Biomarkers Market To Generate Revenue worth $132.8 Billion by 2030
- Published: July 2023
The global biomarkers market size is set to be USD 132.8 billion by 2030, witnessing 11.8% CAGR between 2023 and 2030. This can be ascribed to the rising use of such agents in diagnostic applications, increasing prevalence of chronic diseases, and rapid adoption of molecular markers for safety assessment and in drug discovery and development.
Furthermore, an increase in the diagnostic uses for personalized medicine and companion diagnostics, rapid rise in the number of contract research organizations, lower clinical trial costs in various emerging economies, high prevalence of cancer, surge in the R&D spending by biotechnology and pharmaceutical corporations, and new initiatives in biomarker research are driving the market.
Rising Investment by Market Players in R&D
The rising investments by the key market players in the research and development of biomarkers, the launch of several tests around the world, as well as the numerous partnerships and collaborations underway among the companies are projected to drive the demand for these markers during the forecast period. For instance, in November 2019, Personalis Inc., a provider of advanced genomics solutions for cancer, signed an agreement for collaboration with Merck KGaA with an aim to research potential biomarkers that can help assess the body’s response and resistance to cancer therapies.
Cancer Category Is Expected To Hold Largest Share
The cancer category dominated the disease segment with a share of 45% in 2022, and it will continue to be dominant over this decade. This is credited to a rise in the demand for rapid and accurate diagnostic tools, an increase in the global burden of cancer, and a lack of better-defined and more-individualized therapeutic targets for patients. Biomarkers are widely used in early cancer diagnosis, prognosis, and therapy response monitoring. According to the American Cancer Society, 1.8 million new cases were observed and 606,520 died due to cancer in the U.S. in 2020.
Furthermore, the infectious diseases category is set to grow the fastest till 2030. This will be on account of the rising prevalence of infectious diseases, such as the COVID-19 pandemic, whereupon biomarkers were rapidly adopted for fast and accurate results.
Moreover, the cardiovascular diseases category will show significant growth due to the rise in the prevalence of CVDs, such as hypertension. The use of cardiac biomarkers in patients suffering from COVID-19 who are at an increased risk of heart disease facilitates early detection and risk stratification. As per The BMJ, in 2020, around half the patients with COVID-19 had an increased risk of cardiac conditions.
Geographically, APAC is expected to witness the highest CAGR in the biomarkers market. The increasing prevalence of cancer and cardiovascular diseases has led to a rise in the demand for such agents in the region for their detection. Additionally, the expansion in the geographical presence of biopharma firms and their rising investments in the region for drug discovery and development are propelling the market. Therefore, the use of biological markers in the development of new drugs, personalized medicine, and molecular diagnosis for a variety of diseases has sparked research-based pharmaceutical companies’ interest in developing novel biomarkers.
During the projected period, India is expected to grow at the highest rate in the APAC region. A few of the factors boosting the need for biomarker-based testing in the country are the entry of international players, as well as the emphasis of regional and national organizations on providing patients with advanced tests and developing their healthcare infrastructure.
Some of the major market players are PerkinElmer Inc., Abbott Laboratories, Thermo Fisher Scientific Inc., Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, Bio-Rad Laboratories Inc., Epigenomics AG, Merck KGaA, Agilent Technologies Inc., and GE HealthCare Technologies Inc.