The global biomarkers market is characterized by a rising demand for biomarkers in drug discovery and development applications. Biomarkers play a vital role in drug development and clinical trials by determining the safety and efficacy of experimental drugs. They help stratify patients and enrich clinical trials for pivotal investigation. Biomarkers aid in identifying the right patients most likely to benefit from specific new therapies. The discovery of new disease biomarkers supports the development of targeted therapies for genetically defined patient subgroups.
The global biomarkers market is estimated to be valued at US$ 17.97 Mn in 2023 and is expected to exhibit a CAGR of 13.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The growing prevalence of chronic and lifestyle diseases has increased the need for biomarkers in diagnostic applications. Biomarkers facilitate early disease detection and assist clinicians in disease diagnosis, prognosis, and monitoring treatment responses. They help stratify disease risk and provide insights into disease pathways, contributing to the development of precision and personalized medicine approaches. Various biomarkers are being researched and developed for cancer, cardiovascular diseases, neurological disorders, and other complex diseases. Efforts are also underway to validate novel biomarkers to aid clinical decision making. The increasing awareness about disease risk assessment and growing demand for non-invasive diagnostic tests are fueling the demand for biomarkers.
Market key trends:
One of the key trends in the biomarkers market is the shift towards companion diagnostics. Companion diagnostics are in vitro diagnostic tests used for patient selection and stratification by identifying specific biomarkers associated with a disease condition or the response or resistance to a particular therapeutic product. The development and approval of new targeted therapies and immunotherapies are increasing the need for companion diagnostic tests to identify suitable patient populations likely to benefit from these therapies. Many pharmaceutical companies are co-developing companion diagnostic tests along with new molecularly targeted drugs to support the drug approval process. This helps optimize clinical outcomes and ensures safe and efficacious use of new therapeutic agents.
Threat of new entrants: The threat of new entrants in the Global Biomarkers Market Size is moderate. Establishing manufacturing facilities and getting regulatory approvals requires significant investment and time.
Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of many alternative products in the biomarkers market. Buyers can negotiate on price and demand high quality products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers of raw materials and instruments used for developing biomarkers.
Threat of new substitutes: The threat of new substitutes is moderate as biomarkers have various diagnostic and therapeutic applications in disease areas.
Competitive rivalry: The competitive rivalry in the biomarkers market is high due to the presence of many global and regional players offering novel products.
The global biomarkers market is expected to witness high growth over the forecast period driven by increasing R&D investments by biotech and pharma companies.
North America is expected to dominate the global biomarkers market owing to the presence of major players and advanced healthcare infrastructure. The Asia Pacific region is anticipated to witness fastest growth in the biomarker market during the forecast period attributed to developing research capabilities and increasing healthcare expenditure.
Key players operating in the biomarker market include Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Acobiom, Apis Assay Technologies Ltd., and Eagle Biosciences, Inc. among others. These players are focusing on new product launches and expanding their geographical presence to strengthen their market position. For instance, in 2022, F. Hoffmann-La Roche Ltd launched a digital biomarker tool to help detect cancer relapse earlier.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it