Number of pages: 100 | Report Format: PDF | Published date: August 01, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the biomarker market was valued at US$ 51.08 million in 2022 and is expected to register a revenue CAGR of 12.4% to reach US$ 146.27 million by 2031.
Biomarkers Market Fundamentals
Biomarkers are biological measures of a biological state. By definition, a biomarker is "a characteristic that is objectively measured and evaluated as an indicator of normal biological processes, pathogenic processes or pharmacological responses to a therapeutic intervention." Biomarkers are used to perform clinical assessments such as blood pressure or cholesterol level and are used to monitor & predict health states in individuals or across populations so that appropriate therapeutic intervention can be planned.
Biomarkers Market Dynamics
The global biomarkers market is mainly driven by the rising incidence of chronic diseases, increasing R&D activities, growing initiatives for biomarker research, and increasing diagnostic applications of biomarkers. The rising incidence of chronic diseases, increasing R&D activities, growing initiatives for biomarker research, and increasing diagnostic applications of biomarkers are some of the pivotal factors propelling the growth of the biomarkers market. However, high costs involved in biomarker validation, stringent government regulations and ethical problems will likely restrain the market growth to a certain extent.
Rising investments & collaborations to boost the discovery and development of biomarkers will also likely play a pivotal role in driving the market growth globally. However, the high costs involved in biomarker validation, stringent government regulations, and ethical problems are likely to restrain the market growth to a certain extent. Prominent players and numerous organizations across the globe are implementing several initiatives to fast-track the development of biomarkers by providing the necessary funding and grants to meet the needs of the healthcare sector. For instance, in May 2020, Target ALS and The Association for Frontotemporal Degeneration (AFTD) announced US$ 5 million in funding awards for work by six research teams to aid in the discovery of biomarkers and viable treatments for ALS and frontotemporal degeneration (FTD). Furthermore, in Dec 2020, Target ALS was awarded a second round of grants of US$ 15 million, supporting four projects to discover and develop biomarkers for amyotrophic lateral sclerosis (ALS).
Biomarkers are widely used in various applications such as diagnostics, drug discovery and development, personalized medicine, disease risk assessment, forensic application, etc. Personalized medicine is a practice that uses an individual's genetic profile to guide decisions made regarding the diagnosis, prevention, and treatment of diseases. Biomarkers play a key role in personalized medicine, diagnosis, prognosis, and selection of targeted patient therapies. Rising demand from patients suffering from immunological disorders and cancer for customized treatment is expected to boost the growth of the biomarkers market.
Biomarkers Market Ecosystem
The global biomarkers market has been analyzed from five perspectives: Offering, Type, Application, Disease Indication and Region.
Biomarkers Market by Offering
Based on the offerings, the global biomarkers market has been segmented into consumables, services, and software. The consumables segment dominated the market with the largest share owing to the increasing use of reagent kits & assays for biomarker testing. Consumables such as reagents, kits, and assays are needed for frequent use in biomarker testing, making them a high demand product. There has been a significant increase in research activities involving biomarkers, particularly in the areas of drug discovery, oncology, and personalized medicine. This has led to a greater demand for consumables used in biomarker research. The development of new and advanced technologies for biomarker research has also led to increased demand for consumables. New and improved assays and reagents are continuously being developed, leading to a greater demand for these products. There has been a greater focus on precision medicine, which involves the use of biomarkers to tailor treatments to individual patients. This has led to an increased demand for biomarker testing, and subsequently, for consumables used in these tests. The consumables segment has a larger number of players in the market than other segments, leading to increased competition and innovation. This has resulted in the development of more advanced and efficient consumables for biomarker research.
Biomarkers Market by Type
Based on the types, the global biomarkers market has been segmented into safety biomarkers, efficacy biomarkers and validation biomarkers.
The safety biomarkers dominated the market with the largest share due to their wide application in the drug discovery and development sector. The segment accounted for almost 40% of the global market in 2022. Safety biomarkers are required by regulatory agencies such as the FDA for drug development and approval. Safety biomarkers are used to evaluate drugs' safety profile and assess potential adverse effects. This has led to a greater demand for safety biomarkers and a larger market share for this segment. There has been a greater focus on patient safety in recent years, particularly in the pharmaceutical industry. Safety biomarkers play a critical role in ensuring the safety of patients by identifying potential adverse effects of drugs. This has led to an increased demand for safety biomarkers. The number of clinical trials for drug development has increased in recent years, particularly in the areas of oncology and immunology. This has led to a greater demand for safety biomarkers to evaluate the safety of new drugs.
Biomarkers Market by Application
Based on application, the biomarkers market has been segmented into diagnostics, drug discovery and development, personalized medicine, and others (disease risk assessment, forensic application, etc.). The personalized medicine segment is expected to be the fastest-growing application segment during the forecast period. One example of biomarker usage in personalized medicine is breast cancer treatment. Breast cancer is a heterogeneous disease, with many different subtypes that require different treatment approaches. Biomarkers such as hormone receptors (estrogen and progesterone receptors) and human epidermal growth factor receptor 2 (HER2) can be used to identify the subtype of breast cancer and guide treatment decisions. There has been a greater focus on precision medicine, which involves the use of biomarkers to tailor treatments to individual patients. Personalized medicine offers the potential for improved patient outcomes and reduced healthcare costs, which has led to an increased demand for biomarkers used in personalized medicine. Chronic diseases such as cancer, diabetes, and cardiovascular disease are a major health burden globally. Personalized medicine can improve the efficacy of treatments for these diseases by identifying patients who are most likely to benefit from a specific treatment, reducing the risk of adverse effects, and improving overall patient outcomes. For instance, circulating tumor DNA (ctDNA) is a biomarker that can be used to monitor the response to treatment and detect residual disease in breast cancer patients.
Additionally, with the rise of electronic health records and other data-sharing technologies, patient data is available, including genetic and genomic data. This has enabled the development of biomarkers used in personalized medicine, which can help to identify patients who are most likely to benefit from a specific treatment. Targeted therapies are becoming increasingly important in the treatment of many diseases, particularly cancer. Biomarkers used in personalized medicine can help identify patients most likely to respond to a specific targeted therapy, improving patient outcomes and reducing healthcare costs.
Biomarkers Market by Disease Indication
Based on disease indication, the biomarkers market has been segmented into cancer, cardiovascular diseases, neurological diseases, immunological diseases, and others (infectious diseases, respiratory diseases, etc.). The cancer segment dominated the biomarkers market with the largest share owing to rising prevalence of different type of cancers and growing research & development funding from various government & private organizations. Cancer segment in the biomarkers market is estimated to account for approximately 38% revenue share in 2022. Cancer is a leading cause of death worldwide, with millions of new cases and deaths reported each year. This has created a significant demand for biomarkers that can aid in the early detection, diagnosis, and treatment of cancer. According to 2022 WHO article, cancer was found to be a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Cancer is a complex and heterogeneous disease, with many different subtypes and variations. Biomarkers can help to identify specific molecular targets or characteristics of cancer cells, allowing for more precise diagnosis and treatment. Advances in genomic and proteomic technologies have led to the identification of many new biomarkers for cancer. These technologies have enabled the identification of mutations, gene expression patterns, and protein biomarkers that are associated with different types of cancer. There is strong regulatory support for developing and approving cancer biomarkers, particularly in the United States. The U.S. FDA has established clear guidelines for developing and approving cancer biomarkers, facilitating their development and adoption. There is a growing demand for personalized medicine in cancer treatment, which involves the use of biomarkers to tailor treatments to individual patients. This has led to the development of many new biomarkers that can aid in the selection of targeted therapies for specific patients.
Biomarkers Market by Region
Based on region, the global biomarkers market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the biomarkers market with the largest share, followed by Asia Pacific. The large share of North America in the global market can largely be attributed to the growing prevalence of cancer. North America has a strong research and development infrastructure, including well-established academic and research institutions, biotech and pharma companies, and government funding agencies. This has enabled the region to lead in developing and applying biomarkers. The regulatory environment in North America, particularly in the United States, is favorable for developing and approving biomarkers. The U.S. Food and Drug Administration (FDA) has established a clear regulatory pathway for biomarkers, which has facilitated their development and approval. Chronic diseases such as cancer, diabetes, and cardiovascular disease are a major health burden in North America. Biomarkers are increasingly used to identify individuals at risk of developing these diseases, aid in early diagnosis, and monitor treatment response. North America is home to many of the world's leading biotech and pharma companies, which are driving technological advancements in biomarker research and development. The region has also been at the forefront of advances in genomics and personalized medicine, which are driving the development of new biomarkers. North America has a strong healthcare infrastructure, including well-equipped hospitals, clinics, and diagnostic laboratories. This has facilitated the development and adoption of biomarkers in clinical practice.
Some of the prominent players operating in the biomarkers market are as followed:
The cancer segment dominates the global biomarker market with the largest revenue share.
The global biomarker market will grow at a CAGR of 12.40% during the projected period.
Asia Pacific is projected to be the fastest-growing region in the biomarker market.
Merck KGaA, bioMérieux SA, Bio-Rad Laboratories Inc. are some of the key market players.
The estimated market size of the biomarker market is US$ 146.27 million in 2031.
*Insights on financial performance are subject to the availability of information in the public domain