Biomarker Technologies Market Reaching at US$ 74.51 Billion to 2023 Overview by Biomarker Validation and Biomarker Discovery Applications
The biomarker technologies market is expected to reach USD 74.51 billion in 2022 from USD 46.97 billion in 2017, at a CAGR of 9.7% during the forecast period. The growth of this market is mainly driven by increasing healthcare expenditure and the increase in R&D funding.
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The biomarker technologies market in this report includes the application of biomarkers in the diagnosis (molecular diagnosis and disease diagnosis), drug validation, drug development, risk assessment, drug formulation and forensic applications. Technologies that immensely make use of biomarkers such as Omics, imaging technologies, bioinformatics and personalized medicines are also included in the study.
Based on research area, biomarker technologies market is classified into genomics, proteomics, metabolomics, and other research areas. The focus on biomarker research in the field of genomics is growing with the advent of innovative technologies such as NGS, microarrays, and dPCR; this is supporting market growth.
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Top-down and bottom-up approaches were used to validate the size of the biomarker technologies market and estimate the size of various other dependent submarkets. Major players in the market were identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the study of the annual and financial reports of top market players, whereas primary research included extensive interviews with key opinion leaders such as CEOs, Directors, and Marketing Executives.
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