New York, USA, March 28, 2023 (GLOBE NEWSWIRE) -- Biomarkers Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Biomarkers Market Information By Product, Type, Application, Disease Indication, And Region - Forecast till 2030", market size was valued at USD 43.2 billion in 2022 and is projected to grow from USD 47.86 Billion in 2023 to USD 88.56 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.80% during the forecast period (2023 - 2030).
Market Synopsis
The surge in COVID-19 cases has contributed massively to the development of the biomarker technologies market. The future burden of cancer is projected to be even larger because of the rising incidence of smoking, unhealthy food habits, and physical inactivity, among others. Biomarkers can indicate a range of aspects of health or disease. A biomarker is a biological molecule or gene employed to assess pharmacologic reactions, pathogenic processes, and biological processes precisely and effectively. Biomarkers, often called molecular markers or signature molecules, are present in the tissue, bodily fluids, and blood.
In medicine, safety evaluation, and the development of new drugs, biomarkers are frequently utilized. According to their functionality, biomarkers can be divided into many sorts, such as diagnostic, prognostic, predictive, and other types. They contribute significantly to the advancement of both the drug development process and the broader biomedical research business. Biomarkers are frequently used to monitor the body's response to a specific therapy for a disease or condition. They enable medical professionals to make wise clinical decisions and aid in diagnosing the health of patients. Personalized medicine, medication research and development, illness risk assessment, diagnostics development, and other fields heavily rely on biomarkers.
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Diagnostic markets are experiencing rising demand. Today's market demands early diagnosis with precise and uniform outcomes, as opposed to conventional diagnostic equipment' concentration on delivering accurate and consistent results. Accurate outcomes in the early stages of diseases, particularly in the case of cancer, present considerable problems. Diagnostic biomarkers are technologies that require little to no invasiveness. The market expectations are being met by biomarkers when combined with important imaging and data management technologies, but drawbacks exist. The creation of cancer diagnostic biomarkers is the focus of current research efforts. As the need for affordable and effective treatment doses rises, biomarkers allow pharmaceutical companies to study and identify novel medications. To reduce drug discovery and development complexity, biomarkers are employed in assay creation, sample preparation, and drug validation and testing. Biomarkers that lower the likelihood of failure and later-stage discovery costs can be used to help choose the best medications.
Competitive Landscape:
The eminent contenders in the biomarkers market are:
- Opko Health (US)
- Fulgenmt Genetics Inc. (US)
- Invitae Corporation (US)
- Laboratory Corporation of America Holdings (US)
- Quest Diagnostics Incorporated (US)
- Eurofins Scientific (Luxembourg)
- Sema4 (US)
- Illumina Inc. (US)
Biomarkers Market Trends:
Market Drivers:
The rise in applications for diagnostic tools and personalized medicine, the rapid expansion of contract research organizations, the falling cost of clinical trials in various emerging markets, the high incidence of cancer, the surge in R&D spending by pharmaceutical and biotechnology companies, and innovative activities in biomarker research are all contributing to the growth of the global biomarkers market. Increased need for customized treatment, improvements in disease diagnosis technology, and growing preference for biomarkers in drug research and development drive the market's rise. Technologies such as omics, proteomics, and meta-bolomics are utilized to find biomarkers and diagnose diseases. Risk evaluation, disease diagnosis, DNA fingerprinting, and other molecular applications use biomarkers.
The governments of developing nations are making large investments to modernize their countries' healthcare infrastructure, which is projected to enhance access to healthcare services. This is projected to drive biomarker demand. The rising incidence of long-term heart illnesses, particularly heart attacks, in emerging countries creates profitable potential in the worldwide biomarkers market. Biomarkers play an important role in personalized medicine, with applications such as diagnostics, prognosis, and targeted therapy for a wide range of illness conditions. Because of limitations in standard disease evaluation and therapy processes, precision medicine has gained popularity. Patients with cancer and immune disorders prefer individualized therapy options based on clinical and hereditary characteristics.
Market Restraints:
The worldwide biomarkers market faces constraints such as costly capital investments, a low cost-benefit ratio with investment amount, sample collection and storage technological concerns, and poorly adapted reimbursement and regulatory systems.
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COVID 19 Analysis
The world is currently dealing with a COVID-19 pandemic. In severe situations, COVID-19 causes pneumonia, acute and severe respiratory difficulties, multi-organ failure, and death. COVID-19 is more prevalent in the elderly. The global biomarkers market has expanded quickly as a result of the epidemic. The increase in COVID-19 instances has significantly aided the growth of the biomarker technologies industry. The increased prevalence of smoking, bad eating habits, and lack of physical activity, among other factors, is expected to increase the future cancer burden. Biomarkers can reflect a variety of health and disease-related factors. Cancer is a complex disease produced by a multistage carcinogenesis process with many molecular pathway events that complicate diagnosis, prognosis, and therapy. Biomarkers are especially crucial during the present pandemic because they can improve the development and approval of new, novel medications and biological products, especially vaccinations.
Biomarkers Market Segmentation
By product, the global market includes consumables, services, and software. By application, the global market includes diagnostics, personalized medicine, drug discovery and development, and disease risk assessment. By disease indication, the global market includes cancer, neurological, cardiovascular, and immunological disorders. By type, the global market includes safety, validation, and efficacy biomarkers.
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Regional Insights
North America is expected to account for a substantial proportion of the worldwide biomarkers market during the forecast period, owing to increasing acceptance of sophisticated technologies, the entry of new players, the launch of new products, and the widespread use of biomarkers. The market in South America, the Middle East, and Africa is expected to be driven by an increase in diagnostic biomarker applications. Heart disease is the main cause of death worldwide, with Asia-Pacific accounting for a sizable proportion, particularly in coronary heart disease. Cardiovascular illness is diagnosed using traditional approaches such as clinical examination and electrocardiogram (ECG) data.
The biomarker market is predicted to expand as biopharmaceutical companies invest more in Asian countries for medication discovery and development since the Asia-Pacific area has a larger market for healthcare processes. The European biomarkers market is expected to expand rapidly over the forecast period, owing to increased efforts toward medication discovery. The Asia-Pacific biomarkers market is expected to grow at a rapid rate of CAGR throughout the forecast period due to factors such as new research initiatives, high cancer prevalence, relatively inexpensive clinical trials in developing nations, increase in the number of CROs, a surge in research funding for pharma and medical companies, and rise in medical diagnostics of biomarkers.
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