Prognostic Biomarkers Market size is poised to witness lucrative growth rate during the forecast period i.e., between 2025-2037.
The growth of the market can be attributed to the recurrence of chronic diseases, even after complete treatment. Diseases, such as, cancer, depression, hepatitis B and C, eczema, and autoimmune diseases tend to come back, despite successful treatment, due to genetic structure of patients, or other factors. The recurrence rate of cancer varies from type to type, with breast, bladder, and leukemia cancer having 20-30% chances of recurrence, while ovarian cancer and glioblastoma have 85-90% recurrence rate. Prognostic biomarkers are used to study likely patient health outcome, which is estimated to drive the growth of the market. Moreover, increasing medical research and advancement, along with expanding personal disposable income and health awareness among people is estimated to boost the prognostic biomarkers market growth.
Growth Drivers
Challenges
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The prognostic biomarkers market is segmented by indication into oncology, cardiological diseases, diabetes, and others, out of which, the oncology segment is anticipated to hold the largest share in the market during the forecast period on account of high rate of recurrence of cancer, along with increasing prevalence of cancer. According to a report by the World Health Organization (WHO), cancer is the second leading cause of death, causing one out of every six deaths globally. In the year 2020, more than 10 million deaths were caused by cancer. In other report WHO stated that 30% to 50% of the cancer cases can be prevented by avoiding risk factors and early diagnosis.
Our in-depth analysis of the global market includes the following segments:
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Regionally, the prognostic biomarkers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America industry is predicted to account for largest revenue share by 2037, on the back of increasing health awareness among people, along with high per capita healthcare expenditure by the government. According to other report of the WHO, per capita healthcare expenditure in North America valued around USD 10,050.279 in the year 2018.
The market in the Europe region is estimated to witness highest CAGR over the forecast period owing to the high prevalence of cancer, and other chronic disease, backed by the growing geriatric population and advancing medical facilities.
The market in the Asia Pacific is also projected to record notable growth over the forecast period, owing to the increasing incidences of diseases, such as, diabetes, and hypertension among the exponentially growing population with over 65% of the population in the region suffering from diabetes, backed by the changing lifestyle in the region. Moreover, growing healthcare sector, along with the economic growth in the region, is estimated to boost the prognostic biomarkers market growth.
Author Credits: Radhika Pawar
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