Published Date : 20 Mar 2023
The global biomarkers market is currently valued at nearly USD 81.95 billion but is projected to gross USD 207.46 billion by 2030, growing at a CAGR of 14.1% in the next eight years.
The biomarkers market growth is driven by rising incidences of cancer, a growing number of Contract Research Organizations (CROs), and an increasing incidence of chronic ailments.
A biological molecule found in blood, other body fluids, or tissues is a sign of an abnormal or normal process. A biomarker is used to see how nicely the body responds to a given treatment for a disease. Biomarkers have given a significant boost in the early detection of cancer, which can be a critical breakthrough in the field of cancer diagnostics. Early detection can be a massive benefit in the treatment and management of cancer.
These markers are generated by active genes, the protein products that correspond to those genes, and additional chemical molecules that the cell produces. Biomarkers can be crucial for the early detection of cancer and the identification of those who are at risk of evolving cancer when a normal cell undergoes the intricate procedure of changing into a cancerous cell. Consistent, non-invasive testing to detect cancer early improves the likelihood of appropriate treatment and avoids the need for an invasive biopsy.
Additionally, the market has grown as a result of rapidly expanding applications of biomarkers in diagnostics. Furthermore, increasing research on the use of biomarkers in the early detection of cancer and the declining cost of clinical trials in emerging economies are anticipated to boost the biomarkers market during the forecast period.
Several prominent players are widely adopting strategies, such as merger & acquisition, new product development, and collaboration, in order to increase their industry share. For instance, In January 2023, Tempus, a leader in artificial intelligence and precision medicine, announced a prospective study in collaboration with AstraZeneca that aims to identify biomarkers of response in patients with small cell lung cancer (SCLC).
According to the American Cancer Society, In the U.S., the second-most common cancer is lung cancer and approximately 13% of people diagnosed with lung cancer have SCLC. In September 2020, As part of its ongoing development of innovative and distinctive solutions to unmet demands in clinical biomarker discovery, Thermo Fisher Scientific announced collaborations of the Thermo Fisher Precision Medicine Science Center (PMSC) with AstraZeneca and the University of Nebraska Medical Center.
Biomarkers Market Report Scope
|Market Size in 2022||USD 71.88 Billion|
|Projected Forecast Value in 2032||USD 207.46 Billion|
|Growth Rate||14.1% from 2023 to 2032|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2023 To 2032|
|Segments Covered||By Disease, By Application and By Type|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America witnessed the largest revenue share in 2022, due owing to the high use of biomarkers in personalized medicine, the growing incidence of cancer, and the existence of sophisticated healthcare infrastructure. As per National Center for Chronic Disease Prevention and Health Promotion’s updated in January 2021, an article titled "Chronic Diseases in America", six out of ten adults in the United States have a chronic disease, and four out of ten adults have two or more chronic conditions. The biomarkers play a crucial role in the early diagnosis and treatment of chronic disorders, thus the market is projected to grow in the coming years.
Revenue from the Asia Pacific market is expected to register a rapid CAGR during the forecast period due to several government initiatives to boost the biopharmaceutical sector, rapidly growing focus on genomic and proteomic research projects. increasing prevalence of cancer, and increasing investment in research and development by major market players.
Increasing prevalence of chronic disorders.
The increasing incidence of chronic disorders such as diabetes, cancer, and cardiovascular disorders is projected to boost the biomarkers market growth. Breast and lung cancers were the leading ones globally. According to the World Health Organization, approximately 537 million adults were affected by diabetes worldwide in 2021, and one in ten adults experienced diabetes. According to the International Diabetes Federation (IDF) data from 2021, approximately 643 million individuals will have diabetes by 2030 and 783 million by 2045.
Additionally, According to American Heart Association, In 2020, CVD was responsible for nearly 19.1 million deaths worldwide. The age-adjusted mortality rate per 100,000 people was 239.8. 7354.1 per 100,000 was the age-adjusted prevalence rate. Increasinsg R&D focused on the identification of diagnostic biomarkers is propelling the growth of the market. For instance, In February 2022, The two new diagnostic tissue biomarkers found by Japanese scientists, TRIM29 and PHGDH, indicated for malignant pleural mesothelioma.
Requires high capital investment.
High capital investment requires for the discovery, discovery, and validation of biomarkers. The validation process takes a longer time period as well as costs more money. In addition, the technical issues related to sample collection are likely to obstruct market growth.
Increasing demand for personalized medicine.
The rising demand for personalized medicine extends profitable opportunities to the key players in the market during the forecast period. Biomarkers are highly important in medicine, particularly in personalized medicine. They are very valuable for predicting prognosis and selection of dose. Biomarkers are vital tools for the selection of appropriate patients for the treatment with certain drugs and enable personalized medicine, it is basically providing the right treatment to the right patient and offering the right dose at the right time. Moreover, continuous product innovation is expected to expand the market.
Major Key Players:
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