The biomarkers market is expected to registered growth at a CAGR of 14.1% during the forecast period and to reach around USD 207.46 billion by 2030 from valued at USD 63.06 billion in 2021.
The biomarkers market is expected to registered growth at a CAGR of 14.1% during the forecast period and to reach around USD 207.46 billion by 2030 from valued at USD 63.06 billion in 2021.
Growth Factors
A biomarker is a type of molecule or gene that is used to accurately and efficiently assess pharmacological reactions, biological processes, and pathogenic treatments. Biomarkers, also known as molecular markers or signature molecules, can be found in blood and other body fluids, as well as tissue. Oncologists have been using biomarkers more than any other disease in recent years. Biomarkers are now being used in clinical settings to track illness progression, diagnoses, and treatment outcomes. As a result, new technologies are predicted to emerge in the worldwide biomarkers market as a response to the terrible circumstances of cancer. As a result, the biomarkers market is expected to develop throughout the forecast period due to the advent of artificial intelligence.
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The global biomarkers market is being driven by factors such as the rising demand for personalized treatment and companion diagnostics. Other important drivers of the global biomarkers market are rising consumer awareness, technological advancements in clinical laboratory testing and imaging examinations, and a growing patient base. The growing number of contract research organizations and the low cost of clinical trials in many developing nations has fueled industry growth. Furthermore, expanding research and development activities financed by biotechnology and pharmaceutical sectors as well as the rising occurrence of cancer, are important developments that are driving up demand for biomarkers and as a result driving the market expansion. The expanding use of biomarkers in medical fields such as cancer research and treatment will fuel the global biomarkers market’s growth.
Report Highlights:
- Based on the type, the safety biomarkers segment dominated the global biomarkers market in 2020 with highest market share. This is due to growing awareness of low drug attrition rates, regular health screenings, and a growth in the population at high risk of diseases such as cardiovascular disease, kidney disease, and cancer.
- Based on the disease, the cancer segment dominated the global biomarkers market in 2020 with highest market share. The segment is growing due to an increase in demand for fast and reliable diagnostic technologies, a rising in worldwide cancer burden, and an unfulfilled need for more targeted, tailored therapy targets for cancer patients.
- Based on the application, the drug discovery and development segment dominated the global biomarkers market in 2020 with highest market share. This is due to extensive research and development efforts aimed at developing focused medicines, as well as the ability to more correctly estimate drug efficacy and a rapid approval procedure.
- North America is the largest segment for biomarkers market in terms of region. An increase in disease rates, more consumer awareness, technology advancements, and improvements in healthcare infrastructure are all contributing to this growth.
- Asia-Pacific region is the fastest growing region in the biomarkers market. This is due to the existence of well-known research institutes and major market players in the region. This is owing to the region’s presence of renowned research institutes and key market players. The market’s growth can be attributed to increased collaborations between universities and biomarkers solution providers. As biomarker testing becomes more generally available, the region’s healthcare services are projected to improve, helping the biomarkers market’s growth.
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Future of Biomarkers Market
Biomarkers and companion diagnostics have become increasingly significant in medical practices, leading in improved diagnosis, monitoring, and therapy across a wide range of illnesses. It can be used to identify patients who are more likely to benefit from specific medications or therapies. These tests are typically carried out in conjunction with the administration of a certain medication.
COVID-19 Impact Analysis:
- The COVID-19 outbreak caused widespread disruption in nearly every industry. In its area, the healthcare sector also saw an adverse effects.
- However, this is not the case in the biomarkers market, as biomarkers are critical in the development of chronic care medicines, where the pharmaceutical and government firms will invest heavily, stifling the biomarkers market growth.
Key Developments in the Marketplace:
- The Uniklinik RWTH Aachen has favorably interpreted the research and biomarker authentication relationship with SphingoTec GmbH into clinical routine as of December 2020.
- A multinational team of researchers developed an innovative biodegradable electronic sensor to measure trace amounts of nitric oxide species in December 2020. The researchers determined the sensor’s selectivity to nitric oxides by comparing the strength of the resistance signal to its reactions to other common gaseous biomarkers.
- QIAGEN gained FDA approval for therascreen RGQ PCR Kit in May 2019. The therascreen PIK3CA Kit is used to identify breast cancer patients who are eligible for treatment. It is the first companion diagnostic assay to be approved for this purpose.
Major Market Segments Covered:
By Type
- Validation
- Efficacy
- Safety
By Disease
- Neurological Diseases
- Cancer
- Immunological Diseases
- Cardiovascular Diseases
- Others
By Application
- Personalized Medicines
- Drug Discovery & Development
- Diagnostics
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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