Categories: Healthcare

Biomarkers Market Size, Share, Growth, Trends

The Biomarkers Global Market Report 2023 by The Business Research Company, provides biomarkers market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Biomarkers Global Market Report 2023, the market size will grow from $54.4 billion in 2022 to $61.72 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the biomarkers is expected to grow to $104.85 billion in 2027 at a CAGR of 14.2%.

The increase in heart diseases is expected to propel the growth of the biomarkers market in the forecasted period. The use of biomarkers for heart disease patients has increased tremendously over the last few years. Currently, the natriuretic peptides are the most used biomarker and help in the diagnosis of patients with heart failure. Biomarkers such as circulating biomarkers with high sensitivity C-reactive protein are used for the diagnosis of heart failure. Heart disease is among leading cause of death for people of most racial and ethnic groups in the United States. The increase in heart diseases will drive the demand for biomarkers.

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The biomarkers market is segmented:

1) By Technology: Safety Biomarkers, Efficacy Biomarkers, Validation Biomarkers

2) By Disease: Neurological Diseases, Cancer, Immunological Diseases, Cardiovascular Diseases, Other Diseases

3) By Type: Biomarker Of Exposure, Biomarker Of Diseases

4) By Audiences: Pharmaceutical Companies, Government And Private Research Institutes, Academic Institutes, Medical Device Manufacturing Companies

5) By Application: Risk Assessment, Development of Molecular Diagnostic, Disease Diagnosis, Drug Discovery And Development, Drug Formulation, Forensic Application, Other Applications (DNA Fingerprinting And Others )

Rise in new agreements between the companies is the key trend gaining popularity in the biomarkers market. Major companies operating in the biomarkers market are focused on making agreements with other players to develop and launch new solutions and strengthen their position. For instance, in July 2020, Thermo Fisher Scientific, a US-based analytical laboratory instrument manufacturing company signed a companion diagnostic (CDx) agreement with a Japan-based pharmaceutical company Chugai Pharmaceutical. This agreement helps to expand the use of the Oncomine Dx Target Test and expedite local biomarker testing of non-small cell lung cancer (NSCLC) patients eligible for Rozlytrek (entrectinib) treatment in Japan. In addition, in September 2020, Thermo Fisher Scientific announced new collaborations among the Thermo Fisher Precision Medicine Science Center, AstraZeneca (a UK-based pharmaceutical and biotechnology company), and the University of Nebraska Medical Center for clinical biomarker discovery. This collaboration intends to create standardized workflows with pharma and academic partners to streamline the transition from biomarker research to clinical implementation.

The biomarkers market report table of contents includes: