Global Biomarkers Market to reach US$ 120.1 Bn by end of 2028, Says Coherent Market Insights

Global Biomarkers Market to reach US$ 120.1 Bn by end of 2028, Says Coherent Market Insights

PR Newswire

SEATTLE, Nov. 11, 2021

SEATTLE, Nov. 11, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global biomarkers market is estimated to account for 120.1 Bn in terms of value by the end of 2028.

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Biomarkers are used to determine what is working and what is not. Biomarkers have been around for a long time, they just haven't been used specifically to measure internal organs or metabolic processes. With developments in the science of biomedicine and new technologies for measuring cellular activity, it has now become possible to use these biomarkers to monitor many different processes in the human body, from heart rate to gene expression levels to whole-body temperature. Biomarkers are physical characteristics of the human body which one could actually measure. These biomarkers are important to modern medicine in so many ways.

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Market Drivers

1.  Increasing prevalence of life-threatening diseases such as cancer and cardiovascular diseases (CVD) is expected to drive growth of the global biomarkers market during the forecast period

Cardiovascular diseases (CVD) and cancer are two of the most severe chronic diseases, responsible for the majority of the mortality across the globe. According to the World Health Organization (WHO), in 2018, around 9.6 million died due to cancer with over 300,000 new cases of cancer being diagnosed each year among children aged 0-19 years across the globe. According to the same source, around 17.9 million people die each year from cardiovascular disease worldwide. Cancer biomarkers are biological molecules produced by the tumor in the body that helps in diagnosis. Biomarker testing is useful in characterizing alterations in the tumor.

2.  Growing importance of companion diagnostics is expected to propel the global biomarkers market growth over the forecast period

A companion diagnostic is a type of diagnostic test used as a companion to the therapeutic drug, in order to determine its applicability to a particular individual. Over the years, companion diagnostics has garnered significant importance in the healthcare sector as it helps to identify accurate drugs for patients, to which they would respond at the right time. This, in turn, saves money in the drug development pipeline. A predictive biomarker is typically used in companion diagnostics that classifies patients into responders and non-responders for a specified therapeutic agent.

Market Opportunity

1.  Growing adoption of personalized medicine can present lucrative growth opportunities in the market

Personalized medicine or precision medicine has gained significant traction in the recent past as it is more effective and less detrimental for the patient. The drugs are tailored to patients' genetic profiles, making them more effective. In personalized medicine, two types of biomarkers are used namely prognostic and predictive. The predictive biomarkers are pretreatment or baseline measurements that provide vital information related to patients. Therefore, the adoption of biomarkers is expected to rise.

2.  Emerging economies can provide major business opportunities

With rising disposable income and improving healthcare facilities across emerging economies such as India and China, the demand for biomarkers is expected to increase during the forecast period. Furthermore, rising research and development activities in the field of biotechnology combined with growing drug discovery and development are expected to provide significant growth opportunities for marketers in the near future.

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Market Trends

1.  North America Trends

Among regions, North America is expected to witness significant growth in the global biomarkers market during the forecast period. This is owing to increasing prevalence of cancer and technological breakthroughs and improvements in the healthcare sector. According to the National Cancer Institute (NCI), in 2020, over 1.8 million new cases of cancer were likely to be diagnosed and over 606,000 people were likely to die from the same disease across the U.S.

2.  Europe Trends

Europe is expected to register lucrative growth over the forecast period, owing to the presence of key research institutes and major companies across the region. Furthermore, proactive government support and funding for R&D activities are expected to boost the regional market in the near future.

Competitive Section

Key companies involved in the global biomarkers market are F. Hoffmann-La Roche Ltd., Abbott Laboratories, Epigenetics AG, GE Healthcare, Qiagen, Siemens Healthineers AG, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., and Johnson & Johnson Services, Inc.

For instance, in April 2021, Amgen launched Biomarker Assist, a program to aid more patients with metastatic (stage IV) non-small cell lung cancer (NSCLC) gain access to biomarker testing.

Global Biomarkers Market, By Region:

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

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