Product ID: SQMIG35A2509
Global Biomarkers Market Size, Share, Growth Analysis, By Type(Safety, Efficacy), By Application(Diagnostics, Drug discovery & development), By Disease(Cancer, Cardiovascular Diseases) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2509 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
92 |
Figures:
76
Global Biomarkers Market Insights
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 Biomarkers Market Report Snapshots
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