Wilmington, Delaware, United States, July 20, 2023 (GLOBE NEWSWIRE) -- The global biomarkers market is forecast to reach a valuation of US$ 125.6 billion by 2031, anticipated to increase at a value CAGR of 10.3% from 2023 to 2031.
According to Transparency Market Research’s findings, biomarkers adoption is rising amid advancements in omics technologies, such as genomics, proteomics, and metabolomics.
Omics technologies have also enabled the development of new biomarker-based diagnostic and therapeutic strategies for a wide range of diseases. For instance, genomic biomarkers are used to identify genetic mutations that are associated with certain diseases, while proteomic biomarkers can be used to identify specific proteins that are associated with the disease.
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Advancements in omics technologies have also led to the development of new biomarker discovery platforms, such as next-generation sequencing and mass spectrometry, which have significantly increased the speed and accuracy of biomarker identification.
Key Takeaways from the Market Report
- As of 2023, the global biomarkers market is anticipated to total US$ 57.26 billion
- A y-o-y growth rate of over 10% was expected from 2022 to 2023, with a valuation of US$ 51.9 billion in 2022
- By application, drug discovery & development comprise nearly 33% of all biomarkers usage
- Biomarkers for cancer diagnosis and treatment account for over 35% of all disease identification applications
- By type, safety biomarkers are expected to account for almost 2/5th of the global revenue share
- From 2023 to 2031, the biomarkers market is forecast to expand by 2.2x
Key Drivers Propelling the Biomarkers Market Expansion
- Increase in the prevalence of chronic diseases, such as cancer, cardiovascular diseases, neurological disorders, and infectious diseases, is one of the major growth frontiers of the biomarkers market. According to the World Health Organization (WHO), chronic diseases account for approximately 71% of all deaths worldwide, with cancer being one of the leading causes of death.
- Biomarkers play a critical role in disease diagnosis and treatment. The rise in the incidence of chronic diseases is driving the demand for biomarker-based diagnostics and therapies.
- Biomarkers such as prostate-specific antigen (PSA) and carcinoembryonic antigen (CEA) are used to screen for and diagnose cancer. Cardiac markers such as troponin and B-type natriuretic peptide (BNP) are used to diagnose and monitor cardiovascular diseases such as heart attacks and heart failure. The future demand for biomarkers appears promising due to increase in prevalence of chronic diseases.
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Regional Analysis of the Biomarkers Market
- North America is expected to be the dominant market for biomarkers, expected to accumulate a revenue share of over 40%. North America is home to some of the leading biotech and pharmaceutical companies, which have made significant investments in biomarker research and development. This factor is contributing to market progress.
- The biomarkers market size in Europe is anticipated to increase during the forecast period, owing to the growth in healthcare industry and rise in patient population in the region. Furthermore, an increase in research and development activities in the region is also augmenting biomarkers market growth.
- Asia Pacific, on the other hand, is anticipated to register the fastest growth rate during the projected period. Factors, such as a surge in funding for biomarkers discovery, high prevalence of cancer, rising research initiatives, and low cost of clinical trials in developing nations are expected to support regional growth.
Competitive Landscape
Some key players in the global biomarkers market as profiled by Transparency Market Research are as follows:
- Thermo Fisher Scientific Inc.
- Qiagen N.V.
- F. Hoffmann-La Roche AG
- Bio-Rad Laboratories, Inc.
- Agilent Technologies, Inc.
- Illumina Inc.
- Merck KGaA
- Bio-Techne Corporation
- Siemens Healthineers AG
- PerkinElmer, Inc.
- Myriad Genetics, Inc.
- Becton, Dickinson, and Company
- Danaher Corporation
- Genomic Health, Inc.
- Pacific Biosciences of California, Inc.
Companies are engaged in implementing various strategies such as expansion of product portfolio, mergers & acquisitions, and partnerships. Some key developments initiated in the biomarkers space are as follows:
- In February 2023, F. Hoffmann-La Roche AG expanded its collaboration with Janssen to improve personalized healthcare using companion diagnostics. The new agreement would broaden the scope of activities to include a wide range of companion diagnostics that include blood and tissue-based biomarkers, digital pathology, and sequencing.
- In May 2023, ObvioHealth, a virtual research organization (VRO), announced a partnership with A*STAR's Singapore Institute for Clinical Sciences (SICS) to develop more accurate and sensitive methods to measure and capture health outcomes. A*STAR's SICS help identify biomarkers and related treatments so that people can effectively manage their subclinical symptoms.
- In March 2023, Koneksa, a company that specializes in evidence-based digital biomarkers, announced an extended partnership with SSI Strategy, a consulting firm focused on the life sciences industry. The partnership would extend the range of services offered by both companies to help accelerate the adoption of evidence-based digital biomarkers in clinical trials.
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Key Segments Profiled
Product
- Consumables
- Services
- Software
Type
- Safety Biomarkers
- Susceptibility/Risk Biomarkers
- Diagnostic Biomarkers
- Prognostic Biomarkers
- Monitoring Biomarkers
- Predictive Biomarkers
- Pharmacodynamic/Response Biomarkers
Disease Indication
- Cancer
- Neurological Disorders
- Cardiovascular Disorders
- Infectious Diseases
- Immune Disorders
- Others
Application
- Diagnostics
- Drug Discovery & Development
- Personalized Medicine
- Disease Risk Assessment
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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