Global Biomarkers Market is expected to record a positive CAGR of ~12% during the forecast period (2022-2028): Ken Research

The Global Biomarkers Market is expected to record a positive CAGR of ~12% during the forecast period (2022-2028), due to the rising prevalence of chronic and neurodegenerative diseases. The ongoing Covid-19 pandemic significantly impacts plasma and sera proteomes, which holds a promising result for the faster recognition of biomarkers for diagnosis, prognosis, and/or therapeutic targeting in the ongoing rapidly growing pandemic that necessitates a rapid scientific response thereby benefitting the market.

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Key Growth Drivers

The growing popularity of remote technologies such as wearables and mobile applications is fuelling the digital biomarker market (DBMs) growth. Additionally, increasing digitization across the healthcare industry has transformed medical science, diagnostics, and therapeutics, resulting in rapid advancements in the development and adoption of Digital Health Technologies (DHT) by the healthcare continuum.
For instance, according to Oracle Cerner, a Texas-based technology company, the digital health innovation space has grown significantly over the last ten years. Global financial and corporate markets invested USD 44 billion in 2021, up from USD 2 billion in 2011.
The emergence of advanced technologies such as artificial intelligence (AI) is likely to create new opportunities for the biomarkers providers, as AI can assist clinicians in identifying risk factors for developing heart failure, monitoring care, defining prognosis, and creating druggable targets.
For instance, in May 2022, Imagene AI, an Israel-based digital biomarker company, received USD 21.5 million in funding to emphasize precision medicine in cancer care. In February 2022, Koneksa, a U.S.-based company that designs digital biomarkers, raised USD 45 million in Series C financing to accelerate the emergence of its digital biomarker platform.
Individual privacy concerns and the lack of validation procedures are expected to hinder the biomarkers market's growth.
Furthermore, it is difficult to foresee how the Covid-19 virus will manifest in an individual as the symptoms of the virus range from mild fever and cough to acute respiratory distress syndrome (ARDS) and death, and the virus has an impulsive course. This variability has prompted an urgent pursuit for biomarkers of disease severity to deal with patients appropriately and prevent fatal complications.

Key Trends by Market Segment

By Types:  Molecular Biomarkers hold the largest share of the Global Biomarkers Market.

Molecular Biomarkers are easily measurable as they emerge from immunology and neurobiology and can competently support other disease characteristics as well.
In addition, they also can identify individuals who are predisposed to the disease.
For instance, according to Experimental and Therapeutic Medicine, a U.S.-based journal devoted to laboratory and clinical medicine, some molecular biomarkers, such as p16, and Ki-67, have a higher positive predictive value (PPV) of 46.20% and 32.40% respectively, which can improve treatment for many thousands of women every year.

By Application: The Diagnostics application segment accounts for the majority share of the Global Biomarkers Market.

Biomarkers are widely used in the treatment and diagnosis of cardiovascular disease, infectious diseases, immunological and genetic disorders, cancer, and other diseases.
In addition, their use in research emerged from the need for more precise observation of contaminants in the predictive pathway of disease and has the potency to provide information on exposure uptake.
Biomarkers have also been increasingly used by neuroscientists to help with the diagnosis and treatment of neurological disorders, along with investigating their causative factors.

By Disease: The oncology segment accounted for the largest share in the market in 2020, owing to a rise in cancer patients worldwide and an unmet need for more precise, personalized targeted therapies for cancer patients. As per forecast by International Agency for Research on Cancer (IARC), the cancer cases are expected to significantly increase in all geographic regions of world during the next 20 years.

The dramatic shift toward precision medicines for treating cancer due to the absence of standard diagnosis and therapy/treatment is one of the major contributing factors to the demand for cancer biomarkers.
Furthermore, biomarkers have numerous legitimate applications in oncology, which is a branch of medicine that specializes in cancer diagnosis and treatment.
Assessing an individual's risk of developing cancer
Determine the prognosis
Predicting response to treatment that a given therapy will work for a patient
Monitoring disease progression to ascertain if a therapy is working

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By Geography: North America accounts for the largest share among all regions within the Global Biomarkers market.

Rapid advancements in the development and adoption of digital health technologies (DHT) across North America, notably in the United States, are one of the major contributing factors to the growth of digital biomarkers,
For instance, according to JTO Clinical and Research Reports, an open access journal of the International Association for the Study of Lung Cancer, a total of 17,513 patients  (91.6% from community-based practices) in the U.S. were exempt with 83,064 genomic biomarker tests captured between 2015 and 2021.
In addition, the ratio of patients who received biomarker testing using next-generation sequencing (NGS)-based methods, a technique that allows healthcare professionals to assess multiple cancer genes at the same time, rose from 28.3% in 2015 to 68.1% in 2020.
Increasing regional government initiatives and strategies for biomarker development and regulatory science activities across the healthcare industry are also propelling the biomarkers market growth in North America.
For instance, in July 2022, the food and drug administration (FDA) stated that it and multiple medical product developers are keen on developing novel biomarkers for use in assessment to improve clinical trial accuracy and efficiency.
The Asia Pacific region is expected to grow at the fastest CAGR during the forecasted period 2022-2028, owing to the government's increased emphasis on improving healthcare infrastructure, the adoption of smart medical devices such as wearables, and the rising prevalence of diseases causing high rates of mortality and morbidity.

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Competitive Landscape

The Global Biomarkers market is highly competitive with ~800 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in pharma and diagnostics solutions, and technologies, such as vitro analyses of DNA variation, RNA expression, metabolite quantification, vivo measurements of biological processes, and others, for end-user industries. The biomarkers market's growth is heavily reliant on technological advancement and R&D investment. Nowadays, numerous pharmaceutical companies, including Pfizer, Roche, Merck, Novartis, and Johnson & Johnson are investing in R&D or drug research, and governments are also making significant investments in cancer research.

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Country-Niche players control about ~77% of the market, while regional players hold a share of ~18%. Some of the major players in the market include F. Hoffmann-La Roche Ltd., Abbott Laboratories, BD, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Epigenomics AG, Johnson & Johnson Services, Inc., PerkinElmer Inc., Enzo Biochem, Inc., General Electric and among others.

Recent Developments Related to Major Players and Organizations

In March 2022, Roche, a Switzerland-based pharmaceuticals company, announced its collaboration with Bristol Myers Squibb, a pharmaceutical industry company based in the United States, to promote the development of two biomarkers for use in drug testing through the development and deployment of two new digital pathology algorithms for biomarker analysis and clinicians.
In August 2022, Thermo Fisher Scientific, a U.S.-based manufacturer of analytical laboratory instruments, launched CE-IVD (IVDD), a next-generation sequencing test and analysis software to improve accessibility to precision oncology biomarker testing.
In August 2022, Qiagen, a German provider of sample and assay technologies for molecular diagnostics, introduced new next-generation sequencing (NGS) solutions, 'QIAseq Targeted DNA Pro Panels' and 'the QIAseq UPXome RNA Library Kit' which significantly improve DNA variant detection and RNA sequencing of moderate samples.
In February 2022, the Foundation for the National Institutes of Health (FNIH) Biomarkers Consortium, a non-profit organization based in the United States, initiate a new project entitled "Neurofilament as a Fluid Biomarker of Neurodegeneration in Familial Frontotemporal Degeneration (FTD)" to determine an adequate blood test to assess a protein that is essential in the early detection of rare neurodegenerative disorders.
In February 2022, Abbott Laboratories, a medical device company located in the United States, launched consumer bio wearables named 'Lingo,' which can track body sensory information to help users better understand their overall health and take measures to improve it.

Conclusion

The Global Biomarkers Market is forecasted to continue an exponential growth that is witnessed since 2019, during the forecast period also, primarily driven by the rising prevalence of chronic and neurodegenerative diseases and the growing popularity of remote technologies such as wearables and mobile applications. Though the market is highly competitive with over ~800 participants, few country-niche players control the dominant share.

Ken Research has recently published report titled, Global Biomarkers Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers the market size for each of the five regions' biomarker markets. The revenue used to size and forecast the market for each segment is USD billion.

Market Taxonomy

By Type
Molecular
Radiographic
Histologic
Physiologic

By Application
Diagnostics (Including Disease Susceptibility/Risk Assessment)
Drug Discovery & Development
Personalized Medicine

By Disease
Oncology/Cancer
Cardiovascular Disease
Neurological Disorders
Immunological Disorders

By Geography
North America (U.S., Canada, Mexico)
Europe (Germany, UK, France, Italy, Spain)
Asia Pacific (China, Japan, India, Australia, South Korea)
Latin America Middle East and Africa (LAMEA)

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.