Biomarkers Market – Industry Share Analysis, Key Players and Future Prospect
The Research Report on “Biomarkers Market by Product (Consumable, Service), Type (Safety, Efficacy, Validation), Disease (Cancer (Solid & Liquid Biopsy), Neurological), Application (Diagnostics, Drug Discovery & Development, Personalized Medicine) (2022 – 2026)”, the global market size was valued at USD 43.1 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 12.6% from 2021 to 2026.
Growth Opportunity: Personalized medicine;
Biomarkers play a key role in personalized medicine, with applications including diagnosis, prognosis, and selection of targeted therapies. Over the years, personalized medicine has gained recognition due to the various limitations of standard diagnosis and treatment procedures. Many areas of medicine, from cancer to immunological disorders, are moving towards tailored treatment for individual patients based on their genetic signatures and clinical characteristics. Personalized medicine is used to identify the most beneficial treatment path for individual patients. The use of biomarkers plays a very important role in certain aspects of personalized medicine. Consumables used in biomarker testing enable the identification of these diseases. Biomarker diagnostic products are also used as companion diagnostics for several investigational therapies.
Additionally, advances in genomics have spurred a better understanding of certain types of cancer, allowing for the development of precision therapies based on a specific gene mutation or molecular target, which can give patients better options to treat their cancer. Biopharmaceutical researchers have focused on identifying biomarkers, for example, the HER2 positive gene mutation-for women with breast cancer. These mutations may be passed from generation to generation and can help predict a patient’s risk of developing certain cancers. By tailoring treatments using biomarkers, health care providers can deliver the most personalized benefit to each patient.
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Industry Segmentation In Detailed:
The infectious diseases segment accounted for the largest share of the biomarkers market in 2020.
Based on disease indication, the biomarkers market is segmented into cancer, infectious diseases, neurological disorders, immunological disorders, cardiovascular disorders, and other disease indications. In 2020, the infectious diseases segment accounted for the largest share of the biomarkers market. The large share of this segment can be attributed to the growing prevalence of infectious diseases, coupled with the outbreak of the COVID-19 pandemic.
The diagnostics application segment accounted for the largest share of the biomarkers market in 2020.
Based on application, the biomarkers market is segmented into diagnostics, drug discovery & development, personalized medicine, disease risk assessment, and other applications. In 2020, the diagnostics segment accounted for the largest share of the application segment in the biomarkers market. The use of biomarkers for the diagnosis of multiple diseases, including cancer, infectious diseases, cardiovascular disorders, and neurological disorders, is on the rise. The increasing use of biomarkers is a major factor that drives the growth of the diagnostics segment of the biomarkers market.
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Leading Key Players and Analysis:
The biomarkers market is dominated by a few globally established players such as F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (US), Abbott Laboratories (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), Merck KGaA (Germany), Bio-Rad Laboratories, Inc. (US), Enzo Biochem, Inc. (US), Charles River Laboratories International, Inc. (US), and Eurofins Scientific (Luxembourg).
Geographical Analysis in Detailed:
In 2020, North America accounted for the largest share of the market. The large share of this region can be attributed to the growing use of biomarkers in personalized medicine, various growth strategies adopted by key players with established pharmaceutical companies in this region, and a higher adoption rate of biomarkers for disease diagnostics, majorly in cancer diagnosis.
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