The global biomarkers market size was USD 39.10 billion in 2018 and is expected to reach USD 97.51 billion by 2026, exhibiting a CAGR of 12.1% over the forecast period.
The rise can be attributed to an escalation in the diagnostic applications of biomarkers. This is further being supplemented by the growing prevalence of cancer and an increase in the number of research and development activities.
Key Industry Development:
May 2021 – QIAGEN N.V. rolled out its tissue companion diagnostic approved by the FDA. The solution was released for identifying the mutation of KRAS G12C in NSCLC tumors. The diagnostic would help in the expansion of precision medicine portfolio for lung cancer.
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Drivers and Restraints
Surging Product Demand Driven by Escalating Adoption in Diagnostic Applications
Biomarkers market growth can be majorly attributed to the increasing product usage in disease risk assessment, personalized medicine, companion diagnostics, and drug discovery and development. Biomarkers play a major role in personalized medicine. Their various applications comprise diagnosis, prognosis, and targeted therapies for a number of disease conditions.
The product demand is prominently being propelled by the growing deployment of companion diagnostics as a tool for personalized treatment in patients. However, the industry expansion is likely to be hindered owing to higher costs involved in biomarker research and analyses.
Oncology Segment to Record Substantial Growth Driven by Surging Cancer Prevalence
On the basis of application, the market is subdivided into neurology, cardiology, oncology, and others. Of these, the oncology segment is expected to record a significant CAGR over the estimated period. The rise is being driven by the soaring prevalence of cancer and the escalating product application in cancer diagnostics. Based on region, the industry is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.
Diagnostics & Research Laboratories Segment to Register Notable Rise Owing to Growing Investment by Major Players
Based on end user, the industry can be segmented into diagnostics & research laboratories, pharmaceutical & biotechnology companies, hospitals & specialty clinics, and others. The diagnostics and research laboratories segment is anticipated to record lucrative expansion through the estimated period. The surge can be attributed to the increasing investment by key industry players toward the development of novel biomarkers for therapeutic purposes.
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The report provides a comprehensive coverage of the major trends that are expected to drive the industry growth over the forthcoming years. It further gives an insight into the key factors that are set to propel the global business landscape. Additionally, it includes the vital steps taken by major industry players to consolidate their market position.
Major Players Enter Collaborations & Partnership Agreements to Sustain Industry Footing
Prominent companies are focused on the adoption of a series of initiatives including mergers, acquisitions, collaborative agreements, and partnerships for strengthening their industry position. These market players are undertaking research activities for the development of new products. Some of the other initiatives comprise growing participation in trade conferences.
List of Key Players Covered in this Market Report
- Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific
- Bio-Rad Laboratories, Inc.
- CENTOGENE N.V.
- Axon Medchem
- Sino Biological Inc.,
- R&D System
- BioVision Inc.
- Myriad RBM
- Other players
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Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launches, by Key Market Players
- Prevalence by Disease Indication, By Key Countries/ Region, 2018
- Incidence of Cancer, By Key Countries/ Key Region,2018
- Key industry Developments – Mergers, Acquisitions and Partnerships
- Overview of Biomarkers In Personalized Medicine
- Global Biomarkers Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Indication
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biotechnology Companies
- Diagnostics & Research Laboratories
- Hospitals & Specialty Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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