Biomarkers are medical signs that are objectively measured and evaluated as indicators of normal biological processes, pathogenic processes or pharmacological responses to therapeutic interventions. They aid in detecting various diseases including cancer. Growing demand for personalized medicine is driving the need for biomarkers that help physicians select appropriate treatment plans for individual patients.
The global biomarkers market is estimated to be valued at US$ 17.97 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the global biomarkers market is majorly driven by the growing demand for personalized medicine. Biomarkers play a pivotal role in personalized medicine by helping to match patients to the most effective treatment based on the specific characteristics of their disease. For instance, certain biomarkers can identify which patients should receive particular targeted therapies or immunotherapies. As the adoption of personalized treatment approaches increases, the demand for biomarkers to facilitate such strategies will continue growing over the forecast period. This accelerating integration of biomarkers into personalized healthcare is expected to remain a key driving factor for market growth.
SWOT Analysis
Strength: The Global Biomarkers Market Size benefits from increasing R&D investments in disease diagnostics and drug development. Biomarkers help achieve improved clinical outcomes by enabling personalized treatment pathways.
Weakness: High infrastructure and maintenance costs associated with biomarker discovery and development limit widespread adoption. Technical challenges in biomarker discovery and validation also constrain market growth.
Opportunity: Growing demand for non-invasive diagnostic procedures and companion diagnostics present lucrative opportunities. Biomarkers show strong potential in conditions like cancer and neurological diseases where early detection is critical.
Threats: Stringent regulatory pathways for approval delays commercialization. Poor reliability and reproducibility of some emerging biomarkers also threaten market potential.
Key Takeaways
The global biomarkers market is expected to witness high growth over the forecast period of 2023 to 2030 on account of increased application in drug discovery and precision medicine.
North America currently dominates the market owing to presence of major players and availability of funding for research activities in the region. Asia Pacific is anticipated to be the fastest growing regional market over the forecast period due to rising R&D expenditures, increasing healthcare infrastructure development, rising geriatric population, and growing prevalence of chronic diseases in the region.
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. Major players are focusing on new product launches, partnerships, and expansions to increase their market share in the high potential biomarkers market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
