PUBLISHER: BIS Research | PRODUCT CODE: 1419699
PUBLISHER: BIS Research | PRODUCT CODE: 1419699
“The Global Clinical Biomarkers Market Expected to Reach $53.20 Billion by 2033.”
The global clinical biomarkers market was valued at $24.80 billion in 2023 and is expected to reach $53.20 billion by 2033, growing at a CAGR of 7.93% between 2023 and 2033. The term clinical biomarkers refers to the quantifiable biological parameter that facilitates the understanding of the progression and early diagnosis of a disease. Clinical biomarkers specifically refer to molecular biomarkers that provide new targets for disease characterization, drug discovery, and development. The report focuses on the manufacturers of different types of tests based on biomarkers, namely prognostic, predictive, and diagnostic biomarkers, as well as services.
KEY MARKET STATISTICS | |
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Forecast Period | 2023 - 2033 |
2023 Evaluation | $24.80 Billion |
2033 Forecast | $53.20 Billion |
CAGR | 7.93% |
As per BIS Research, the global clinical biomarkers market includes manufacturers and service providers offering proprietary biomarkers testing products and services for clinical diagnostics and research purposes. The study considers tests based on various technologies for different underlying applications in oncology and non-oncology diseases to detect biomarkers. However, the report does not cover instruments and software.
The global clinical biomarkers market is expected to witness high growth, attributed to the growing usage of products and services, the increasing key player initiatives, and the rising government initiatives in clinical biomarkers. The continued significant investments by healthcare companies to meet industry demand and the growing adoption of drug discovery and development, disease risk assessment, and others among major end users are the major factors propelling the growth of the global clinical biomarkers market. Drug discovery encompasses a rapidly evolving range of assays and systems that facilitate cancer biomarkers, cardiac biomarkers, infectious diseases, and others. Infectious diseases also offer prognostic assessments for a wide range of diseases, as well as assistance with treatment selection and monitoring of drug treatment efficacy.
Based on product, the global clinical biomarkers market was led by the product segment, with a 76.59% share in 2022. The report focuses on the manufacturers of different types of biomarkers, namely, prognostic, predictive, and diagnostic biomarkers. Acknowledging the future potential for massive growth in demand for biomarker-based assays, several biotechnology and life science companies, such as Illumina, Inc., Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., and F. Hoffmann-La Roche Ltd, have invested substantially to aid further developments in clinical biomarkers market.
Cancer biomarkers are the biomolecules or the processes observed during the presence of the tumor. These biomolecules could be found in blood, serum, or any other body fluid, indicating the presence of any abnormal process. These biomarkers could be in the form of genetic biomarkers, protein biomarkers, and glycoproteins that are used for the diagnosis or prognosis of a tumor. A few of the biomarkers that have been diagnosed for the development of any diagnostic assay are BRCA1/BRCA2 and EGFR for breast cancer, SSC and TPA for lung cancer, and PSA for prostate cancer.
Based on technology, the clinical biomarkers market was led by next-generation sequencing, with a 31.55% share in 2022. Next-generation sequencing (NGS) has been increasingly used in cancer genomics research over the last decade (from 2010 to the present) as new sequencing technology has been developed and improved. NGS is a modern and alternative technique that allows clinicians to evaluate several genes of malignancy at the same time. Material from a patient's tumor that has been biopsied or surgically excised can be used for next-generation sequencing.
Contract research organizations (CROs) primarily use biomarker testing services for purposes related to bioanalysis in support of the pharmaceutical and biotechnology industry as well as research and academic institutions. Also, research and academic institutions are outsourcing identification and sequencing projects to CROs in an attempt to cut down on research costs. As a result, CROs form a considerable part of the end users in the clinical biomarkers market.
Growing Demand for Clinical Biomarker Products: Due to the ever-rising cancer cases, the need for better products is becoming more evident. Several key players are aligning their technologies as per the market requirements to provide technologically advanced products and services by adopting inorganic strategies such as product launches. Globally, there has been a significant increase in the number of people suffering from different types of cancer. Incidence rates of cancer continue to increase, primarily owing to high-fidelity diagnostic and screening measures. Cancer prevalence has also been a major factor of concern for the global healthcare industry.
High Price of Products/Services Limiting Adoption of Clinical Biomarkers in Low-Income Countries: Despite a high opportunity for expansion in different regions, the need for high investment and infrastructure is the only reason restraining the market players from making investments. Expensive instruments are the major contributing factor to the high capital requirement. Therefore, the scale of capital investment required varies depending on the scale and abilities of the laboratory established. Though the global clinical biomarkers market possesses immense potential, the high capital investment requirement is hampering the expansion of global reach and thereby challenging the growth of the market globally.
Technological Advancement in Biomarker Testing: Significant advancements have been achieved in biomarker detection technologies, leading to the development of various methods based on highly specific recognition biomarkers. Biomarker detection techniques encompass a range of approaches, including enzyme-linked immunosorbent assay (ELISA), gel electrophoresis, surface plasmon resonance (SPR), Mass-sensing BioCD protein array, surface-enhanced Raman spectroscopy (SERS), colorimetric assay, electrochemical assay, and fluorescence methods.
Product/Innovation Strategy: The global clinical biomarkers market has been segmented on the basis of various categories, such as offering, technology, clinical area, end user, and region. Segments such as by offering and by clinical area are then further subsegmented to ensure the comprehensiveness and thoroughness of the report.
Growth/Marketing Strategy: Product launches and upgradations accounted for the maximum number of key developments, at nearly 59% of the total developments in the clinical biomarkers market between January 2019 and December 2023. Numerous synergistic activities, fundings, and acquisitions of the market have also been tracked during the same time period.
Competitive Strategy: The global clinical biomarkers market is a highly fragmented market, with many smaller and private companies constantly entering the market. Key players in the clinical biomarkers market analyzed and profiled in the study involve established players that offer various kinds of products and services.
Key Considerations and Assumptions in Market Engineering and Validation
The primary sources involve industry experts in clinical biomarkers, including the market players offering centrifugation products and services. Resources such as specialists, scientists, marketing heads, researchers, CXOs, and manufacturing managers have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.
The key data points taken from the primary sources include:
The key data points taken from the secondary sources include:
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The product segment players leading the market captured around 76.59% of the market's presence as of 2022. Services, on the other hand, accounted for approximately 23.41% of the market presence in 2022.
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