The worldwide biomarkers market is predicted to grow at 12.5% by 2031. Growing expenditure on health care and research & development activities plus enhanced utility of biomarkers for diagnostics are predicted to stimulate the growth of the global biomarkers market. The growth and expansion of the industry will also be supported by the low prices of clinical trials in emerging nations and new initiatives taken by the firms who are into the biomarker research business.
On the other hand, factors like requirement of heavy business investment, low cost-benefit ratio, poorly matched compensation methods and control systems and high price of tests and sample collection & storage are the key factors inhibiting the growth and expansion of the global biomarkers market. Further, fast expansion of the IT sector, rapidly rising world population and growing efforts by scientific community to discover new medicines are few of the drivers stimulating the growth of the global biomarkers market.
Biomarkers are physically occurring genetic materials or molecules which are introduced to the target site or organ to monitor physiological routes of the ailments. They are used as diagnostic means to evaluate the establishment as well the intensity of the ailment. These biomarkers also help doctors in taking accurate medical decisions and assists them in perfectly diagnosing the health of patients. Biomarkers demand and its market growth is projected to enhance further owing to their medical applications in the field of cancer research and treatment. New market entrants in the global biomarkers market is predicted to generate new business growth avenues for the worldwide biomarkers market.
Biomarkers hold substantial significance in the area of drug discovery & development. It offers clarity on the ailment in terms of its ailment epidemiology. So the growing amount of initiatives taken in the field of drug discovery & development is the most substantial market growth driver. Further, growing global occurrence of neurology, cardiology and oncology based ailments and stimulating initiatives taken by regulatory authorities like US food and drug administration will serve as the driver of the worldwide biomarker market.
The global biomarkers market is divided into products, types, applications, disease indications and geographical regions.
The worldwide biomarkers market by products includes Software, Consumables and Services.
The global biomarkers market by types safety biomarkers, validation biomarkers and efficacy biomarkers. Efficacy Biomarkers includes Surrogate Biomarkers, Pharmacodynamic Biomarkers, Predictive Biomarkers and Prognostic Biomarkers.
The worldwide biomarkers market by applications includes disease risk assessment, diagnostics development, personalized medicine and drug discovery & development.
Drug discovery & development section leads the global biomarkers market in market share terms. This section is predicted to retain its leading position during the estimated period. Drug discovery & development carry high significance in the pharmaceuticals sector. The utilization of biomarkers in the procedure of drug discovery & development assist in increasing the procedure and judging failures of medicines or drugs. Such a capability of biomarkers to judge the failure of medicine and drugs saves the incurrence of heavy costs as per the estimates of the US food and drugs administration. Perfect predictions of drug/medicine failures can save up to 100 million US dollars for the drug producers.
The global biomarkers market by disease indications includes immunological disorders, cancer, neurological disorders and heart or cardiovascular disorders.
The cancer section leads the worldwide biomarkers market. High worldwide occurrence of cancer combined with the presence of high level of patient consciousness contributes towards the above described fact. But , the heart disorder section is predicted to be the most profitable section in terms of business growth in future. Rise in occurrence of heart ailments and presence of high unfulfilled medical requirements are few of the stimulators of the worldwide biomarkers market.
The worldwide biomarkers market by geographical regions includes sub continent of North America, European continent, Asia Pacific region and the region of the rest of the world.
The sub continent of North America contributes towards biggest market share of the global biomarkers market. The presence of modern healthcare infrastructure facility, new product launches, availability of good research & development facility, high rate of adoption of modern techniques, entry of new industry players in the business/market sector, wide utilization of biomarkers and incurrence of high per capita expenditure on healthcare activities are the factors expected to contribute towards the growth and development of the biomarkers market in North America. Further, strong development trends in contract research organizations and pharmaceutical firms in this sub continent will add to the growth and expansion of the market in this North American sub continent. This region is predicted to witness a rapid market growth during the forecasted period.
The biomarkers market of Asia Pacific region is predicted to expand at a rapid rate due to growth of key biomarker firms, enhanced expenditure on research & development activities, increase in amount of contract research organizations and fast economic growth witnessed in countries like India and China of this region.
Recent Developments
The key market players included in the market research report are as follows:
F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, QIAGEN N.V., PerkinElmer, Inc., Merck KGaA, Bio-Rad Laboratories, Inc., Enzo Biochem, Inc., Charles River Laboratories International, Inc., Eurofins Scientific and Other Notable Players.
The key industry participants in the worldwide biomarkers market are predicted to face tough competition from new market players in future. So it is necessary for the most prominent players of the industry to stay abreast with the new technological changes and adapt to fast changing business trends and industrial trends in order to gain competitive advantage over their competitors in this business/market sector.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Biomarkers market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
| |
Type
| |
Application
| |
Disease Indication
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
