Global Biomarkers Market Size, Share, Growth Analysis, By Type(Safety, Efficacy), By Application(Diagnostics, Drug discovery & development), By Disease(Cancer, Cardiovascular Diseases) - Industry Forecast 2024-2031

Global Biomarkers Market size was valued at USD 66.97 billion in 2022 and is poised to grow from USD 75.88 billion in 2023 to USD 206.04 billion by 2031, growing at a CAGR of 13.3% during the forecast period (2024-2031).

The company's growth is expected to be fueled by a number of factors, such as the growing significance of companion diagnostics, the rising incidence of cancer, increased financing for biomarker research, and significant discoveries made as a result of continuing research. For example, in October 2022, researchers at Boston University received USD 4.6 million in funding from the National Institutes of Health to create new biomarkers for lung cancer. The development of biomarker-based diagnostics through technical advancement is another factor driving market expansion. Research enables the development of effective medications to treat a wide range of ailments, such as cancer, cardiovascular, immunological, and neurological conditions. It also helps in understanding how to avoid and detect a certain disease early on. It has been observed that both public and private investment in the sector has increased. For example, in March 2022, Quanterix Corp. announced that funding had been provided by the Alzheimer's Drug Discovery Foundation to expedite the creation of a diagnostic plasma test for Alzheimer's disease. The use of plasma-based biomarkers in clinical settings to diagnose Alzheimer's disease is quickly approaching.In the upcoming years, it is projected that the use of biomarkers in the diagnosis of infectious diseases would increase significantly. For example, potential MicroRNA-based biomarkers for the detection of diseases like rhinoviruses, influenza infections, tuberculosis, HIV, malaria, Ebola, and Hendra virus have been discovered, according to Frontiers in Microbiology in 2021. The goal of these miRNA-based markers is to help detect infectious diseases early on.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Biomarkers Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Biomarkers Market Segmental Analysis

The global biomarkers market is segmented based on type, application, disease, and region. In terms of type, the market is classified into safety, efficacy, and validation. With respect to application, the market is categorized into diagnostics, drug discovery & development, personalized medicine, and others. In terms of disease, the market is segmented into cancer, cardiovascular diseases, neurological diseases, and immunological diseases. Regionwise, the global biomarkers market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Biomarkers Market

Because customized medicine enables more individualized and successful patient care, its demand is rising. Because they can be used to identify patient-specific biological signals that can inform treatment decisions, biomarkers are essential to personalized medicine.

Restraints in the Global Biomarkers Market

The process of finding and developing biomarkers is not standardized, which might cause variations in the accuracy and dependability of biomarker tests. This may make it more difficult for biomarkers to be used in clinical settings and may also cause problems with regulations.

Market Trends of the Global Biomarkers Market

Tests called companion diagnostics are intended to find biomarkers that suggest whether or not a patient may benefit from a specific treatment. The significance of these tests in personalized medicine and drug development is growing. Because of this, the companion diagnostics industry is expanding quickly, and numerous pharmaceutical companies are collaborating with diagnostic companies to create and promote these tests.