Press release
Biomarkers Market Set to Soar with 11.2% CAGR, Predicts US$ 134.2 Million by 2033 | Revvity, Inc., Abbott Laboratories, Thermo Fisher Scientific
According to the report, the global biomarkers market size was valued at $46.4 billion in 2023, and is projected to reach $134.2 billion by 2033, growing at a CAGR of 11.2% from 2024 to 2033.
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In addition, the rise in prevalence of chronic diseases is expected to contribute significantly to the growth of the biomarkers industry. According to a 2023 report by the National Library of Medicine, it was reported that biomarkers exploration is essential in detecting diseases as it helps predict, diagnose, identify, treat diseases, and understand disease processes.
Biomarkers Statistics:
Disease diagnosis segment is expected to register highest growth during the forecast period and is one of the major biomarkers market trends.
The assay development segment is expected to register the highest growth during the forecast period.
Asia-Pacific is expected to witness the highest CAGR during the forecast period.
The high development cost of biomarkers stands as a significant restraint for the growth of the biomarkers market.
Factors that drive the growth of the biomarkers market size include a rise in geriatric population and surge in demand for companion diagnostics. Technological advancements in the field of biomarkers have emerged as a major driver for the biomarkers market share. According to the World Health Organization, it was estimated that by 2030, 1 in 6 people in the world are expected to be aged 60 years or over.
Recent Developments in Biomarkers Industry:
In February 2024, Abbott Laboratories and Fujirebio announced a partnership to develop a research use only (RUO) neurofilament-light chain (Nf-L) neurology biomarker assay for use on Abbott's Alinity i.
In January 2024, Merck KGaA announced that it entered into a collaboration with Quibim, the global company transforming imaging data into actionable predictions of cancer progression and treatment response. The two companies explore how to harness the potential of biomarkers and radiomics to predict a cancer patient's response to immunotherapy and predict cancer patient outcomes.
In December 2023, GE HealthCare announced it has the lead industrial role in the European consortium project Predictom, a pioneer venture to use real-world data (RWD) coupled with artificial intelligence (AI) screening to advance identification of those with early signs of Alzheimer's disease. The predictom project aims to develop a digital platform that is expected to aggregate participant RWD in different screening stages, including imaging, blood, cerebrospinal fluid, electrophysiological, and digital biomarkers.
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Key Findings of the Study
By type, the sample preparation segment held the largest share in the biomarkers market analysis in 2022. However, the efficacy biomarkers segment is expected to register highest growth during the forecast period.
By application, the drug discovery and development segment held the largest share in the biomarkers industry in 2022. However, the disease diagnosis segment is expected to register highest growth during the forecast period and is one of the major biomarkers market trends.
By service, sample preparation segment held the largest share in the biomarkers industry in 2022. However, the assay development segment is expected to register the highest growth during the forecast period.
Region-wise, North America held the largest market share in 2022. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period.
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