Biomarkers are measurable and quantifiable biological parameters that are used for indicating normal biological processes, pathogenic processes, or pharmacological responses to a therapeutic intervention. Advancements in translational research have enabled the discovery and validation of novel biomarkers to aid in disease diagnosis and prognosis, as well as predict therapeutic responses. Biomarkers are employed across various therapeutic areas such as cancer, cardiovascular disorders, neurological disorders, and others.
The global biomarkers market is estimated to be valued at US$ 17.97 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in disease diagnosis presents lucrative growth prospects for the biomarkers market. Biomarkers play a crucial role in early disease diagnosis by detecting the disease at an early stage before clinical symptoms appear. For instance, prostate-specific antigen (PSA) is a widely used biomarker for prostate cancer screening. Early detection leverages better treatment outcomes and improved survival rates. Growing prevalence of chronic diseases is propelling the demand for effective diagnostic techniques. Biomarkers enable accurate diagnosis and help avoid unnecessary treatments. Development of novel biomarkers with high sensitivity and specificity would enable detecting diseases at an early stage, thereby driving the biomarkers market growth over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high entry barriers in the form of high capital requirements for R&D, branding and intellectual property, limiting threat.
Bargaining power of buyers: Buyers have moderate bargaining power as biomarkers are specialized products and buyers have limited options.
Bargaining power of suppliers: Suppliers have moderate bargaining power as they are concentrated and have specialized expertise, though customers can switch to alternatives.
Threat of new substitutes: Threat is low as biomarkers offer unique insights into diseases not offered by substitutes like medical imaging.
Competitive rivalry: Intense as players compete based on innovation, portfolio breadth and customer relationships.
SWOT Analysis
Strengths: Biomarkers offer non-invasive diagnosis and personalized treatment, reducing healthcare costs. Adoption is driven by rising chronic diseases and funding for precision medicine.
Weaknesses: High costs of discovery, validation and commercialization. Regulatory hurdles and evidence requirements. Lack of standardization limits interoperability.
Opportunities: Untapped growth in developing countries. Emerging fields like liquid biopsy, neurobiology and immunology. Integration with AI and blockchain improving utility.
Threats: Reimbursement challenges. Reliance on key opinion leaders for adoption. Ethical issues around data privacy and ownership.
Key Takeaways
The global biomarkers market scope is expected to witness high growth over the forecast period of 2023 to 2030, driven by increasing R&D investments in precision medicine and pharmaceutical innovation. The global biomarkers market is estimated to be valued at US$ 17.97 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.
The North American region currently dominates the global biomarkers market due to advanced research infrastructure and supportive regulatory environment. However, Asia Pacific is expected to emerge as the fastest growing regional market going forward, supported by growing population, healthcare expenditure and research activity in countries like China and India.
Key players operating in the biomarkers market include Steris PLC, West Pharmaceutical Services Inc., Boston Analytical, Intertek Pharmaceutical Services, Pace Analytical Services, Labcorp (Toxikon Inc.), SGS SA, Eurofins Scientific, and Laboratory Testing Inc., among others. Players are focusing on expanding their product portfolios through partnerships and acquisitions to meet the diversifying diagnostic and research needs.
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