February 25, 2024
Biomarkers Market

Advancing Personalized Healthcare: The Global Biomarkers Market is driven by Growing Importance of Personalized Medicine

Biomarkers enable detection as well as treatment monitoring of severe diseases such as cancer. They play a pivotal role in drug discovery and development processes by aiding in target identification and clinical validation. Biomarkers help quantify the response to therapeutic interventions and aid in identifying patients that are likely to respond to specific treatments. They offer significant advantages over traditional methods of disease diagnosis and monitoring through better accuracy, early detection, and tailored treatment plans. The global biomarkers market encompasses a diverse range of molecular diagnostic products including immunoassays, clinical chemistry assays, molecular diagnostics patents, and consumables. The market also includes services offered by Contract Research Organizations (CROs) for biomarker discovery and validation activities.

The global Biomarkers Market is estimated to be valued at US$ 17.97 Mn 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:
Growing investments in biomarker research and development by pharmaceutical companies as well as venture capital firms is a key trend shaping the global biomarkers market outlook. Biomarkers enable drug developers to improve R&D productivity and focus resources on molecules with higher chances of success. As the costs of drug development continue rising, biomarkers are increasingly being utilized to facilitate targeted drug development approaches. Another notable trend is the rising popularity of companion diagnostics which integrate biomarkers with targeted therapies to maximize therapeutic benefits for patients. Molecular diagnostic tests along with biomarkers play a crucial role in the delivery of personalized healthcare.

Porter’s Analysis
Threat of new entrants: The biomakers market size requires large investments in R&D for new biomarker discovery and validation. Therefore, the threat of new entrants is moderate.
Bargaining power of buyers: The bargaining power of buyers is high as biomarkers can be used across various therapeutic areas. Buyers can negotiate on price and quality requirements.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as they depends on few biomarker discovery companies and contract research organizations for services.
Threat of new substitutes: The threat of new substitutes is low as no direct substitute exists for biomarkers currently.
Competitive rivalry: The competitive rivalry is high in the established biomarker segments while low in the emerging areas due to huge scope of new biomarker discovery.

Key Takeaways
The global biomarkers market 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 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.

Regional analysis: North America region currently dominates the global biomarkers market owing to increasing R&D investments and growing clinical trials in the US. Europe biomarkers market is also expanding significantly driven by rising funding for proteomics and genomics research from government organizations. Asia Pacific region is expected to witness the fastest growth during the forecast period with increasing focus on personalized medicine in countries like India and China.

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. Steris PLC and West Pharmaceutical Services Inc. dominate the contract service segment for biomarker testing and validation services. Boston Analytical and Intertek Pharmaceutical Services are other prominent contract research organizations involved in this space.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it