USD 66.97 billion
Report ID:
SQMIG35A2509 |
Region:
Global |
Published Date: June, 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 of the market is anticipated to be driven by the factors including the growing importance of companion diagnostics as an increase in cancer prevalence, rising funding in biomarker research, and important discoveries as a result of ongoing research. For instance, in October 2023 researchers from Boston University obtained funding from the National Institutes of Health totaling USD 4.6 million to develop novel lung cancer biomarkers.
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 and 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.
The role of biomarkers in the diagnosis of infectious diseases anticipated to witness significant growth in coming years. As an illustration, according to Frontiers in Microbiology, the 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 early identification of infectious illnesses. Additionally biomarkers are used in management of neurological diseases to quantify molecules and monitor the condition of the brain.
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
Safety
Growth Rate
13.3% CAGR
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The biomarkers market is segmented based on Product & Service, Type, Research Area, Technology, Disease Indication, Application, End User, and Region. Based on Product & Service, the market is segmented into Consumables (Assay Kits, Reagents & Chemicals, Columns & Filters), Services, and Software. Based on Type, the market is segmented into Safety Biomarkers, Efficacy Biomarkers (Predictive Biomarkers, Surrogate Biomarkers, Pharmacodynamic Biomarkers, Prognostic Biomarkers), Validation Biomarkers. Based on Research Area, the market is segmented into Genomics, Proteomics, Metabolomics, and Other Research Areas. Based on Technology, the market is segmented into Immunoassays (ELISA, Protein Microarrays, Western Blot), NGS, PCR, Mass Spectrometry, Chromatography, and Other Technologies. Based on Disease Indication, the market is segmented into Cancer, Infectious Diseases, Immunological Disorders, Neurological Disorders, Cardiovascular Disorders, and Other Disease Indications. Based on Application, the market is segmented into Clinical Diagnostics, Drug Discovery & Development, Personalized Medicine, Clinical Research, and Other Applications. Based on End User, the market is segmented into Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Laboratories, Academic & Research Institutes, and Other End Users. Based on Region, the biomarkers market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Analysis by Type
The safety biomarkers 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.
However, the efficacy biomarkers segment is expected to grow at the highest compound annual growth rate from 2024 to 2031 because of their ability to predict a patient’s response to a particular therapy. Despite the existing challenges in conducting research, there is a great discovery regarding efficacy biomarkers. For instance, ATPase-copper Transporting β Polypeptide (ATP7B) is employed to identify ovarian cancer. Furthermore, synergistic collaborations between different corporations and academic institutions are set to enhance biomarker identification. In June 2023, National Cancer Institute launched the ComboMatch platform trial that helps the researchers in understanding the effective treatments of the various combinations.
Analysis by Application
The drug discovery and development segment was prominent in 2023 due to the useful application of biomarkers in drug development as these are more efficient in determining efficacy than clinical outcomes. This predictive capacity help to prevent possible failures within the developmental stages, thus reducing overall costs. Consequently, industry leaders are prioritizing biomarkers, leading to strategic partnerships that propel market growth. For instance, in June 2022, InterVenn Biosciences partnered with the Foundation for the National Institutes of Health’s Biomarker Consortium and the Worldwide Innovative Network (WIN) Consortium to advance clinical trials, enhance patient care, improve precision oncology, and accelerate biomarker discovery.
The clinical diagnostics segment is anticipated to hold the highest growth rate from 2024 to 2031 due to continual investigations into novel diagnostic biomarkers. In February 2023, PHGDH and TRIM29, two new diagnostic tissue biomarkers for malignant pleural mesothelioma, were discovered by Japanese researchers. These biomarkers help in quick diagnosis and help the doctors differentiate between mesothelioma and other cancer types. Future research is opening up possible new biomarkers for identifying diseases in their initial stages such as Alzheimer’s, which is fueling more growth in this segment.
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North America accounted for the largest biomarkers market revenue share in 2023 with over 44%. 00% to factors such as the high illness burden, rising awareness of biomarkers, favorable government policies, technology advances, and enhanced health care systems. The strategic location of this area and the various organic and inorganic activities implemented by significant enterprises are key determinants expected to boost this region. For instance, in November 2023 Akoya Biosciences, Inc. launched PhenoCode signature panels for high-throughput spatial biomarker discovery.
Asia-Pacific, however, is expected to grow at the fastest rate throughout that particular period. Increased funding for biomarker growth, a high cancer incidence rate, increased activity in research, and affordable clinical trials in developing countries are some of the factors that are expected to drive regional growth. Moreover, it is expected that rising funding for biotech and pharmaceutical enterprises, growing CRO numbers, and expanding biomarker applications will foster regional market growth for the predicted timeframe.
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Biomarkers Market Drivers
Growing Demand for Personalized Medicine
Rising Need for Advanced Diagnostic Tools Driven by Chronic Disease Prevalence
Restraints
Lack of Standardization
Challenges in Biomarker Validation and 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
In March 2024, Alamar Biosciences announced the commercial launch of its ultra-high sensitivity NULISAseq™ CNS Disease Panel 120 and NULISAqpcr™ PTau-217 assays.
In October 2023, Summa Equity AB, the primary shareholder of Olink Holding AB, received counsel from Ropes & Gray in the sale to Thermo Fisher Scientific Inc. Olink specializes in offering proteomics research services and products for pharmaceutical firms, clinical entities, and academic institutions across diverse disease areas. Thermo Fisher will initiate a tender offer to purchase all outstanding Olink common shares and American Depositary Shares.
In October 2023, Labcorp revealed the introduction of a tri-biomarker blood test designed for the diagnosis of Alzheimer’s disease.
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 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 example, in October 2022 Boston University’s research team secured NIH funding of USD 4. 6 million to develop new lung cancer biomarkers. Another factor that has an effect on the market growth is advancing technologies in developing biomarker-based diagnostic systems.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 66.97 Billion |
Market size value in 2031 | USD 206.04 Billion |
Growth Rate | 13.3% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Biomarkers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Report ID: SQMIG35A2509