Biomarkers Market size to grow by USD 56.26 billion from 2022 to 2027| Abbott Laboratories, Abcam plc, Agilent Technologies Inc. and more among the key companies in the market - Technavio

NEW YORK, Dec. 4, 2023 /PRNewswire/ -- The biomarkers market size is expected to grow by USD 56.26 billion from 2022 to 2027, progressing at a CAGR of 13.05% as per the latest Technavio market research report. The biomarkers market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Abbott Laboratories, Abcam plc, Agilent Technologies Inc., Becton Dickinson and Co., BG Medicine Inc., Bio Techne Corp., CENTOGENE NV, Charles River Laboratories International Inc., DiaSorin Spa, EKF Diagnostics Holdings Plc, Eurofins Scientific SE, F. Hoffmann La Roche Ltd., General Electric Co., Merck KGaA, Meso Scale Diagnostics LLC, Nexus Dx Inc., QIAGEN NV, Quest Diagnostics Inc., Siemens AG, and Thermo Fisher Scientific Inc. For more insights on the market share of various regions- Download sample report in MINUTES

Biomarkers Market: Market Dynamics

Biomarkers Market: Increasing prevalence of heart diseases to drive growth

• The increasing prevalence of heart diseases drives the growth of the biomarkers market during the forecast period.
• The rise in the use of biomarkers for patients with heart disease has grown over the past few years.
• Furthermore, smoking, high prevalence of cardiac arrhythmias, atherosclerosis, diabetes, and high cholesterol are other factors that indirectly contribute to the prevalence of heart disease.
• Also, the prevalence of CVDs is increasing owing to the growth of risk factors, such as diabetes, hypertension, smoking, and obesity.
• Hence, such factors boost the market growth during the forecast period.

Biomarkers Market: Growing Number of Research and Development Programs and New Product Launches 

• The growing number of research and development programs and new product launches fuel the market growth during the forecast period. 
• For instance, according to an article from the British Journal of Cancer on October 3, 2022, using the BC-116 biomarker panel as a test to detect primary bladder cancer is beneficial.
• Similarly, in October 2021, DarwinHealth and Prelude Therapeutics started to work together to create novel biomarkers for numerous oncology candidates.
• Furthermore, the revenue share of the cardiovascular diseases segment was the second largest in 2022.
• Hence, the growing number of R&D programs and new product launches are expected to boost the growth of the global biomarkers market during the forecast period.

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Geographical Analysis

North America is estimated to account for 38% of the market's overall growth. The US accounted for the largest market share in the region. There is an increase in the number of molecular biomarker information over the past decade. Furthermore, the demand for efficient and precise biomarkers has increased due to the rising prevalence of chronic diseases in the US. Hence, such factors boost regional growth during the forecast period.

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Biomarkers Market: Segmentation Analysis

This biomarkers market report extensively covers market segmentation by type (safety, efficacy, and validation), application (drug discovery and development, diagnostics, and personalized medicine), and geography (North America, Europe, Asia, and Rest of World (ROW)).

• The market share growth by the safety segment will be significant for market growth during the forecast period. To identify and control any potential toxicity of drugs, regular monitoring of biomarkers is necessary. Furthermore, effects on biomarkers can sometimes lead to rare but potentially harmful toxicity. Moreover, biomarkers can be used to identify patients for whom specific therapies should not be started due to significant safety risks. Hence, the various benefits of safety biomarkers are expected to increase their use, which will further drive the growth of the safety biomarkers segment in the global biomarkers market during the forecast period.

Related Reports:

The Global Cardiac Biomarkers Market size is estimated to grow by USD 7,880.86 million between 2022 and 2027 accelerating at a CAGR of 12.6%. 

The renal biomarkers market size is expected to increase by USD 507.23 million from 2021 to 2026, at a CAGR of 7.40%. 

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Type
7. market Segmentation by Application
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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SOURCE Technavio