by Biomarkers are biosignatures that help identify specific biological states. They are widely utilized in medical research for disease diagnosis, drug development, and other clinical applications. Biomarkers aid in improving disease risk assessment, detecting disease at early stages, monitoring disease progression or regression, and assessing treatment response.
The global Biomarkers Market is estimated to be valued at US$ 17.97 billion in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the biomarkers market growth is the increasing adoption of biomarkers in disease diagnosis and drug development. Biomarkers help detect diseases like cancer at early stages which increases chances of effective treatment. They are also utilized extensively during various phases of drug development right from target identification and validation to safety assessment and monitoring treatment responses during clinical trials. Biomarkers have significantly improved drug development processes by reducing costs and improving success rates of clinical trials. Their increasing role in precision medicine is also propelling the biomarkers market.
SWOT Analysis
Strength: The biomarkers market has strong growth opportunities due to rising demand for non-invasive diagnostic and screening tests. Biomarkers help in early disease detection and prediction of drug response, which improves clinical outcomes.
Weakness: High costs associated with biomarkers development and validation poses major challenges. Biomarker discovery requires significant investment of time and money in clinical testing and validation which restrains the market growth.
Opportunity: Growing demand for personalized medicine across the world presents lucrative opportunities. Biomarkers play a vital role in developing personalized medicine strategies for disease diagnosis, prognosis and treatment.
Threats: Lack of well-defined regulatory guidelines delays the approval process and limits the market growth. Ethical and legal issues related to sensitive personal health data also threaten the market stability.
Key Takeaways
The global biomarkers market demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Biomarkers Market is estimated to be valued at US$ 17.97 billion in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.
Regional analysis: North America is expected to continue dominating the global biomarkers market during the forecast period. Presence of major biopharma companies, established research infrastructure and growing focus on precision medicine are driving the biomarkers market in the region. Asia Pacific biomarkers market is projected to exhibit fastest growth over the next few years. Increasing healthcare expenditure, rising penetration of biosimilars and favorable government initiatives are boosting the demand for biomarkers in Asia Pacific countries.
Key players: Key players operating in the biomarkers market are Steris PLC, West Pharmaceutical Services Inc., Boston Analytical, Intertek Pharmaceutical Services, Pace Analytical Services, Labcorp (Toxikon Inc.), SGS SA, Eurofins Scientific, and Laboratory Testing Inc., among others. These major players are focusing on new product launches, partnerships and agreements to expand their global presence and gain competitive edge in the biomarkers market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
