Chicago, March 31, 2023 (GLOBE NEWSWIRE) -- The future of biomarkers is expected to be a very promising one. As new technologies and techniques continue to emerge, the use of biomarkers will become increasingly more commonplace. Over the next few years, expect to see more advanced biomarkers that are able to detect disease earlier and more accurately. The ability to accurately diagnose and monitor disease will be greatly improved and enable healthcare professionals to provide better treatment for their patients. Additionally, the development of personalized medicine and precision medicine will be greatly enhanced by the use of biomarkers. This will allow doctors to tailor treatments to individual patients, leading to better outcomes. As the cost of biomarkers continues to decrease and their use becomes more widespread, the industry is expected to grow significantly.
Biomarkers market in terms of revenue was estimated to be worth $59.1 billion in 2023 and is poised to reach $104.0 billion by 2028, growing at a CAGR of 12.0% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Factors responsible for the growth in the biomarkers market is mainly high prevalence of cancer and cardiac problems and biomarker advancements.
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Biomarkers Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $59.1 billion |
| Estimated Value by 2028 | $104.0 billion |
| Growth Rate | Poised to grow at a CAGR of 12.0% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Service, Type, Application, Disease Indication, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Emerging economies |
| Key Market Drivers | Increasing prevalence of cancer worldwide |
By product & service, the biomarkers market is segmented into consumables, services, and software. In 2022, the consumables segment accounted for the fastest-growing segment of the global biomarkers market. Factor responsible for driving growth in this segment are, growing use of kit-based products for biomarker testing and the repeated purchase of consumables.
On the basis of application, the biomarkers market is segmented into diagnostics, drug discovery & development, personalized medicine, disease risk assessment, and other applications. In 2022, the diagnostics segment accounted for the fastest-growing segment of the biomarkers market. Factors responsible for the growth in the market include the use of biomarkers for the diagnosis of multiple diseases, including infectious diseases, cancer, cardiovascular disorders, immunological disorders and neurological disorders, are rising, and the growing advancements of biomarkers is a major factor that drives the growth of the diagnostics segment of the biomarkers market.
Based on disease indication, the biomarkers market is segmented into neurological disorders, cardiovascular diseases, infectious diseases, cancer, immunological disorders, and other disease indications. Cancer segment has accounted the largest share in 2022 and expected to grow highest during the forecast period (2023-2028). The correlation between an increasing population and increased research activities in the segment, are driving growth in the segment.
Based on region, the biomarkers market is divided into North America, Asia Pacific, Europe, and Rest of World. In 2022, North America accounted for the highest market size, and Asia Pacific is expected to grow highest during the forecast period (2023-2028). Involvement of government in the betterment of research in diagnostics, increasing applications of biomarkers, and increasing research activities are some factors which are driving growth in the region.
Key Market Players:
Some of the leading players operating in the biomarkers market are F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (US), Abbott Laboratories (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), Merck KGaA (Germany), Bio-Rad Laboratories, Inc. (US), Enzo Biochem, Inc. (US), Charles River Laboratories International, Inc. (US), and Eurofins Scientific (Luxembourg).
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Hypothetic Challenges of Biomarkers Market in Near Future:
- Overcoming Regulatory Challenges: Governments and regulatory bodies around the world are increasingly focused on ensuring the accuracy and reliability of biomarkers, and the associated data. This could present a challenge to the development and adoption of biomarkers.
- Access to Quality Data: The quality of data used to develop and validate biomarkers is often of critical importance. As such, access to quality data from a variety of sources will be essential for the continued development and adoption of biomarkers.
- Cost of Development: The cost of developing and validating biomarkers is a major obstacle for many companies. Biomarker development is an expensive process, and the cost can be prohibitive for many companies.
- Standardization: A lack of standardization across biomarker development and validation processes can lead to inaccurate or unreliable results. As such, standardization will be essential for the continued development and adoption of biomarkers.
- Privacy and Security: As the use of biomarkers becomes increasingly widespread, the privacy and security of patient data must be of utmost concern. Companies must ensure they are compliant with all applicable laws and regulations in order to protect patient privacy and ensure data security.
Top 3 Use Cases of Biomarkers Market:
- Diagnosis and Prognosis: Biomarkers are widely used to diagnose and predict the prognosis of various diseases such as cancer, heart disease, diabetes, and neurological disorders. They help in early diagnosis and prognosis of diseases, allowing for early interventions and treatments.
- Drug Development: Biomarkers are used to identify new drug targets and to monitor the effects of drugs on specific biological pathways. They are also used to assess the safety and efficacy of new drugs.
- Personalized Medicine: Biomarkers are used to develop personalized medicines tailored to an individual’s genetic makeup and to identify those who may respond best to certain medications. This allows for more effective and tailored treatments.
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Recent Developments:
- In December 2022, F. Hoffmann-La Roche Ltd. (Switzerland) announced that Elecsys beta-Amyloid (1-42) CSF II (Abeta42) and Elecsys Phospho-Tau (181P) CSF (pTau181) assays have received U.S. Food and Drug Administration (FDA) 510(k) clearance. The Elecsys AD CSF Abeta42 and pTau181 assays (used as a pTau181/Abeta42 ratio) measure two biomarkers that are hallmarks of Alzheimer’s pathology, beta-amyloid and tau proteins, in adults ages 55 and older being evaluated for the disease.
- In September 2022, Enzo Biochem launched AMPIVIEW Gene Expression Platform with Products Targeting Detection of HPV and SARS-CoV-2
- In April 2021, F. Hoffmann-La Roche Ltd. (Switzerland) launched two cardiac biomarker tests for highly sensitive cardiac troponin T (cTnT-hs) and N-terminal pro-brain natriuretic peptide test (NT-proBNP). These gold standard biomarkers support cardiovascular disease management and can help clinicians diagnose heart attacks and manage heart failure better.
- In May 2021, QIAGEN N.V. (Netherlands) launched the first FDA-approved tissue companion diagnostic, therascreen KRAS RGQ PCR Kit, to identify the KRAS G12C mutation in NSCLC tumors and expand precision medicine options in lung cancer.
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