Biomarkers are measurable and quantifiable biological parameters that can be used to evaluate normal biological processes, pathogenic processes, or pharmacologic responses to a therapeutic intervention. Biomarkers have diverse applications in healthcare including disease risk assessment, diagnosis, prognosis, prediction of treatment responses, and monitoring of disease progression or recurrence. They play a vital role in drug discovery and development with their use for target identification and validation, patient selection, assessment of pharmacodynamics effects, and prediction of adverse events. Biomarkers help develop personalized medicines that can pinpoint which patients will most likely respond to a specific drug and avoid adverse reactions.

The global biomarkers market is estimated to be valued at US$ 17.97 billion in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing Adoption of Personalized Medicines: The growing adoption of personalized medicines owing to their targeted treatment approach and improved clinical outcomes is expected to drive the biomarkers market growth over the forecast period. Biomarkers enable development of personalized medicines by helping researchers determine which biological characteristics, such as genes, proteins, or other biomarkers make people more responsive to a specific drug or therapy. This fuels the demand for biomarkers in drug discovery and development activities focused on precision medicines.

Rising Healthcare Expenditure: Increasing healthcare spending globally to enhance diagnostics, treatment, and drug development facilities is another key factor augmenting the biomarkers market. Governments across nations are allocating higher budgets for healthcare to provide affordable and advanced care to citizens. Greater healthcare spending allows more investments in biomarkers research and associated technological advancements to develop innovative biomarkers that improve disease diagnosis and therapy monitoring.

Segment Analysis
The global biomarkers market can be segmented based on product & services, disease indication, and application. The product & services segment is further divided into consumables, services, and software. Among these, the consumables sub-segment dominates the market owing to high demand for reagents, kits, and assays used for detection of various biomarkers in different biological samples.

PEST Analysis
Political: Government initiatives to increase funding for life science research along with focus on biomarker-based drug discovery and development positively impacts the market growth.
Economic: Rising healthcare spending worldwide along with growing R&D investments by pharmaceutical and biotechnology companies drives the biomarkers market.
Social: Increasing incidence of chronic and lifestyle diseases creates demand for biomarkers to diagnose diseases at early stages and personalize treatment.
Technological: Advancements in “omics” technologies like genomics, proteomics, and metabolomics facilitate discovery and validation of novel biomarkers. Continued research to develop non-invasive biomarker detection methods also supports market growth.

Key Takeaways
The global biomarkers market share is expected to witness high growth over the forecast period of 2023 to 2030. The global biomarkers market is estimated to be valued at US$ 17.97 billion in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.

Regional analysis indicates North America dominates the market currently owing to robust research funding and presence of key players in the US. Asia Pacific is poised to be the fastest growing regional market with increasing prevalence of chronic diseases and rising biomarker-based drug research in countries like China and India.

Key players operating in the biomarkers market are Steris PLC, West Pharmaceutical Services Inc., Boston Analytical, Intertek Pharmaceutical Services, Pace Analytical Services, Labcorp (Toxikon Inc.), SGS SA, Eurofins Scientific, and Laboratory Testing Inc., among others. Steris PLC and West Pharmaceutical Services Inc. hold a significant share of the consumables segment due to their diverse product portfolios. Constant mergers and acquisitions among mid-sized players are further anticipated to intensify the competition in the global biomarkers market during the forecast period.

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