LONDON, June 15, 2023 /PRNewswire/ — Biomarkers are referred to as a type of measurable biological indicators or characteristics found in body tissues or fluids like blood. They can either be molecules, genes, proteins, cells, or other measurable substances or characteristics that provide information about a particular biological condition or state. Biomarkers have their application in verticals such as medicine, drug development, clinical research, and personalized healthcare.
The market research report on Biomarkers Market by Brandessence Market Research delves into the crucial aspects influencing the revenue trajectory of this industry sphere. It offers a succulent overview of the major regions, segments, along with the market’s growth drivers, challenges, opportunities, and restraints. The report also contains accurate numerical data on the past valuation, growth rate, and future projections of this business sphere. Furthermore, it presents an in-depth portfolio of all the major players highlighting the market position in terms of numerous parameters.
Key Takeaways
- Biomarkers Market is expected to growth with a CAGR of 14.1% over 2022-2029.
- Escalating demand for early disease diagnosis and treatment along with the growing prevalence of chronic ailments are aiding market expansion.
- MEA is projected to capture substantial revenue share due to the surging emphasis on precision medicine along with the rise in the prevalence of chronic diseases such as cancer.
Biomarkers Market was worth USD 36.3 Billion in 2018 and expected to reach USD 91.4 Billion by 2025 with a CAGR of 14.1% during the forecast period.
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Elaborating the Key Trends and Dynamics of Biomarkers Market
Escalating demand for early disease diagnosis and treatment along with the growing prevalence of chronic ailments are the primary factors aiding market expansion. Furthermore, widespread technological advancements in the field and elevating demand for personalized medicine are creating lucrative opportunities for this industry vertical to prosper. Also, the growing adoption of companion diagnostics for therapeutic decision-making is another growth propellant for this business vertical.
Major Growth Drivers
Rising prominence of personalized medicine- There has been a growing demand for personalized medicine across the globe. These medicines are tailored as per the genetic makeup and other health characteristics of an individual. Biomarkers play a significant role in identifying specific biomolecular signatures that guide personalized treatment decisions, leading to improved patient outcomes and enhanced therapeutic efficacy.
High focus on early disease detection- Early detection of a disease can be live saving for many people. Healthcare organizations are focussing on developing technologies and procedures that can aid early disease diagnosis. Biomarkers offer the potential for early disease detection, enabling timely interventions, improved prognosis, and enhanced patient outcomes. This in turn is stimulating the overall industry dynamics.
Challenges
Regulatory standards- Biomarker-based diagnostic tests often face regulatory challenges and reimbursement hurdles. Regulatory authorities require robust clinical evidence to support the clinical validity and utility of biomarkers before approving their use in diagnostics. Meeting the regulatory requirements for biomarker tests can be time-consuming and costly, which in turn is obstructing market growth
Segmental Assessment
By product, the software segment is likely to amass notable gains due to the rising adoption of data analytics in the healthcare vertical and the efficacy of software platforms to efficiency, accuracy, and clinical value of biomarker research.
Based on disease indication, the cancer segment is expected to generate significant returns over 2022-2029. This is credited to the growing pervasiveness of cancer coupled with its complexed nature.
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Geographical Analysis and Landscape
Middle East & Africa Biomarkers Market
The industry in MEA is projected to capture substantial revenue share over the estimated timeframe. This is attributable to the surging emphasis on precision medicine along with the rise in the prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, and neurological disorders. Alongside, governments in the region are implementing various initiatives and policies to promote healthcare innovation, research, and development. These initiatives aim to address healthcare challenges, enhance patient care, and strengthen the healthcare sector’s capabilities. These factors are positively swaying the dynamics of this market space.
Europe
Europe is slated to showcase the fastest CAGR over 2022-2029. This is ascribed to the growing prevalence of chronic ailments, surge in the geriatric population base, and widespread technological advancements in the field. Besides, presence of ideal medical reimbursement scenario and increased healthcare expenditure are bolstering the progression of this business vertical.
Opportunities in this Industry
Technological advancements- The advent of omics technologies such as genomics, proteomics, and metabolomics has enabled dentification and analysis of a wide range of biomarkers. These technological developments have expanded the scope of biomarker discovery, facilitating the development of novel diagnostic and therapeutic strategies.
Major Developments in Biomarkers Market
Acquisitions
In 2020, Thermo Fisher Scientific, a leading provider of scientific research and diagnostic solutions, acquired Qiagen, a prominent molecular diagnostics and sample preparation company.
In 2021, Illumina, a global leader in DNA sequencing and genomics, acquired GRAIL, a healthcare company focused on early cancer detection using liquid biopsy technology.
Porter’s Five Forces Analysis
Threat of New Entrants: The threat of new entrants into the biomarkers market is relatively low due to several factors. Developing biomarkers requires substantial investment in research and development, clinical validation, and regulatory approvals. Established companies often have strong intellectual property portfolios and research collaborations, creating barriers to entry for new players.
Bargaining Power of Suppliers: Suppliers in the biomarkers market include manufacturers of biomarker-related technologies, reagents, and equipment. The bargaining power of suppliers is moderate. While there are multiple suppliers available, certain specialized technologies or reagents may be dominated by a few key suppliers, giving them more bargaining power. However, the biomarkers market is characterized by a high level of innovation, and companies often collaborate with suppliers to develop and customize solutions. This collaboration can help mitigate supplier power to some extent.
Bargaining Power of Buyers: The bargaining power of buyers in the biomarkers market is relatively high. Buyers, such as healthcare providers, research institutions, and diagnostic laboratories, have several options to choose from when purchasing biomarker-based products and services. They can negotiate pricing, quality, and service terms with biomarker companies. Buyers often have the ability to switch between suppliers or choose alternative diagnostic methods, putting pressure on biomarker companies to provide competitive pricing, quality, and value-added services.
Threat of Substitutes: The threat of substitutes in the biomarkers market is moderate. Biomarkers are used for various purposes, including disease diagnosis, prognosis, treatment selection, and monitoring. Alternative diagnostic methods, such as imaging techniques, traditional laboratory tests, and clinical assessments, can sometimes serve as substitutes for specific biomarker-based approaches. However, biomarkers offer unique advantages, including molecular specificity, early detection capabilities, and personalized treatment guidance. The availability and effectiveness of substitutes vary depending on the specific biomarker application, which impacts the overall threat level.
Competitive Rivalry: The biomarkers market is highly competitive, characterized by the presence of numerous companies offering biomarker-based products and services. Competition is based on factors such as technology innovation, biomarker discovery capabilities, diagnostic accuracy, pricing, and customer relationships. Key players in the market strive to differentiate themselves through proprietary biomarker platforms, strategic collaborations, and comprehensive product portfolios. The intensity of competitive rivalry is high, driving continuous innovation and market consolidation through mergers, acquisitions, and partnerships.
On Special Requirement Biomarkers Market Report is also available for below region:
North America
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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