by Market Overview:
Biomarkers are biological markers that indicate changes in cellular or organism levels due to environmental exposures, altered genetic factors or disease. Biomarkers play an important role in drug discovery and development.
Market key trends:
One of the key trends in the biomarkers market is growing investments in biomarker research by both government and private organizations. Biomarkers research requires high capital investments and resources to discover and develop new biomarkers and related diagnostics and therapies. Growing awareness about the importance of early disease detection and increasing funding for biomarker research from various health organizations is expected to promote the development of effective biomarkers for various diseases including cancer, cardiac, neurodegenerative and other conditions.
The biomarkers market is witnessing significant growth due to the rising focus on precision medicine. Biomarker validation is also gaining increased importance for drug development and clinical trials. Biomarkers are playing a pivotal role in risk stratification for disease diagnosis. The growing adoption of companion diagnostics is another key trend propping the market.
SWOT Analysis:
Strength: Biomarkers can accelerate drug development and improve clinical outcomes. Their use improves diagnosis and targeted disease treatment.
Weakness: Limited understanding of disease-specific biomarkers needed for biomarker validation and standardization.
Opportunity: Growing investment in precision medicine and companion diagnostics. Scope for discovering novel biomarkers.
Threats: Stringent regulations for companion diagnostic approvals. High cost of biomarker-based test development.
The Global Biomarkers Market Share is estimated to be valued at US$ 17.97 Mn in 2023 and is expected to exhibit a CAGR of 13. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways:
The global Biomarkers Market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing investment in precision medicine and companion diagnostics.
Regional analysis
North America is expected to dominate the biomarkers market during the forecast period. The presence of major players, large healthcare expenditures, and increasing R&D funding for biomarkers development drive the North American market. Asia Pacific market is poised to grow at a high rate owing to rising healthcare awareness, healthcare spending, and expanding pharmaceutical industry.
Key players operating in the biomarkers market are Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Acobiom, Apis Assay Technologies Ltd., Eagle Biosciences, Inc., Beckman Coulter, Inc., PerkinElmer Inc., Biopanda Reagents Ltd, Quanterix, Secure Diagnostics Pvt. Ltd., BioVision Inc., Merck KGaA, R&D Systems, Life Diagnostics, QuantaMatrix Inc., Nanjing Synthgene Medical Technology Co., Ltd, LifeSpan BioSciences, Inc, Wako USA, BioLegend, Inc, Abnova Corporation, and Abbexa.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
