The blood based biomarker market plays a vital role in early detection of diseases such as cancer by analyzing the biological molecules present in blood samples. Blood based biomarkers help in monitoring the progression of the disease and response to therapeutic interventions in a cost-effective and non-invasive manner. The global blood based biomarker market is estimated to be valued at US$ 21.21 Billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advances in molecular diagnostics and proteomics are driving the Global Blood Based Biomarker Market Size. Next generation sequencing techniques and mass spectrometry are being used to analyze proteins, DNA, and RNA present in blood samples to detect diseases at an early stage. These techniques help in detecting low abundance biomarkers with high sensitivity and specificity. Bioinformatics tools are being applied to process and interpret large volumes of biomarker data generated through such techniques. This is improving our understanding of disease mechanisms and aids in developing personalized treatment plans. Growing application of liquid biopsy for non-invasive cancer screening and monitoring is another key trend fueling the blood based biomarker market.
SWOT Analysis
Strength: Blood-based biomarkers provide a non-invasive approach for disease detection and prognosis evaluation. They can provide real-time insights into disease states and treatment responses.
Weakness: Variability in sample collection, processing, and storage methods can impact the reproducibility and accuracy of blood-based biomarker tests. Not all diseases can be effectively detected by blood biomarkers alone.
Opportunity: Growing adoption of personalized medicine is driving increased demand for blood-based biomarkers. Their non-invasive nature make them well-suited for large screening programs and disease monitoring.
Threats: Ethical concerns around use of biological samples can slow commercialization efforts. Intense competition from other liquid biopsy approaches like ctDNA analysis.
Key Takeaways
The global blood based biomarker market is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach a size of US$ 21.21 Bn in 2023 and projected to grow at a CAGR of 15% during the forecast period.
Regional analysis: North America is currently the dominant regional market for blood-based biomarkers, driven by widespread diagnostic application and ongoing R&D activities. The Asia Pacific market is expected to grow at the fastest pace owing to rising healthcare investments, Westernization of lifestyles, and growing geriatric population in countries like China, India, and Japan.
Key players: Key players operating in the blood based biomarker market are Neste, AEMETIS INC., Gevo, Shell PLC, Lanza Jet, and Sky NRG. These players are focusing on expanding their product portfolios and commercialization efforts for novel blood-based biomarker tests across different disease indications. Strategic collaborations are helping them strengthen presence across global markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it