by Biomarkers provide invaluable insights into biological mechanisms and disease progression by serving as objective indicators of normal biological and pathogenic processes or pharmacological responses to a therapeutic intervention. As biomarkers play a pivotal role in risk assessment, diagnosis, prognosis, drug development, and personalized treatment decisions, they are transforming the healthcare landscape. From disease screening and monitoring treatment responses to gaining a deeper understanding of disease etiology and molecular underpinnings, biomarkers enable precision medicine approaches tailored to individual patients. Key applications of biomarkers include oncology, neurology, and cardiology, as studies evaluating the clinical utility of biomarkers have demonstrated favorable outcomes including early detection, targeted therapy selection, and improved survival.
The global biomarkers market is estimated to be valued at US$ 17.97 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends
One of the primary market trends driving the biomarkers industry is the rising adoption of companion diagnostics. Companion diagnostics help optimize treatment approaches and outcomes by identifying patients that are likely to benefit or experience adverse reactions from specific drugs. As precision medicine gains prominence, the development and regulatory approval of novel targeted therapies is increasingly contingent upon the availability of reliable biomarkers. Multiple drug makers are complementing their pipeline drugs with complementary diagnostic tests to support personalized treatment strategies. Another major trend spurring the demand for biomarkers is the growing significance of liquid biopsy techniques. Liquid biopsy offers a non-invasive means to detect cancer biomarkers in blood or other bodily fluids, enabling real-time monitoring of disease progression or recurrence as opposed to repetitive tissue biopsies. The development of sensitive assays and enrichment methods has enhanced the clinical utility of liquid biopsy and broadened its applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the biomarkers market due to presence of considerable capital requirements for R&D and testing.
Bargaining power of buyers: The bargaining power of buyers is moderate as biomarkers can aid in early disease detection and help in creating customized treatment plans.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to presence of different suppliers providing a variety of biomarkers.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives to biomarkers for diagnosing diseases.
Competitive rivalry: The competitive rivalry in the market is high due to presence of key players focusing on product launches and approvals.
Key Takeaways
The global Biomarkers Market Growth is expected to witness high over the forecast period. The global biomarkers market is estimated to be valued at US$ 17.97 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regionally, North America is anticipated to dominate the global biomarkers market during the forecast period owing to presence of advanced healthcare infrastructure and increasing funding for research activities in the region. This is majorly attributed to increasing government funding for biomarker discovery initiatives along with growing adoption of biomarkers in disease diagnostics.
Key players: Key players operating in the biomarkers market are Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S. These players are focusing on obtaining approvals for new biomarker tests and launching innovative products to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
