast to the drivers mentioned above, the high capital investments required for the discovery, development, and validation of biomarkers and technical issues related to sample collection & storage are some of the major factors restraining the growth of this market.

Based on the product, the biomarkers market is segmented into consumables, services, and software. The consumables segment accounted for the largest share of the biomarkers market in 2016. This product segment is also expected to grow at the highest CAGR during the forecast period. As consumables are comparatively more economical than screening and automation instruments, they are widely preferred by end users in this market.

Based on disease indication, the biomarkers market is categorized into cancer, cardiovascular disorders, neurological disorders, immunological disorders, and other diseases (renal disorders, urinal diseases, diabetes, and tuberculosis). The cancer segment accounted for the largest share of the global biomarkers market in 2016. In recent years, the prevalence of cancer has increased across the globe, which, in turn, has increased the demand for cancer biomarkers. This is one of the major factors assisting the growth of this market segment. On the other hand, the biomarkers market for cardiovascular disorders is expected to register the highest growth during the forecast period. – MarketsandMarkets