Clinical Biomarkers Market Growth – at a CAGR of 10.2% During Forecast Period 2019-2027
Rising prevalence of chronic and acute diseases worldwide and growing use of biomarkers in drug discovery and development are among the key factors driving the global market revenue growth
Emergen Research has published its latest report titled “Clinical Biomarkers Market, By Type (Safety, Efficacy, Validation), By Disease Type (Cancer, Cardiovascular Diseases, Neurological Diseases, Immunological Diseases, Others), By Application (Diagnostics, Drug Discovery & Development, Personalized Medicine, Others), and By Region Forecast to 2028”
According to Emergen Research, the global clinical biomarkers market size was USD 21.83 billion in 2020 and is expected to reach USD 42.74 billion in 2028 and register a revenue CAGR of 10.2% during the forecast period, 2021-2028.
The global clinical biomarkers market revenue growth is substantially driven by factors such as growing prevalence of chronic and acute disorders such as cancer cardiovascular, and neurological disorders across the globe, and increasing applications of biomarkers in drug discovery & development processes. Growing use of biomarkers as surrogate endpoints in clinical trials to enhance the safety and efficacy of drugs and therapeutics, increasing significance of biomarkers in clinical diagnostics, growing demand for personalized medicine, rise in government and private funding for clinical research projects are among the other important factors driving the global clinical biomarkers market revenue growth to a major extent.
Biomarkers are biological substances that indicate different biological states of living organisms, while determining the effectiveness or potential risks associated with therapeutic interventions. Commonly known biomarkers that find a wide range of clinical applications are physiological indicators, imaging biomarkers, and molecular markers. Biomarkers are extensively used in clinical trials to screen compounds for efficacy and toxicity, and they also aid in disease diagnosis and prognosis. Major roles of biomarkers in clinical research include disease prognosis, monitoring disease progression, surrogate endpoints, prediction of the body’s response to therapeutic intervention, as well as in pharmacogenetics. However, revenue growth of the market is hampered due to factors such as increasing costs of biomarker testing and certain problems with validation of biomarkers.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Efficacy Segment Accounted for Largest Revenue Share in 2020:
The efficacy biomarkers segment dominated other segments in terms of revenue share in the global market in 2020. Factors contributing to revenue growth of this segment include increasing applications of efficacy biomarkers in clinical studies and trials to determine the efficacy and safety profiles of drugs and therapeutics, predict clinical outcomes, and to predict patient responses to various medications.
Drug Discovery & Development Segment to Account for Fastest Revenue CAGR:
The drug discovery & development segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Growing prevalence of chronic and acute diseases, increasing need for precision medicine, and increasing applications of biomarkers in drug discovery & development, including assessment of drug safety and efficacy, prediction of patient outcomes, and determining the benefit-risk profiles of specific drugs and therapeutics, are key factors driving the revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America clinical biomarkers market accounted for the largest revenue share in the global market in 2020. Rising prevalence of chronic and acute illnesses, growing geriatric population, increasing research and development activities for advanced biomarkers, their increasing applications in drug discovery & development and clinical diagnostics, and rise in public and private investments in development of state-of-the-art clinical research facilities are among the major factors supporting the regional market revenue growth.
Major Companies in the Global Clinical Biomarkers Market Include:
- Johnson & Johnson Services Inc.
- F. Hoffmann-La Roche Ltd.
- Siemens Healthcare Private Limited
- Bio-Rad Laboratories Inc.
- Thermo Fisher Scientific Inc.
- Agilent Technologies Inc.
- Abbott Laboratories
- Epigenomics AG
- Meso Scale Diagnostics LLC
For the purpose of this report, Emergen Research has segmented the global clinical biomarkers market on the basis of type, disease type, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
Disease Type Outlook (Revenue, USD Billion; 2018-2028)
- Cardiovascular Diseases
- Neurological Diseases
- Immunological Diseases
Application Outlook (Revenue, USD Billion; 2018-2028)
- Drug Discovery & Development
- Personalized Medicine
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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