Biomarkers Market worth $104.0 billion in 2028
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 new report by MarketsandMarkets™. Factors driving growth in the market include extensive R&D efforts by leading participants, increasing adoption of biomarkers in drug discovery, the growing importance of companion diagnostics, increasing burden of cancer worldwide, growing funding activities for biomarker research and product innovations, and strategic alliances in biomarkers discovery.
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The Cancer segment accounted for the largest share of the disease indication segment in the biomarkers market in 2022.
On the basis of disease indication, the biomarkers market is segmented into cancer, infectious diseases, neurological disorders, immunological disorders, cardiovascular disorders, and other disease indications. In 2022, the cancer segment accounted for the largest share of the biomarkers market. Factor responsible for the large share of this segment can be attributed to the increasing burden of cancer and growing prevalence of the disease across the globe.
In 2022, in the biomarkers market, safety biomarkers accounted for the largest share of the by type segment.
Based on the type, the biomarkers market is divided into validation biomarkers, efficacy biomarkers, and safety biomarkers. The safety biomarkers segment accounted for the biggest share in the biomarkers market in 2022. Factors responsible for the growth in segment includes, increasing awareness in the population with growing diseases such as cancer, cardiovascular disease, and kidney disease led to a large market share for safety biomarkers in the global biomarkers market.
In 2022, the Asia Pacific region is the fastest-growing region of the biomarkers market
In 2022, the Asia Pacific region accounted for the fasted growing region of the biomarkers market. Factors responsible for the growth of this segment is primarily due to the growing use of biomarkers for diagnostic purposes, the increasing prevalence of chronic diseases, favorable government initiatives, and the growing focus on genomic & proteomic research projects.
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Biomarkers Market Dynamics:
Drivers:
- Growing importance of companion diagnostics
- Increase in global prevalence of cancer
- Increase in funds and grants for biomarker research
- Continuous product innovations
Restraints:
- High capital investments and lengthy timelines for biomarker development
Opportunities:
- Personalized medicine
- Emerging economies
Challenges:
- Challenges associated with biomarker validation
- Technical issues related to sample collection and storage
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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