Biomarkers Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global biomarkers market, valued at US$54.8 billion in 2023, is forecasted to grow at a robust CAGR of 10.2%, reaching US$57.7 billion in 2024 and an impressive US$93.8 billion by 2029. The major factors driving the growth of this market include the growing importance of companion diagnostics, the increase in the global prevalence of cancer, and the growing importance of biomarkers for rare conditions.

Biomarkers Market Trends

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Biomarkers Market Opportunities

Biomarkers Market Dynamics

DRIVER: Increase in global prevalence of cancer

Biomarkers play a crucial role in indicating various health or disease characteristics. Cancer, being a complex disease, undergoes a multistage carcinogenesis process involving numerous molecular pathway events, posing challenges in diagnosis, prognosis, and therapy. Given this complexity, relying on a single marker is insufficient. Furthermore, each cancer type exhibits unique molecular profiles. The discovery of novel biomarkers presents opportunities to develop therapeutic strategies aimed at addressing dysregulation in cancer. Consequently, the rising incidence of cancer will fuel biomarker research and subsequently contribute to the expansion of the biomarkers market.

RESTRAINT: Disease complexity and heterogeneity

The complexity and heterogeneity inherent in diseases pose challenges to the advancement of biomarkers. With diverse molecular pathways and clinical presentations among individuals, identifying universal biomarkers becomes a daunting task. Disease heterogeneity complicates this further, as different patients exhibit distinct molecular signatures, making it challenging to find common biomarkers applicable across populations. Additionally, disease progression is dynamic, requiring biomarkers to adapt to changing conditions over time. These complexities hinder translating biomarker research into clinical practice, where biomarkers must accurately reflect the diverse disease manifestations for effective diagnosis, prognosis, and treatment monitoring. Thus, addressing the intricacies of disease complexity and heterogeneity is crucial for the successful development and implementation of biomarkers in healthcare settings.

OPPORTUNITY: Shift towards personalized medicine and precision oncology

Biomarkers play an essential role in the selection of targeted therapies that specifically address the molecular characteristics of a patient's tumor. For example, specific genetic mutations or alterations in cancer cells can make them susceptible to inhibition by targeted drugs. Biomarker testing helps identify these molecular aberrations, enabling oncologists to choose the most effective treatment for each patient.

Biomarker-driven approaches help identify patients who are most likely to benefit from a particular treatment, reducing the risk of exposing individuals to therapies that are unlikely to be effective or may cause significant side effects. This personalized approach enhances patient safety and quality of life during cancer treatment.

CHALLENGE: Challenges associated with integration of complex data sets

The integration of complex data sets in biomarker research poses significant challenges to market growth. Biomarker data, sourced from diverse platforms such as traditional blood tests, next-generation sequencing (NGS), and fluorescence in situ hybridization (FISH) testing, is voluminous, diverse, and rapidly evolving. The absence of universal standards for reporting, particularly in NGS-derived data, complicates data interpretation and aggregation across different organizations and testing methodologies. Moreover, disparities in biomarker testing across racial, ethnic, and economic groups further hinder data accessibility and completeness. Limited coverage by health plans and disparities in clinical trial enrollment exacerbate these challenges, leading to inaccessible, incomplete, or poorly representative biomarker datasets.

Biomarkers Market Ecosystem Analysis

The biomarkers market ecosystem comprises raw material suppliers, product & service providers, regulatory authorities, and end users, such as academic & research institutes, hospitals & diagnostic laboratories, pharmaceutical & biotechnology companies,  and other end users

The immunoassays segment held a dominant share in the technology segment in the biomarkers market.

Based on the technology, the market has been segmented into immunoassays (western blot, ELISA, and protein microarray), NGS, PCR, mass spectrometry, chromatography, and other technologies. In 2023, immunoassays accounted for the largest share of the biomarkers market. This is attributed to the growing need for immunoassays during the drug development process, as drug development puts much pressure on costs and sample usage.

The clinical diagnostic segment is expected to register the fastest growth of biomarkers market during the forecast period.

Based on the application the market has been segmented into clinical diagnostics, drug discovery & development, personalized medicine, clinical research, and other applications. In 2023, the clinical diagnostic segment accounted for the largest market share and is expected to achieve the highest CAGR during the projected period. The key drivers of clinical diagnostics in the biomarkers market include the use of biomarkers for disease detection, diagnosis, prognosis, and monitoring of therapeutic responses in clinical settings.

North America accounted for the largest share of the biomarkers market.

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America held the dominant share, followed by Europe. North America has been a leader in supporting research for the development of novel drugs. Thus, the development of novel therapies and a growing number of clinical trials in the region are contributing to the growth of the North American biomarkers market.

Biomarkers Market by Region

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Key players in the global biomarkers market include F. Hoffmann-La Roche Ltd (Switzerland), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (US), Abbott (US), QIAGEN (Netherlands), Revvity (US), Laboratory Corporation of America Holdings (US), Charles River Laboratories (US), Bio-Rad Laboratories, Inc. (US), Eurofins Scientific (Luxembourg), BIOMÉRIEUX (France), Agilent Technologies, Inc. (US), JSR Corporation (Japan), Quanterix (US), MESO SCALE DIAGNOSTICS, LLC. (US), EKF Diagnostics (UK), Celerion (US), Standard BioTools (US), Sebia (France), BioAgilytix Labs (US), StressMarq Biosciences Inc. (Canada), NorthEast BioAnalytical Laboratories LLC (US), Signosis, Inc. (US), Serimmune (US), TheraIndx Lifesciences Pvt. Ltd. (India), Synexa Life Sciences BV (Netherlands), Diatech Pharmacogenetics (Italy), Singulex, Inc. (US), R-Biopharm AG (Germany), and Proteome Sciences (UK).

Biomarkers Market Report Scope

This report categorizes the biomarkers market to forecast revenue and analyze trends in each of the following submarkets:

By Product & Service

• Consumables
  • Assays Kits
  • Reagents & Chemicals
  • Columns & Filters
• Services
• Software

By Type

• Safety Biomarkers
• Efficacy Biomarkers
  • Predictive Biomarkers
  • Surrogate Biomarkers
  • Pharmacodynamic Biomarkers
  • Prognostic Biomarkers
• Validation Biomarkers

By Research Area

• Genomics
• Proteomics
• Metabolomics
• Other research areas

By Technology

• Immunoassays
  • ELISA
  • Western Blot
  • Protein Microarray
• PCR
• Mass Spectrometry
• NGS
• Chromatography
• Other technologies

By Disease Indication

• Cancer
• Infectious Disease
• Immunological Disorder
• Cardiovascular Disorder
• Other Disease Indications

By Application

• Clinical Diagnostics
• Drug Discovery & Development
• Personalized Medicine
• Clinical Research
• Other applications

By End User

• Pharmaceutical & Biotechnology Companies
• Hospitals & Diagnostic Laboratories
• Academic & Research Institutes
• Other end users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America (RoLATAM)
• Middle East & Africa
  • Middle East
    • GCC Countries
      • Saudi Arabia (KSA)
      • United Arab Emirates (UAE)
      • Rest of GCC Countries
    • Rest of Middle East (RoME)
  • Africa

Recent Developments of Biomarkers Market

• In January 2024, Quibim and Merck KGaA partnered to develop diagnostic tools to develop the next generation of precision medicine technology targeting a wide range of cancers
• In October 2023, Quanterix Corporation, a company specializing in ultrasensitive biomarker detection, has announced a new agreement with Johnson & Johnson's Janssen Sciences Ireland UC to advance blood-based Alzheimer's disease detection. The agreement grants Quanterix non-exclusive rights to J&J's p-Tau 217 antibodies and assay designs, enabling the development of a potential Laboratory Developed Test (LDT) for Alzheimer's Disease (AD) diagnosis and clinical research
• In February 2023, F. Hoffmann-La Roche Ltd launched two new antibodies to understand a patient's brain tumor mutation status in the IDH1 and ATRX genes that help in more informed clinical decisions and may improve patient outcomes

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