CHICAGO, April 25, 2024 /PRNewswire/ -- Biomarkers Market in terms of revenue was estimated to be worth $57.7 billion in 2024 and is poised to reach $93.8 billion by 2029, growing at a CAGR of 10.2% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The growing significance of biomarkers in drug discovery and development, and the growing importance of companion diagnostics are the major driving factors of the biomarkers market. However, high capital investments and lengthy timelines for biomarker development can hamper market growth.

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Biomarkers Market Scope:

The consumables segment accounted for the largest share by product & service segment in the biomarkers market in 2023.

By product & service, the biomarkers market is categorized into consumables, services, and software. The consumables are further sub-segmented into assay kits, reagents & chemicals, columns & filters. The consumables accounted for the largest share of the global biomarkers market in 2023. The large share of consumables is due to the necessity for high-quality products to ensure accurate test results, coupled with the repetitive need for these consumables due to ongoing sample testing in research and clinical settings.

The safety biomarkers segment accounted for the largest share by type segment in the biomarker market in 2023.

By type, the biomarkers market is categorized into safety biomarkers, efficacy biomarkers, and validation biomarkers. The efficacy biomarkers are sub segmented into predictive biomarkers, surrogate biomarkers, pharmacodynamics biomarkers, and prognostic biomarkers. The safety biomarkers segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to their importance in ensuring the safety of pharmaceuticals and healthcare interventions. Safety biomarkers are specifically designed to assess the potential adverse effects, toxicity levels, and safety profiles of drugs and treatments during clinical trials and post-marketing surveillance.

The NGS segment is expected to grow at a higher rate during the forecast period.

Based on technology, the biomarkers market has been segmented into immunoassays, NGS, PCR, mass spectrometry, chromatography, and other technologies. The immunoassay technology is sub segmented into ELISA, western blot, and protein microarray. In 2023, the immunoassays segment accounted for the largest share of the biomarkers market, and the NGS segment is expected to grow at a higher growth rate during the forecast period of 2024-2029. The immunoassay segment's growth is driven by its extensive use in clinical settings for diagnosing diseases, monitoring treatment effectiveness, and predicting patient outcomes.

The cancer segment accounted for the largest share of the disease indication segment in the biomarkers market in 2023.

Based on the disease indication, the biomarkers market is segmented into cancer, infectious diseases, immunological disorders, neurological disorders, cardiovascular disorders, and other disease indications. In 2023, cancer accounted for the largest share of the biomarkers market. The expansion of the cancer biomarkers market is fueled by a surge in research funding dedicated to the rising personalized drug products for cancer treatment.

The North America region accounted for the largest share of the biomarkers market in 2023.

The biomarkers market is segmented into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), the Middle East, and Africa. The North America region is witnessing increasing investments and research activities in the field of drug discovery. The need for advanced therapies due to the increased prevalence rate of cancer has contributed to the growth of the biomarkers market.

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Biomarkers Market Dynamics:

Drivers:

1. Increase in global prevalence of cancer

Restraints:

1. Disease complexity and heterogeneity

Opportunities:

1. Shift towards personalized medicine and precision oncology

Challenge:

1. Challenges associated with integration of complex data sets

Key Market Players of Biomarkers Industry:

Key players in the biomarkers market F. Hoffmann-La Roche Ltd (Switzerland), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (US), Abbott (US), QIAGEN (Netherlands), Revvity (US), Laboratory Corporation of America Holdings (US), Charles River Laboratories (US), Bio-Rad Laboratories, Inc. (US), Eurofins Scientific (Luxembourg), BIOMÉRIEUX (France), Agilent Technologies, Inc. (US), JSR Corporation (Japan), Quanterix (US), MESO SCALE DIAGNOSTICS, LLC. (US), EKF Diagnostics (UK), Celerion (US), Standard BioTools (US), Sebia (France), BioAgilytix Labs (US), StressMarq Biosciences Inc. (Canada), NorthEast BioAnalytical Laboratories LLC (US), Signosis, Inc. (US), Serimmune (US), TheraIndx Lifesciences Pvt. Ltd. (India), Synexa Life Sciences BV (Netherlands), Diatech Pharmacogenetics (Italy), Singulex, Inc. (US), R-Biopharm AG (Germany), and Proteome Sciences (UK).

The primary interviews conducted for this report can be categorized as follows:

• By Respondent: Supply Side- 70% and Demand Side 30%
• By Designation: C-level Executives - 55%, Director-level - 20%, and Others - 25%
• By Region: North America -45%, Europe -20%, Asia-Pacific -20%, Latin America -10%, Middle East -3%, and Africa-2%

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Recent Developments of Biomarkers Industry:

• In January 2024, Quibim and Merck KGaA partnered to develop diagnostic tools to develop the next generation of precision medicine technology targeting a wide range of cancers
• In October 2023, Quanterix Corporation, a company specializing in ultrasensitive biomarker detection, has announced a new agreement with Johnson & Johnson's Janssen Sciences Ireland UC to advance blood-based Alzheimer's disease detection. The agreement grants Quanterix non-exclusive rights to J&J's p-Tau 217 antibodies and assay designs, enabling the development of a potential Laboratory Developed Test (LDT) for Alzheimer's Disease (AD) diagnosis and clinical research
• In February 2023, F. Hoffmann-La Roche Ltd launched two new antibodies to understand a patient's brain tumor mutation status in the IDH1 and ATRX genes that help in more informed clinical decisions and may improve patient outcomes

Biomarkers Market - Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall biomarkers market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

• Analysis of key drivers (Growing significance of biomarkers in drug discovery and development, Growing importance of companion diagnostics, Increase in global prevalence of cancer, Growing importance of biomarkers for rare conditions, Increase in funds and grants for biomarker research, Advancement in omics technologies and continuous product innovations), restraints (High capital investments and lengthy timelines for biomarker development, Disease complexity, and heterogeneity), opportunities (Shift towards personalized medicine and precision oncology, Enhanced collaboration among healthcare providers and key industry players, Emerging economies), and challenges (Challenges associated with quantification and validation of biomarkers, Challenges associated integration of complex data sets, Technical issues related to sample collection and storage) influencing the growth of the market.
• Product Development/Innovation: Detailed insights on newly launched products/services of the biomarkers market
• Market Development: Comprehensive information about lucrative markets - the report analyses the market across varied regions.
• Market Diversification: Exhaustive information about new products/services, untapped geographies, recent developments, and investments in the biomarkers market
• Competitive Assessment: F. Hoffmann-La Roche Ltd (Switzerland), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (US), Abbott (US), QIAGEN (Netherlands), Revvity (US), Laboratory Corporation of America Holdings (US), Charles River Laboratories (US), Bio-Rad Laboratories, Inc. (US), Eurofins Scientific (Luxembourg), BIOMÉRIEUX (France), Agilent Technologies, Inc. (US), JSR Corporation (Japan), Quanterix (US), MESO SCALE DIAGNOSTICS, LLC. (US), EKF Diagnostics (UK), Celerion (US), Standard BioTools (US), Sebia (France), BioAgilytix Labs (US), StressMarq Biosciences Inc. (Canada), NorthEast BioAnalytical Laboratories LLC (US), Signosis, Inc. (US), Serimmune (US), TheraIndx Lifesciences Pvt. Ltd. (India), Synexa Life Sciences BV (Netherlands), Diatech Pharmacogenetics (Italy), Singulex, Inc. (US), R-Biopharm AG (Germany), and Proteome Sciences (UK) among others in the market.

Related Reports:

Companion Diagnostics Market - Global Forecasts to 2029

Cardiac Marker Testing Market - Global Forecasts to 2028

Drug Discovery Services Market - Global Forecasts to 2028

Cancer Profiling Market- Global Forecasts to 2027

Cancer Biomarkers Market - Global Forecasts to 2026

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