Biomarkers Market Poised for Exponential Growth owing to Rising Prevalence of Chronic Diseases

AUSTIN, TEXAS, UNITED STATES, June 5, 2024 /EINPresswire.com/ -- The Biomarkers Market Size, Valued USD 81.10 billion in 2023 and expected to reach nearly USD 221.78 billion by 2031, at CAGR 13.4% during the forecast period 2024-2031

Market Analysis
The biomarker market is primarily driven by the high prevalence of cancer and cardiac problems, coupled with advancements in biomarker technology. The increasing burden of cancer globally has spurred the use of advanced technologies like biomarkers. Additionally, new electroencephalogram (EEG) based non-invasive techniques with bodily fluid biomarkers are being developed, offering more accurate prediction of Alzheimer's disease status.

Furthermore, the launch of innovative biomarker tests by market players is augmenting market growth. Labcorp's Neurofilament Light Chain (NfL) blood biomarker test allows doctors to identify and verify signs of neurodegenerative disease, providing a more efficient path to diagnosis and treatment for patients.

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List of Biomarkers Market Companies Profiled in Report:
- Abbott
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Epigenomics AG
- Eurofins Scientific
- F. Hoffmann-La Roche Ltd.
- General Electric
- Hoffmann-La Roche Ltd.
- Johnson & Johnson Services, Inc.
- Merck KGaA
- PerkinElmer Inc.
- Qiagen
- Siemens Healthineers AG
- Thermo Fisher Scientific, Inc.

Market scope
The rising prevalence of chronic diseases like cancer, diabetes, cardiovascular disorders, and others is a major driver of the biomarker market. According to the American Cancer Society, an estimated 1.9 million new cancer cases are expected to be registered in the U.S. in 2022 alone, highlighting the significant need for early detection and personalized treatment strategies.

Furthermore, the use of biomarkers in infectious disease diagnosis is gaining traction. Potential MicroRNA-based biomarkers have been identified for the diagnosis of infections like influenza, HIV, tuberculosis, and malaria, facilitating early intervention and disease control. Additionally, biomarkers are being explored for the diagnosis of SARS-CoV-2, offering high prognostic potential and aiding in the tracking of pandemic cases.

Innovative treatments combining biomarkers with existing or new medicines are continuously being introduced. For instance, biomarkers can be used to track brain health by measuring molecules, leading to non-invasive testing, faster drug development, and early diagnosis of neurological diseases. The emergence of digital biomarkers further propels market growth by providing pharmaceutical companies with contextual and supplementary information for clinical trial decisions.

Leading players are actively introducing programs to enhance the commercialization of biomarker-based products. For example, NeoGenomics launched a novel biomarker testing program for patients with Epithelial Ovarian Cancer (EOC), increasing patient access to FDA-approved treatments.

Key Market Segments
By Product
• Consumables
• Services
• Software

By Type
• Safety Biomarkers
• Efficacy Biomarkers
• Predictive Biomarkers
• Surrogate Biomarkers
• Pharmacodynamics Biomarkers
• Prognostic Biomarkers
• Validation Biomarkers

By Application
• Diagnostics
• Drug Discovery & Development
• Personalized Medicine
• Disease Risk Assessment
• Other Applications

By Disease Indication
• Cancer
• Infectious Diseases
• Immune Disorders
• Neurological Disorders
• Cardiovascular Disorders
• Other Disease Indications

Segment Analysis
The safety segment held the largest revenue share in 2023 due to the high risk of adverse reactions associated with various drugs. Biomarkers can predict or detect exposure effects or adverse drug events, leading to increased adoption in drug discovery and development. Additionally, the growing population at risk of developing various diseases is expected to positively influence the market.

The consumables segment dominated the market in 2023 due to the growing emphasis on personalized and precision medicine, which necessitates the identification of specific disease markers and tailored treatment plans. Moreover, the rising prevalence of chronic diseases further fuels market growth.

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Impact of Russia-Ukraine War
Geopolitical conflicts like the war in Ukraine can have wide-ranging repercussions on various sectors and businesses. The biomarker market may be impacted by changes in government regulations, investment attitudes, disruptions in trade, supply chains, and manufacturing capacity in affected regions, as well as shifts in consumer behavior in response to the crisis.

Impact of Economic Slowdown
Economic downturns often lead to healthcare spending cuts by both individuals and governments. Patients may postpone non-essential medical consultations and tests, impacting diagnostic testing, including biomarker-based examinations. Additionally, there may be a shift in healthcare demand from certain regions to others, with a potential rise in demand for biomarkers used in early disease detection and preventive healthcare.

Key Regional Development
North America is expected to hold a significant share of the market and maintain its dominance for the foreseeable future. The rising burden of neurological conditions in the United States, coupled with the increasing number of FDA-approved drug labels containing biomarker information, is anticipated to fuel regional market growth. Additionally, the regional government's focus on research and development of biomarkers for rare neurodegenerative diseases further strengthens the market position.

Recent Developments
- Labcorp announced the launch of a tri-biomarkers blood test for Alzheimer's disease diagnosis in October 2023.
- Mindray launched high-sensitivity NT-proBNP and troponin I (hs-cTnI) cardiac biomarkers in October 2023, expanding its product portfolio for cardiovascular disease management and diagnosis.

Key Takeaways
• The biomarker market is projected to reach USD 221.78 billion by 2031, driven by the rising prevalence of chronic diseases and technological advancements.
• The safety and consumables segments are expected to dominate the market due to their crucial role in drug development and personalized medicine.
• The increasing use of biomarkers in infectious disease diagnosis and the development of digital biomarkers are promising growth avenues.
• North America is anticipated to maintain its leading position due to the high burden of chronic diseases and government support for biomarker research.

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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Biomarkers Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Biomarkers Market Segmentation, By Product
Chapter 9 Biomarkers Market Segmentation, By Type
Chapter 10 Biomarkers Market Segmentation, By Application
Chapter 11 Biomarkers Market Segmentation, By Disease Indication
Chapter 12 Regional Analysis
Chapter 13 Company profile
Chapter 14 Competitive Landscape
Chapter 15 Use Case and Best Practices
Chapter 16 Conclusion
Continued…

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Akash Anand
SNS Insider Pvt. Ltd
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