July 24, 2024
Biomarkers Market

Global Biomarkers Market Is Estimated To Witness High Growth Owing To Rising Demand For Personalized Medicine

The global Biomarkers market is estimated to be valued at US$ 55.59 Bn in 2022 and is expected to exhibit a CAGR of 13.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview

The Biomarkers market encompasses a wide range of biological indicators that are used to measure and evaluate biological processes, diseases, or responses to a therapeutic intervention. These markers play a crucial role in personalized medicine, as they help in diagnosing diseases, predicting treatment response, and monitoring treatment effectiveness. Biomarkers have gained significant attention in recent years, as they enable targeted therapy and individualized patient care. The need for accurate and reliable diagnostic tools and therapies has led to the growing demand for biomarkers in various healthcare sectors.

Market key trends

One key trend in the Biomarkers market is the increasing use of liquid biopsies. Liquid biopsies are non-invasive tests that detect biomarkers in blood samples or other bodily fluids. These tests provide valuable information about the patient’s health status, disease progression, and treatment response. Liquid biopsies are particularly useful in cancer diagnostics, as they can detect genetic alterations and tumor biomarkers in the bloodstream. For example, the detection of circulating tumor DNA (ctDNA) in liquid biopsies has revolutionized cancer diagnostics and monitoring.

Porter’s Analysis

Threat of new entrants: The Biomarkers market has high barriers to entry, as it requires substantial investments in research and development, regulatory approvals, and specialized expertise. Therefore, the threat of new entrants in the market is relatively low.

Bargaining power of buyers: Buyers in the Biomarkers market include healthcare providers, pharmaceutical companies, and research organizations. These buyers have a moderate bargaining power due to the availability of various biomarker options and the presence of multiple biomarker suppliers.

Bargaining power of suppliers: Suppliers in the Biomarkers market comprise biomarker manufacturers, diagnostic laboratories, and research institutions. Suppliers have a moderate bargaining power, as there is a growing demand for biomarkers and limited suppliers in the market.

Threat of new substitutes: Biomarkers play a unique role in diagnostics and personalized medicine, making it difficult for substitutes to completely replace their functionality. Therefore, the threat of substitutes in the Biomarkers market is low.

Competitive rivalry: The Biomarkers market is highly competitive, with the presence of established players and new entrants. Key players compete on the basis of product portfolio, quality, pricing, and technological advancements. The market also witnesses collaborations, partnerships, and mergers & acquisitions to enhance market presence.

Key Takeaways

– The global Biomarkers market is expected to witness high growth, exhibiting a CAGR of 13.6% over the forecast period, due to increasing demand for personalized medicine and targeted therapy.
– North America is the fastest-growing and dominating region in the Biomarkers market, driven by advancements in healthcare infrastructure, favorable reimbursement policies, and a high prevalence of chronic diseases.
– Key players operating in the global 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.

In conclusion, the Biomarkers market is experiencing significant growth due to the increasing demand for personalized medicine and targeted therapy. The market offers tremendous opportunities for biomarker manufacturers and diagnostic laboratories to develop innovative solutions and cater to the growing healthcare needs.