According to the recent research report titled ‘Global Biomarkers Market Size study, by Product Type (Safety, Efficacy, Validation), by Disease (Cancer, Cardiovascular Diseases, Neurological Diseases, Immunological Diseases, Others), by Application (Diagnostics, Drug Discovery and Development, Personalized Medicine, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global biomarkers market size, valued USD 51.81 million in 2020, is projected to expand at a CAGR of 14% over 2021-2027 and reach USD 129.14 million by the forecast period-end.
 

Increasing funding for biomarkers and rising incidences of chronic diseases are driving global biomarkers market growth. Moreover, according to 2019 Globe Population Prospects report, one out of every six individuals in the world will be over 65 years old by the year 2050, potentially increasing the incidence of chronic diseases and industry demand altogether.
 

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Furthermore, the industry is likely to benefit from new technology advances and product launches. For instance, in March 2021, the US FDA approved Tiger Tech Covid plus monitor, a non-diagnostic screening device based on a unique biomarker.
 

For the unversed, a biomarker is a biological molecule present in blood, tissues, or other fluids in the body, which indicate a normal or abnormal process, or a disease or condition. It is used to check how a body reacts to a treatment for a particular disease or condition.
 

Despite the positive outlook, lack of reimbursement rules for biomarkers treatment may stymie market expansion over the projection period.
 

Considering the geographical scope, Asia Pacific, Europe, North America, and Latin America are the major regional contributors to global biomarkers industry value. North America is the leading region in terms of market share, owing to growing consumer awareness, proactive government action, and technical advancements in healthcare infrastructure.
 

On the other hand, Europe industry is expected to record robust CAGR over 2021-2027, due to the presence of significant number of players and increasing establishment of research institutes.
 

Elaborating on competitive terrain, Bio-Rad Laboratories Inc., Qiagen N.V., Thermo Fisher Scientific Inc., Siemens Healthineers AG, Johnson & Johnson Services Inc., General Electric (GE), Epigenomics AG, Abbott Laboratories, and F. Hoffmann-La Roche Ltd. are the leading firms powering global biomarkers industry trends.