July 25, 2024
Biomarkers Market

The Rapid Commercialization Of Biomarkers In Personalized Medicine Is Anticipated To Open Up New Avenues For The Biomarkers Market

Market Overview:

Biomarkers are biological parameters that are objectively measured and evaluated as indicators of biological or pathogenic processes, or pharmacological responses to a therapeutic intervention. Some key applications of biomarkers include diagnosis, prognosis, predictive healthcare, and monitoring of therapeutic response. Biomarkers play an important role in the discovery and development of drugs for personalized medicine, which aims to provide customized medical care according to the individual’s specific genes, environment, and lifestyle.

Market Dynamics:

The growth of the biomarkers market is majorly driven by the rising prevalence of chronic and life-threatening diseases as well as the increasing focus on precision medicine. According to Global Cancer Statistics 2020, there were an estimated 19.3 million new cases and 10 million cancer deaths in 2020 globally. Another key driver is increasing research funding for biomarker discovery. For instance, the National Institutes of Health (NIH) funding for biomarkers research in the U.S. increased from $1.3 billion in 2013 to $1.7 billion in 2018. This large public funding supports the high demand for new biological markers from the pharmaceutical industry for developing targeted therapeutics.

Segment Analysis

The global biomarkers market can be segmented based on product type, disease indication, and application. Based on product type, the proteomics segment dominates the market due to the rising adoption of proteomics in preclinical drug development and validation of novel biomarkers for companion diagnostics.

The Global Biomarkers Market Share is estimated to be valued at US$ 17.97 Mn in 2023 and is expected to exhibit a CAGR of 13. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

PEST Analysis

Political: Changes in regulations related to diagnostics and healthcare systems affect the demand for biomarkers. Establishing standard guidelines for biomarker development and approval benefits the market growth.
Economic: The rising global healthcare expenditure increases the adoption of advanced molecular diagnostic technologies such as biomarkers.
Social: Growing public awareness regarding early disease diagnosis drives the demand for accurate and effective biomarkers. Moreover, the increasing research activities for developing novel biomarkers fuel the market growth.
Technological: Advancements in omics technologies such as proteomics, genomics, and metabolomics expand the scope of biomarker research and their applications in precision medicine development.

Key Takeaways
The global biomarkers market size was valued at US$ 17.97 billion in 2023 and is expected to reach US$ 38.12 billion by 2030, exhibiting a CAGR of 13% during the forecast period. The rising demand for non-invasive diagnostic tests for various target disease conditions drives the market growth.

Regional analysis: North America dominates the global market and is expected to retain its position during the forecast period. Availability of advanced healthcare infrastructure, increased funding and investments for R&D activities, and the presence of key market players drive the biomarkers market in North America.

Key players analysis: Key players operating in the biomarkers market are Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Acobiom, Apis Assay Technologies Ltd., Eagle Biosciences, Inc., Beckman Coulter, Inc., PerkinElmer Inc., Biopanda Reagents Ltd, Quanterix, Secure Diagnostics Pvt. Ltd., BioVision Inc., Merck KGaA, R&D Systems, Life Diagnostics, QuantaMatrix Inc., Nanjing Synthgene Medical Technology Co., Ltd, LifeSpan BioSciences, Inc, Wako USA, BioLegend, Inc, Abnova Corporation, and Abbexa. These players are involved in new product launches, collaborations, and expansion strategies to gain a competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it