From USD 40.66 billion in 2022 to USD 76.38 billion by 2027, the global biomarkers market is expected to expand to USD 76.38 billion. From 2022 to 2027, the market is expected to grow at a 13.44% CAGR.
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COVID-19 was classified a global pandemic and proclaimed healthcare emergence by the World Health Organization on March 11, 2020. SARS-COV-2 is caused by a brand-new coronavirus. Almost every sector of the economy has been impacted by the outbreak’s rise. Many lives have been put at risk as a result of the pandemic, which has resulted in a state-wide lockdown and a prohibition on travel.
The rapid growth of the bio-marker technologies market has been fuelled by the rise in the number of covid-19 positive cases. The virus and the disorders it causes are prevented using molecular markers found in the blood. COVID-19 pathophysiology and clinical development have been studied in greater depth. Early infection and persons who are at risk of developing serious illnesses and requiring hospital treatment are classified using biomarkers. Biomarkers have become more important in clinical decision-making and the treatment of a variety of infectious diseases and treatments. Biomarkers are now required to evaluate the severity of sickness and appropriate resource allocation.
The global biomarkers market is primarily expanding because to rising cancer incidence, growing CROs, and rising prevalence of chronic diseases worldwide.
People in metropolitan locations are more inclined to adopt sedentary lifestyles, increasing their risk of developing chronic diseases. Growing chronic illness incidence, particularly cancer, cardiovascular disease, and diabetes, necessitates more research endeavours in order to support market growth.
Growing need for biomarkers in the diagnostic industry, rising research & development expenditures, and rising healthcare expenditure are all driving growth in the worldwide biomarkers market. The worldwide biomarkers market is being propelled forward by an increasing number of low-cost clinical trials in emerging nations, growth initiatives in biomarkers research, increasing growth of information technology, and expanding demand for drug discovery.
Government organisations throughout the world are taking more initiative to lower the cost of treatment procedures, and there is a growing focus on individualised medicine, which is driving up demand for biomarkers. The rising demand for illness prevention through diagnosing diseases as early as feasible in pharmaceutical businesses and people’s demand for early diagnosis further accelerates market expansion.
Growing governmental and private investments in healthcare centres, as well as a growth in the importance of minimally invasive and non-invasive treatment techniques, are further driving accelerating the growth rate of the market.
On the other hand, due to the inconsistency in their efficacy in illness diagnosis, validating biomarkers takes a long time. As a result, the validation process becomes both time-consuming (about 15 years when combined with the time required for FDA clearance) and costly. Because different kinds of biomarkers tend to have comparable development and validation process steps, the process and timing for developing and validating biomarkers are similar, with a few exceptions. One difference is that prognostic biomarkers and surrogate endpoints require more time in the clinical validation and usefulness phase than predictive and safety biomarkers. Because of the rigorous clinical validation required, surrogate endpoints are the most expensive to develop and validate, particularly in clinical trials.
The evaluation of assays or measurement of performance characteristics including sensitivity, specificity, and repeatability are all part of the biomarker validation process. Biomarkers must be validated in order to be used as trustworthy instruments in development, medical treatment, and biopharma investment decisions. However, enterprises, particularly small businesses, are concerned about the high costs of biomarker validation. Biomarker validation is further complicated by variables including inherent variability in biomarker levels and molecular heterogeneity. Another difficulty is the length of time it takes to produce an assay, implying that the ability to generate assays lags behind that of biomarkers.
The clinical validity and utility of biomarker-based diagnostics must be demonstrated before they may be used in practise. This is crucial not only for assisting clinicians in making evidence-based decisions, but also for obtaining regulatory approval and adequate reimbursement for the test. On the other hand, gathering the data needed to demonstrate clinical validity and utility can be a time-consuming and costly procedure, made even more difficult by the lack of standards. Other areas of interest include data sharing, protection, and analysis. All of these issues potentially constitute a significant threat to the biomarkers market.
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KEY MARKET INSIGHTS:
- Based on the product, during the forecast period, the consumables product type is expected to hold the largest share of the worldwide biomarkers market. The demand for this category is increasing as people become more aware of how to use various technology to better therapeutic processes. The market’s growth rate will be boosted by increased healthcare spending. The market for biomarkers is also being driven by the growing popularity of targeted medicines.
- Geographically, North America presently dominates the market for biomarkers, and this dominance is expected to persist for a few more years. In North America, the United States has the largest market share. The number of pharmaceutical labels approved by the USFDA that incorporate information on molecular biomarkers has increased dramatically during the previous decade. In addition, as the prevalence of chronic diseases in the United States rises, so does the demand for biomarkers. According to the article Chronic Diseases in America, six out of ten adults in the United States suffer from a chronic illness, and four out of ten adults suffer from two or more chronic illnesses. The biomarker is used to detect and treat chronic diseases early in their development. The government is also concentrating its efforts on biomarker research and development. Furthermore, according to the Global Cancer Observatory (Globocan) 2020, the United States has the world’s second highest number of cancer cases. In the year 2020, there will be 1,932,997 prevalent cases of all ages. The need for biomarkers is likely to rise in the country as they have a wide range of applications in cancer detection and treatment.
- The quantity of products and programmes launched by market participants also contributes to the region’s market growth. Amgen, for example, introduced the Biomarker Assist programme in April 2021 to make biomarker testing more accessible to patients with metastatic (stage IV) non-small cell lung cancer. Biomarker testing at the time of diagnosis is a crucial first step in ensuring that patients receive the best available treatment. With the help of Biomarker Assist, eligible patients will be able to save money on biomarker testing.
- During the projected period, the Asia Pacific region is expected to increase at a substantial compound annual growth rate. Important biomarker participants in the region, strategic planning for cooperative product development, and rising R & D investment in developing countries are all factors leading to growth. Furthermore, clinical trial costs in emerging nations are lower than in developed markets, implying that growth is on the way. China, Japan, India, and Australia are the leading contributors to the Asia Pacific biomarker market’s growth. In 2020, China dominated the APAC biomarkers market, and this trend is expected to continue during the forecast period. Demographic considerations such as population ageing and a decline in the number of young individuals are projected to promote market expansion. According to the Ministry of Health of China, 203 million people in the country suffer from cardiovascular disease, with that number expected to climb by 73 percent by 2030.
- During the projected period, the Indian biomarkers market, on the other hand, is expected to have a promising share in the APAC industry. As biopharmaceutical companies invest more in medication discovery and development, the biomarker industry is expected to rise. Furthermore, continued conferences and seminars focused at raising knowledge about the importance of biomarkers in illness management among the Asian community, which includes patients, healthcare professionals, and research institutions, are projected to improve the penetration of biomarker solutions.
- Bio-Rad Laboratories, Qiagen N.V., Enzo Biochem, PerkinElmer, Inc., Merck & Co, Inc., EKF Diagnostics Holdings plc., Meso Scale Diagnostics, LLC, Singulex, Inc., BioSims Technologies, Cisbio Bioassays, and Signosis, Inc. are some of the notable firms operating in the worldwide biomarkers market.
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SEGMENTS INCLUDED IN THIS REPORT:
- Safety Biomarkers
- Efficacy Biomarkers
- Validation Biomarkers
- Diagnostics Developments
- Drug Discovery & Developments
- Personalized Medicine
- Disease Risk Assessment
By Disease Indications:
- Immunological Disorders
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Biomarkers Market
- Europe Biomarkers Market
- APAC Biomarkers Market
- Latin America Biomarkers Market
- MEA Biomarkers Market
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