Market Overview:
Biomarkers are biological measurements and evaluations of the biological states and certain conditions. They can be used for diagnosis, prediction of therapeutic response, and disease monitoring. Biomarkers help in assessing the medical conditions, the effectiveness of treatments, and the response of diseases to treatments. They are useful in cardiovascular diseases, oncology, neurological disorders, and metabolic disorders. Biomarkers help in understanding the underlying mechanism of diseases, identifying targets for drug development, and monitoring the safety and efficacy of treatments. They improve the success rate of clinical trials and help develop personalized medicines.
Market key trends:
One of the key trends in the biomarkers market is the growing adoption of biomarkers for cancer diagnosis and management. According to WHO, cancer remains one of the leading causes of death worldwide. Biomarkers help detect cancer at an early stage and monitor its progression and response to treatment. Some of the widely used cancer biomarkers include cancer antigen 125 (CA-125) for ovarian cancer, prostate-specific antigen (PSA) for prostate cancer, and carcinoembryonic antigen (CEA) for gastrointestinal cancers. Biomarkers can also guide treatment decisions by identifying patients likely to respond to specific therapies. This increases treatment efficacy and efficiency. Biomarkers play an important role in the development of personalized cancer medicines and will continue to grow in importance.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the high capital requirements and the presence of established players have set barriers for new players to easily enter the market. However, factors such as technological advancement provide opportunities for new players to enter.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have bargaining power due to the availability of substitute products, however, key players are differentiating their products which is reducing the impact of bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitutes and established supply networks of key players.
Threat of new substitutes: The threat of new substitutes is moderate as diagnostic techniques are advancing but biomarkers have a strong brand image due to the robust R&D.
Competitive rivalry: High due to the presence of global and regional players.
The Global Biomarkers Market Share is estimated to be valued at US$ 17.97 Mn in 2023 and is expected to exhibit a CAGR of 13. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global Biomarkers market is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing investment in R&D for new biomarkers and the growing biotechnology sector.
Regional analysis: North America dominates the Biomarkers market followed by Europe due to the availability of developed healthcare infrastructure, increasing biomarker-based cancer research, and government funding. However, Asia Pacific is expected to exhibit the fastest growth rate over the forecast period due to the expanding pharmaceutical and biotech sector and growing focus on precision medicine practices.
Key players operating in the Biomarkers market are Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Acobiom, Apis Assay Technologies Ltd., Eagle Biosciences, Inc., Beckman Coulter, Inc., PerkinElmer Inc., Biopanda Reagents Ltd, Quanterix, Secure Diagnostics Pvt. Ltd., BioVision Inc., Merck KGaA, R&D Systems, Life Diagnostics, QuantaMatrix Inc., Nanjing Synthgene Medical Technology Co., Ltd, LifeSpan BioSciences, Inc, Wako USA, BioLegend, Inc, Abnova Corporation, and Abbexa.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
