CHICAGO, Feb. 24, 2023 /PRNewswire/ -- Biomarkers are a valuable tool for diagnostics, drug development, and personalised medicine. In the near future, we can expect to see an increase in the use of biomarkers in clinical practice, especially for personalised medicine. The use of biomarkers will likely become more commonplace, as the technology advances and more accurate and reliable tests become available. Additionally, biomarkers will continue to be used for drug development and to measure the effectiveness of treatments. As the cost of biomarker-based tests decreases, more people will be able to access this technology. Finally, as more data is collected, machine learning algorithms will become increasingly efficient and accurate at detecting biomarkers in clinical samples. This will enable medical professionals to more quickly detect and diagnose diseases.
Biomarkers Market in terms of revenue was estimated to be worth $59.1 billion in 2023 and is poised to reach $104.0 billion by 2028, growing at a CAGR of 12.0% from 2023 to 2028 according to a new report by MarketsandMarkets. Factors driving growth in the market include extensive R&D efforts by leading participants, increasing adoption of biomarkers in drug discovery, the growing importance of companion diagnostics, increasing burden of cancer worldwide, growing funding activities for biomarker research and product innovations, and strategic alliances in biomarkers discovery.
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Browse in-depth TOC on "Biomarkers Market"
252 - Tables
44 - Figures
255 - Pages
Biomarkers Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $59.1 billion |
Estimated Value by 2028 | $104.0 billion |
Growth Rate | Poised to grow at a CAGR of 12.0% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product & Service, Type, Application, Disease Indication, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emerging economies |
Key Market Drivers | Increasing prevalence of cancer worldwide |
The Cancer segment accounted for the largest share of the disease indication segment in the biomarkers market in 2022.
On the basis of disease indication, the biomarkers market is segmented into cancer, infectious diseases, neurological disorders, immunological disorders, cardiovascular disorders, and other disease indications. In 2022, the cancer segment accounted for the largest share of the biomarkers market. Factor responsible for the large share of this segment can be attributed to the increasing burden of cancer and growing prevalence of the disease across the globe.
In 2022, in the biomarkers market, safety biomarkers accounted for the largest share of the by type segment.
Based on the type, the biomarkers market is divided into validation biomarkers, efficacy biomarkers, and safety biomarkers. The safety biomarkers segment accounted for the biggest share in the biomarkers market in 2022. Factors responsible for the growth in segment includes, increasing awareness in the population with growing diseases such as cancer, cardiovascular disease, and kidney disease led to a large market share for safety biomarkers in the global biomarkers market.
In 2022, the Asia Pacific region is the fastest-growing region of the biomarkers market
In 2022, the Asia Pacific region accounted for the fasted growing region of the biomarkers market. Factors responsible for the growth of this segment is primarily due to the growing use of biomarkers for diagnostic purposes, the increasing prevalence of chronic diseases, favorable government initiatives, and the growing focus on genomic & proteomic research projects.
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Biomarkers Market Dynamics:
Drivers:
- Growing importance of companion diagnostics
- Increase in global prevalence of cancer
- Increase in funds and grants for biomarker research
- Continuous product innovations
Restraints:
- High capital investments and lengthy timelines for biomarker development
Opportunities:
- Personalized medicine
- Emerging economies
Challenges:
- Challenges associated with biomarker validation
- Technical issues related to sample collection and storage
Key Market Players:
Some of the leading players operating in the biomarkers market are F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (US), Abbott Laboratories (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), Merck KGaA (Germany), Bio-Rad Laboratories, Inc. (US), Enzo Biochem, Inc. (US), Charles River Laboratories International, Inc. (US), and Eurofins Scientific (Luxembourg).
Recent Developments
- In December 2022, F. Hoffmann-La Roche Ltd. (Switzerland) announced that Elecsys beta-Amyloid (1-42) CSF II (Abeta42) and Elecsys Phospho-Tau (181P) CSF (pTau181) assays have received U.S. Food and Drug Administration (FDA) 510(k) clearance. The Elecsys AD CSF Abeta42 and pTau181 assays (used as a pTau181/Abeta42 ratio) measure two biomarkers that are hallmarks of Alzheimer's pathology, beta-amyloid and tau proteins, in adults ages 55 and older being evaluated for the disease.
- In September 2022, Enzo Biochem launched AMPIVIEW Gene Expression Platform with Products Targeting Detection of HPV and SARS-CoV-2
- In April 2021, F. Hoffmann-La Roche Ltd. (Switzerland) launched two cardiac biomarker tests for highly sensitive cardiac troponin T (cTnT-hs) and N-terminal pro-brain natriuretic peptide test (NT-proBNP). These gold standard biomarkers support cardiovascular disease management and can help clinicians diagnose heart attacks and manage heart failure better.
- In May 2021, QIAGEN N.V. (Netherlands) launched the first FDA-approved tissue companion diagnostic, therascreen KRAS RGQ PCR Kit, to identify the KRAS G12C mutation in NSCLC tumors and expand precision medicine options in lung cancer.
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Biomarkers Market Advantages:
- Biomarkers provide a more accurate and reliable way to detect and diagnose diseases. They are able to detect diseases before they become symptomatic, which can help to reduce the risk of progression and death.
- Biomarkers are cost-effective and efficient, making them attractive to healthcare providers. They can be used to detect diseases more quickly and accurately than traditional diagnostic tests, reducing the total cost of care.
- Biomarkers are also used to assess the effectiveness of treatments, allowing physicians to make more informed decisions. This can help to reduce the risk of unnecessary treatments and increase patient outcomes.
- Biomarkers can be used for personalized medicine, allowing physicians to tailor their treatments to a patient's specific genetic makeup. This can help to reduce drug resistance and increase the effectiveness of treatments.
- Biomarkers can be used in the development of new drugs, allowing pharmaceutical companies to target specific disease pathways and develop more effective treatments.
Biomarkers Market- Report Highlights:
Segmentation:
The current edition of the report consists of updated industry trends. The report also consists of the Strategic Benchmarking, Porter's Five Force Analysis, and the Recession Impact on the global biomarkers market.
The current edition of the report consists of an updated competitive landscape along with the addition of a competitive leadership mapping for start-ups.
Updated financial information/ product portfolio of players:
The new edition of the report provides updated financial information in the context of the biomarkers market until January 2023 for each listed company in the graphical representation in a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, business segment focus in terms of the highest revenue-generating segment, and investment in research and development activities.
Updated market developments of profiled players:
Recent developments are important to understand the market trend and growth strategies adopted by players in the biomarkers market space. The current edition of this report provides updated developments of profiled players from January 2020 to December 2022, indicating the continuation from the previous version. Product launches, geographical expansions, and acquisitions have been the principal growth strategy adopted by market players between this time.
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