USD 66.97 billion
Report ID:
SQMIG35A2509 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
92 |
Figures:
76
Global Biomarkers Market size was valued at around USD 66.97 billion in 2022 and is expected to rise from USD 75.88 billion in 2023 to reach a value of USD 206.04 Billion by 2031, at a CAGR of 13.3% over the forecast period (2024–2031).
Growth in the company is anticipated to be driven by factors including the growing importance of companion diagnostics, an increase in cancer prevalence, rising funding in biomarker research, and important discoveries as a result of ongoing research. For instance, in October 2022, researchers from Boston University obtained funding from the National Institutes of Health totaling USD 4.6 million to develop novel lung cancer biomarkers. A further aspect influencing market growth is technological progress in the creation of biomarker-based diagnostics.
The discovery of potent medicines for the management of numerous illnesses, including cancer, cardiovascular, immunological, and neurological diseases, is made possible through research. Additionally, it aids in comprehending the methods for early detection and prevention of a specific disease. The amount of public and private investment in the sector has grown, it has been noted. For instance, Quanterix Corp. declared in March 2022 that the Alzheimer's Drug Discovery Foundation has granted financing to hasten the development of a diagnostic plasma test for Alzheimer's disease. Clinical application of plasma-based biomarkers for Alzheimer's disease diagnosis is imminent.
The role of biomarkers in the diagnosis of infectious diseases is anticipated to witness significant growth in the coming years. As an illustration, according to Frontiers in Microbiology in 2021, possible MicroRNA-based biomarkers have been found for the identification of illnesses such as rhinoviruses, influenza infections, tuberculosis, HIV, malaria, Ebola, and Hendra virus. These miRNA-based indicators are meant to aid in the early identification of infectious illnesses. Additionally, biomarkers are used in the management of neurological diseases to quantify molecules and monitor the condition of the brain. Due to recent advancements in biomarkers, such as biomarker signatures, the treatment of neurological illnesses is becoming increasingly effective.
Recent developments in the biomarkers market allow safe testing, more quickly manufacturing of drugs, and quicker diagnosis. For instance, Altoida collaborated with the Digital Medicines Society (DiMe) in March 2022 to improve its platform for next-generation precision neuro-biomarkers. Leading players are also concentrating on providing programmes that might boost the marketing of biomarker-based goods. For instance, Amgen, Inc. launched the Biomarker Assist programme in April 2021 to provide financial assistance to metastatic NSCLC patients so they may receive biomarker testing. Biomarker Assist is made up of the NGS Affordability Programmes and the KRAS Single Gene Test (SGT).
US Biomarkers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 66.97 billion
Largest Segment
Safety
Fastest Growth
Efficacy
Growth Rate
13.3% CAGR
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The global biomarkers market is segmented based on type, application, disease, and region. In terms of type, the market is classified into safety, efficacy, and validation. With respect to application, the market is categorized into diagnostics, drug discovery & development, personalized medicine, and others. In terms of disease, the market is segmented into cancer, cardiovascular diseases, neurological diseases, and immunological diseases. Regionwise, the global biomarkers market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Biomarkers Market Analysis by Type
The safety category had the biggest market share and was responsible for more than 37.80% of total revenue. The segment is expected to expand at a notable rate during the forecast period.. The expansion of the segment is predicted to be fueled by an increase in the usage of safety biomarkers in medication research and development. Additionally, it is anticipated that a growing portion of the population will be at a high risk of contracting diseases like kidney disorders, cancer, and cardiovascular conditions.
Additionally, factors contributing to segment growth include rising public awareness of the importance of regular health screenings and a decline in drug attrition rate, which is associated with biomarker-based therapies. Over the anticipated period, effective biomarkers are expected to grow at a profitable rate. Effectiveness biomarkers aid in predicting a patient's reaction to a given medication. Numerous results on efficacy biomarkers have been reported despite research challenges. One such biomarker is ATPase-copper Transporting Polypeptide (ATP7B), which is used to identify ovarian cancer.
Biomarkers Market Analysis by Application
The market was led by the drug discovery and development industry in 2022, with a revenue share of over 32.85%. It is estimated to increase at a notable CAGR during the forecast period. This segment has grown as a result of significant R&D efforts by leading companies, growing usage of biomarkers in medication research, and ongoing strategic alliances in biomarkers discovery. For instance, InterVenn Biosciences collaborated with the Foundation for the National Institutes of Health's Biomarker Consortium and the Worldwide Innovative Network (WIN) Consortium in June 2022.
The category is likely to expand due to the rising use of personalized medicine for chronic diseases, high pharmacogenomics penetration, and rising awareness of personalized medicine among healthcare professionals. Additionally, segment expansion is aided by the strategic initiatives taken by top participants. For instance, in March 2021, Oxford BioDynamics and Agilent Technologies, Inc. inked a reseller and supply agreement for the array kit EpiSwitch Explorer, which may be used for biomarker identification and is a crucial part of the personalized medicine market.
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North America dominated the global biomarkers business in 2022 with a revenue share of more than 44.00% due to the high illness burden, increased consumer awareness of biomarkers, encouraging government initiatives, technical breakthroughs, and improvements in healthcare infrastructure. The presence of important enterprises in this area and the numerous organic and inorganic developments they have undertaken are crucial factors projected to fuel the region's growth. For instance, Akoya Biosciences, Inc. announced in November 2022 the availability of PhenoCode signature panels for high-throughput spatial biomarker discovery.
Asia Pacific, on the other hand, is anticipated to grow at the fastest rate throughout that time. A surge in funding for biomarker development, a high cancer prevalence, rising research activities, and reasonably priced clinical trials in developing nations are factors that are projected to boost regional expansion. Additionally, it is anticipated that an increase in funding for biotech and pharmaceutical companies, an increase in the number of CROs, and a broadening of the use of biomarkers will support regional market expansion during the anticipated time frame.
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Biomarkers Market Drivers
Growing Demand for Personalized Medicine
Biomarkers Market Restraints
Lack of Standardization
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To enhance their market share, major firms are implementing tactics including new product development, merger & acquisition, and collaboration. A number of market participants, including Abbott and F. Hoffmann-La Roche Ltd., are actively working on developing new biomarker solutions. To increase access to individualized oncology biomarker testing, Thermo Fisher Scientific, Inc. introduced CE-IVD (IVDD) NGS test and analysis software in August 2022.
Biomarkers Market Top Player’s Company Profiles
Biomarkers Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global biomarkers market analysis, we found that the growing importance of companion diagnostics, an increase in cancer prevalence, rising funding in biomarker research, and important discoveries as a result of ongoing research are the key factors augmenting the growth of this market. For instance, in October 2022, researchers from Boston University obtained funding from the National Institutes of Health totaling USD 4.6 million to develop novel lung cancer biomarkers. A further aspect influencing market growth is technological progress in the creation of biomarker-based diagnostics.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 66.97 billion |
Market size value in 2031 | USD 206.04 Billion |
Growth Rate | 13.3% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Biomarkers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Biomarkers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Biomarkers Market:
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