Blood Based Biomarker Market is Estimated to Witness High Growth Owing to Opportunity in Liquid Biopsy

Blood based biomarkers help detect diseases like cancer by analyzing liquid biopsy samples of blood. These biomarkers help in non-invasive cancer screening and diagnosis. They offer real-time updates on disease progression or response to therapies. Their use reduces invasive biopsy procedures and provides quicker results.

The global Blood Based Biomarker Market is estimated to be valued at US$ 24.44 billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity in liquid biopsy presents high growth prospects for the blood based biomarker market. Liquid biopsy utilizes blood samples to detect molecular biomarkers that can indicate early cancer detection. It provides a less invasive alternative to tissue biopsy and serial sampling allows real-time monitoring of disease progression or response to therapies. Development of liquid biopsy tests using blood based biomarkers helps track cancer in its earliest stages before symptoms appear. This widespread application of liquid biopsy using biomarkers opens up opportunities for early detection and management of cancers. It could significantly boost revenue generation in the blood based biomarker market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as considerable R&D investments and expertise are required to enter blood based biomarker market. Also, established players have strong brand presence.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many players offering similar products. Buyers can negotiate on price easily.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials are available from multiple sources. However, suppliers may have some control over pricing.

Threat of new substitutes: Threat of new substitutes is low as blood based biomarkers have limited substitutes for diagnostic applications in disease monitoring and drug development.

Competitive rivalry: High as players compete on pricing, product portfolio and quality.

SWOT Analysis

Strengths: Growing demand for non-invasive diagnosis. Ability to detect disease at an early stage.

Weaknesses: Regulatory compliance issues. High cost of R&D.

Opportunities: Emerging markets offer huge potential. Growing funding for biomarker research.

Threats: Stringent approval process. Reimbursement issues. Patent cliffs of blockbuster drugs.

Key Takeaways

The Global Blood Based Biomarker Market Size is expected to witness high growth at a CAGR of 8.4% during the forecast period of 2024 to 2031. The market size in 2024 is estimated to be US$ 24.44 Bn.

Regional analysis: North America dominates the market and is projected to continue its dominance during the forecast period. This is attributed to rising prevalence of chronic diseases, growing elderly population and strong healthcare infrastructure in the region. Asia Pacific is expected to witness the fastest growth due to increasing healthcare expenditure, growing penetration of diagnostics, rising awareness about early disease diagnosis.

Key players: Key players operating in the blood based biomarker market are Heraeus Holding, Ossila Limited, Nanoshel LLC, Nagase ChemteX Corporation, Suzhou Yacoo Science Co., Ltd., Agfa-Gevaert N.V., and Qingdao Topwell Chemical Materials Co., Ltd. Players adopt strategies such as new product launches, collaborations and acquisitions to strengthen their market position.

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