Biomarkers Market by Offering [Consumables, Services, and Software], Type [Safety Biomarkers, Efficacy Biomarkers, and Validation Biomarkers], Application [Diagnostics, Drug Discovery, and Development, Personalized Medicine], Disease Indication [Cancer, Cardiovascular Diseases, Neurological Diseases, and Immunological Diseases] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global biomarkers market was pegged at ~US$ 52.2 billion in 2020. The market is expected to witness a CAGR of ~13.5% from 2021 to 2031.
Rising incidence of chronic diseases, increasing R&D activities, growing initiatives for biomarker research, and increasing diagnostic applications of biomarkers are some of the pivotal factors propelling the growth of the biomarkers market. However, high costs involved in biomarker validation, stringent government regulations and ethical problems are likely to restrain the market growth to a certain extent.
Prominent players and numerous organizations across the globe are implementing several initiatives to fast-track the development of biomarkers by providing the necessary funding and grants to meet the needs of the healthcare sector. For instance, in May 2020, Target ALS and The Association for Frontotemporal Degeneration (AFTD) announced $5 million in funding awards for work by six research teams to aid in the discovery of biomarkers and viable treatments for ALS and frontotemporal degeneration (FTD). Furthermore, in Dec 2020, Target ALS awarded a second round of grants of $15 million, supporting four projects that aim to discover and develop biomarkers for amyotrophic lateral sclerosis (ALS).
Biomarkers are widely being used in various application such as diagnostics, drug discovery and development, personalized medicine, disease risk assessment, forensic application, etc. Personalized medicine, is a practice of medicine that uses an individual’s genetic profile to guide decisions made, in regard to the diagnosis, prevention, and treatment of diseases. Biomarkers play a key role in personalized medicine, in diagnosis, prognosis, and selection of targeted therapies for patients. Rising demand from patients suffering from immunological disorders and cancer for customized treatment is expected to boost the growth of the biomarkers market.
Prominent players are progressively implementing collaborative initiatives with several organizations, research centers & companies to encourage R&D for biomarkers. For instance, in Feb 2020, Clinical research organization ProSciento announced partnership with biomarker technology firm Nordic Bioscience to identify translational biomarkers for nonalcoholic fatty liver disease (NAFLD) and nonalcoholic steatohepatitis (NASH).
However, high costs involved in biomarker validation is expected to restrain the market to a certain extent. Due to inconsistency in its performance in disease diagnosis, validating biomarkers is a time consuming and costly process. Furthermore, huge investments are required to run clinical trials and to meet stringent regulatory requirements. These factors are expected to hamper the growth of the market.
The Asia Pacific region is projected to be the fastest growing biomarkers market. The high growth of the region can mainly be attributed to large patient pool, presence of a large number of domestic & international players, increasing R&D investment, lower cost of clinical trials as compared to developed countries. Countries such as India and China in the APAC region are expected to offer significant growth opportunities owing to booming pharmaceutical industry and rising prevalence of chronic diseases such as cardiovascular disease & cancer in the region.
Some of the prominent players operating in the biomarkers market are Merck KGaA, Bio-Rad Laboratories, Inc., QIAGEN, PerkinElmer Inc., Agilent Technologies, Inc, Enzo Biochem Inc., EKF Diagnostics Holdings plc, Meso Scale Diagnostics, LLC, Signosis, bioMérieux SA, among others.