Biomarkers are biological indicators that can help identify specific diseases or medical conditions. They play a crucial role in development of personalized medicine by acting as indicators for disease onset, progression, response to treatment, and risk assessment.
The global biomarkers market is estimated to be valued at US$ 17.97 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of personalized medicine has been a key factor driving the growth of the biomarkers market. Personalized medicine uses an individual's biomarkers to tailor medical treatment to that person, increasing efficacy and minimizing harmful side effects. It has revolutionized the treatment of cancer and other complex diseases. As biomarkers help identify which patients are most likely to respond to particular drugs, personalized medicine relies heavily on biomarkers to target therapies according to a person's genetic makeup and disease. This has boosted the demand for biomarkers and is expected to further fuel market growth over the forecast period.
Segment Analysis
The global Biomarkers Market Share is dominated by protein biomarkers sub segment owing to its widespread applications across disease diagnosis, drug development and others. Protein biomarkers find usage in assessing patient’s health status and monitoring of diseases progression or response to therapy. These biomarkers provide accurate information about various protein levels in blood, urine or body tissues which help in disease diagnosis.
Key Takeaways
The global biomarkers market is expected to witness high growth during the forecast period of 2023-2030. The global biomarkers market is estimated to be valued at US$ 17.97 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis related content comprises:
The North America region holds over 35% share of the global biomarkers market and is expected to maintain its dominance during the forecast period. Strong presence of leading pharmaceutical companies and availability of advanced healthcare facilities for research drives the biomarkers market growth in the region. Additionally, rising cancer prevalence and initiatives towards precision medicine further boost the demand.
Key players related content comprises:
Key players operating in the biomarkers market are focused on expanding their product portfolio and footprint globally through partnerships and mergers & acquisitions. For instance, BASF SE provides biomarker services and assay development for diagnostics and pharmaceutical clients. Novozymes A/S offers bio-based solutions for various industries, including agriculture, food & beverages, household care, chemicals and others through enzymes, microbes and biochemicals.
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