Press release
US Biomarkers Market worth $34.3 billion in 2029
Key players in the US biomarkers market are Thermo Fisher Scientific Inc. (US), Abbott (US), Revvity (US), Laboratory Corporation of America Holdings (US), Charles River Laboratories (US), Bio-Rad Laboratories, Inc. (US)
The report "US Biomarkers Market [https://www.marketsandmarkets.com/PressReleases/us-biomarkers-market.asp] by Product & Service (Consumable, Software), Type (Safety, Efficacy), Research Area, Technology (NGS, PCR, Mass Spectrometry), Disease (Cancer, Infectious), Application (Diagnostics, Clinical Research) - Forecast to 2029", is expected to reach USD 34.3 billion in 2029 from USD 20.5 billion in 2024, at a CAGR of 10.8% during the forecast period.
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The growing significance of biomarkers in drug discovery and development, and the growing importance of companion diagnostics are the major driving factors of the US biomarkers market. However, high capital investments and lengthy timelines for biomarker development can hamper market growth.
The consumables segment accounted for the largest share by product & service segment in the US biomarkers market in 2023.
By product & service, the US biomarkers market is categorized into consumables, services, and software. The consumables are further sub-segmented into assay kits, reagents & chemicals, columns & filters. The consumables accounted for the largest share of the US biomarkers market in 2023. The large share of consumables is due to the necessity for high-quality products to ensure accurate test results, coupled with the repetitive need for these consumables due to ongoing sample testing in research and clinical settings. Additionally, the continuous advancements in biomarker research and increasing funding for precision medicine are further driving the demand for consumables.
The safety biomarkers segment accounted for the largest share by type segment in the US biomarker market in 2023.
By type, the US biomarkers market is categorized into safety biomarkers, efficacy biomarkers, and validation biomarkers. The efficacy biomarkers are subsegmented into predictive biomarkers, surrogate biomarkers, pharmacodynamics biomarkers, and prognostic biomarkers. The safety biomarkers segment is expected to grow at the highest CAGR during the forecast period. This is due to their importance in ensuring the safety of pharmaceuticals and healthcare interventions. Safety biomarkers are designed to assess the safety profiles, potential adverse effects, and toxicity levels of drugs and treatments during clinical trials and post-marketing surveillance.
The NGS segment is expected to grow at a higher rate during the forecast period.
Based on technology, the US biomarkers market has been segmented into immunoassays, NGS, PCR, mass spectrometry, chromatography, and other technologies. The immunoassay technology is subsegmented into ELISA, western blot, and protein microarray. In 2023, the immunoassays segment accounted for the largest share of the biomarkers market, and the NGS segment is expected to grow at a higher growth rate during the forecast period of 2024-2029. The immunoassay segment's growth is driven by its extensive use in clinical settings for diagnosing diseases, monitoring treatment effectiveness, and predicting patient outcomes.
The need for advanced therapies due to the increased prevalence rate of cancer has contributed to the growth of the US biomarkers market.
Key players in the US biomarkers market are Thermo Fisher Scientific Inc. (US), Abbott (US), Revvity (US), Laboratory Corporation of America Holdings (US), Charles River Laboratories (US), Bio-Rad Laboratories, Inc. (US), Agilent Technologies, Inc. (US), Quanterix (US), MESO SCALE DIAGNOSTICS, LLC. (US), Celerion (US), Standard BioTools (US), BioAgilytix Labs (US), NorthEast BioAnalytical Laboratories LLC (US), Signosis, Inc. (US), Serimmune (US), and Singulex, Inc. (US).
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