The Biomarkers Market Is Estimated To Witness High Growth Owing To Increasing R&D Spending In Biopharmaceutical Industry
Market Overview:
Biomarkers are biological indicators of a particular disease state or physiological condition. They can be used for detecting and monitoring various diseases such as cancer, cardiovascular diseases, neurological disorders, and others. Majorly used biomarkers are protein, nucleic acid and glycan based biomarkers detected in tissue, blood, urine, and other body fluids. Biomarkers find application in diagnostic, drug discovery and developments, and other research activities in various therapeutic areas.
Market Dynamics:
The biomarkers market is witnessing high growth owing to increasing research and development spending in the biopharmaceutical industry. According to estimates, the global R&D expenditure in the biopharma industry was over US$ 190 billion in 2020 and is expected to cross US$ 210 billion by 2024. Biomarkers play a crucial role in drug development process starting from target identification and validation to clinical trials. Thus, increasing investments in R&D is expected to boost the adoption of biomarkers. Furthermore, growing prevalence of chronic and lifestyle diseases along with rising healthcare expenditure is fueling the demand for effective and affordable diagnostic techniques. Biomarkers provide non-invasive, economical, and rapid diagnostics, thus gaining huge popularity. Technological advancements in omics technologies such as genomics, proteomics and metabolomics have further escalated the clinical applications of biomarkers.
The Global Biomarkers Market Share is estimated to be valued at US$ 17.97 Mn in 2023 and is expected to exhibit a CAGR of 13. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
SWOT Analysis for Biomarkers Market
Strengths:
- Biomarkers can help in early detection of diseases which increases chances of effective treatment.
- Biomarkers are cost effective in long term by reducing healthcare expenditure through early detection and prevention.
- Advances in proteomics and genomic techniques have expanded biomarker discovery and validation capabilities.
Weaknesses:
- Biomarker discovery and validation process is highly complex, time consuming and expensive.
- Regulatory and ethical issues related to genetic testing limits widespread adoption of some biomarkers.
Opportunities:
- Rising geriatric population and increasing prevalence of chronic and lifestyle diseases drives the need for biomarkers.
- Growing funding and initiatives by governments globally for biomarker research presents lucrative opportunities.
Threats:
- Stringent regulatory approval process for biomarkers increases clinical development costs and timelines.
- Lack of skilled labor and technical expertise hinders biomarker research activities in developing regions.
Key Takeaways
The global biomarkers market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis
North America dominates the global biomarkers market owing to presence of major market players, high healthcare expenditure and increasing R&D investments in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising healthcare spending, expanding research base and growing medical tourism in the region.
Key players
Key players operating in the biomarkers market are Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Acobiom, Apis Assay Technologies Ltd., Eagle Biosciences, Inc., Beckman Coulter, Inc., PerkinElmer Inc., Biopanda Reagents Ltd, Quanterix, Secure Diagnostics Pvt. Ltd., BioVision Inc., Merck KGaA, R&D Systems, Life Diagnostics, QuantaMatrix Inc., Nanjing Synthgene Medical Technology Co., Ltd, LifeSpan BioSciences, Inc, Wako USA, BioLegend, Inc, Abnova Corporation, and Abbexa.
English
Arabic
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian