Westford USA, July 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global biomarkers market will attain a value of USD 206.04 billion by 2031, with a CAGR of 13.3% during the forecast period (2024-2031). Factors likely to fuel the growth of the biomarkers market are the increasing significance of companion diagnostics, rising cancer prevalence, growing funding in research on biomarkers, and significant discoveries resulting from ongoing research. In diagnosing infectious diseases, biomarkers are expected to witness high growth soon. Developed biomarkers markets enable safety testing and expedite manufacturing of drugs with quicker diagnoses.
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Browse in-depth TOC on "Biomarkers Market"
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Biomarkers Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 75.88 Billion |
| Estimated Value by 2031 | USD 206.04 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Services, Type, Research Area, Technology, Disease Indication, Application, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increasing Use of Companion Diagnostics |
| Key Market Drivers | Growing Demand for Personalized Medicine |
Drug Discovery & Development Segment to Dominate the Market Due to Better Clinical Endpoints
The segment related to drug discovery and development dominated the market in 2023 driven by the utility of biomarkers in hastening drug development through better prediction of its efficacy than the conventional clinical endpoints. This predictive value is what will allow for realization of possible failures in advance, thus reducing the costs incurred during development. Hence, the leaders in this industry have worked hard on biomarkers, thereby coming up with strategic collaborations that have taken this market high.
Clinical Diagnostics is the Fastest Growing Sector Due to Ongoing Research for New Biomarkers
It is expected that the clinical diagnostics segment will grow at the maximum CAGR during this forecasted period, driven mainly by continued research in new diagnostic biomarkers. These biomarkers enable quick diagnosis and help doctors distinguish mesothelioma cancer from others. All such continuous R&D processes open doors for the discovery of even newer biomarkers against diseases like Alzheimer's, which will further boost growth in this segment.
Technical Breakthroughs Makes North America the Leading Consumer in this Market
North America ruled the biomarkers business in 2023 with more than a 40% share of the revenue generated, which became possible due to the heavy burden of illness, enhanced consumer awareness about biomarkers, recognition of promising government initiatives, new technical breakthroughs, and enhancement in healthcare infrastructure. Other important developments include the presence of key enterprises in this area and the several organic and inorganic developments they have undertaken. These are some crucial factors projected to fuel growth in this region.
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Biomarkers Market Insights:
Drivers
- Growing Demand for Personalized Medicine
- Rising Need for Advanced Diagnostic Tools Driven by Chronic Disease Prevalence
- Focus on Early Disease Detection and Prevention
Restraints
- Rising Need for Advanced Diagnostic Tools Driven by Chronic Disease Prevalence
- Challenges in Biomarker Validation and Standardization
- Limited Biomarker Validation
Prominent Players in Biomarkers Market
The following are the Top Biomarkers Companies
- F. Hoffmann-La Roche AG
- Thermo Fisher Scientific Inc.
- Agilent Technologies, Inc.
- QIAGEN N.V.
- Bio-Rad Laboratories, Inc.
- Merck & Co., Inc.
- PerkinElmer, Inc.
- Illumina, Inc.
- BD (Becton, Dickinson and Company)
- Myriad Genetics, Inc.
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Key Questions Answered in Biomarkers Market Report
- Which are Biomarkers?
- What factors are supporting the growth of the Biomarkers Market?
- What are the key opportunities in the Biomarkers Market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of Biomarkers market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Biomarkers market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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