Market players should leverage opportunities created with growing demand for innovative treatments combining biomarkers with existing or new medicines, says Fact.MR.
Rockville, MD, July 09, 2024 (GLOBE NEWSWIRE) — The global biomarkers market size is valued at US$ 74.92 billion in 2024, as revealed in an updated research study published by Fact.MR, a market research and competitive intelligence provider. Worldwide revenue from the sales of biomarkers is approximated to reach US$ 303.98 billion by the end of 2034.
Biomarkers play a vital role in selecting targeted therapies, which specifically address molecular characteristics of tumors. Biomarker testing assists in identifying these molecular aberrations, thereby enabling oncologists to opt for effective treatment, subsequently contributing to the global biomarkers market growth.
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Constant developments in safety biomarkers are ensuring their widespread use for the treatment of various neurological diseases, such as stroke, Alzheimer’s, and epilepsy. They help in the easy understanding of the underlying pathophysiology of these health issues and assist in designing and exploring therapeutical targets for efficient intervention. Rising awareness about regular health checks and increasing awareness among people about diseases such as kidney disorders, cancer, and cardiovascular diseases are driving the demand for safety biomarkers.
Rising number of FDA-approved drug labels containing information about molecular biomarkers in the United States is the opening gates for market players. Acknowledging the use of biomarkers in drug development is driving pharmaceutical companies to adopt them on a larger scale.
Key Takeaway from Market Study
- The global biomarkers market is forecasted to expand at a CAGR of 15% from 2024 to 2034.
- Worldwide demand for safety biomarkers is evaluated to accelerate at a 15.2% CAGR and reach a market value of US$ 110.81 billion by 2034.
- Global sales of biomarkers for application in drug discovery and development are approximated to rise at a CAGR of 15.3% and reach US$ 108.59 Bn by 2034.
- North America is analyzed to capture 35.2% share of global market revenue by the end of 2034.
- Demand for biomarkers in South Korea is projected to increase at 17% CAGR from 2024 to 2034.
- The market in China is calculated to advance at a CAGR of 19.6% and reach US$ 33.78 billion by 2034.
“Increasing importance of companion diagnostics, R&D activities leading to innovations in the healthcare industry, and increasing worldwide cases of cancer are driving the demand for biomarkers,” says a Fact.MR analyst.
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Increasing Use of Biomarkers for Detection and Treatment of Cancer
Worldwide demand for biomarkers for cancer treatment is evaluated to accelerate at 15.4% CAGR and reach a value of US$ 116.52 billion by the end of 2034. There has been an increase in the use of biomarkers for cancer prognosis and monitoring treatment. They are utilized in various methods, such as invasive and non-invasive for cancer detection. Their growing use as biological molecules for detecting cancer at multiple stages is helping healthcare professionals offer more effective treatment options.
Key Market Players
Some of the prominent biomarker manufacturers include Agilent Technologies, Inc., Qiagen, Abbot Laboratories, F. Hoffman-La Roche Ltd., Merck KGaA, Siemens Healthineers AG, Epigenetics AG, Bio-Rad Laboratories Inc., General Electric, Thermo Fisher Scientific Inc., PerkinElmer Inc., and Johnson & Johnson Services Inc.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the biomarker market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on disease (cardiovascular diseases, cancer, neurological diseases, immunological diseases, other disease type), type (safety, efficacy, validation), and application (diagnostics, drug discovery & development, personalized medicines, other applications), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Biomarkers Industry News
F. Hoffman La Roche Ltd., in April 2021, launched two new cardiac biomarker tests, the NTproBNP (N-Terminal Pro Brain Natriuretic Peptide) and cTnThs (Sensitive Cardiac Troponin) Test. These standard biomarkers support managing cardiovascular diseases, helping physicians diagnose heart functioning and efficiently manage any failure.
Thermo Fisher Scientific, in July 2020, entered into an agreement with Chugai to expand the application of Oncomine Dx target tests. The companies are planning to use these tests with NSCLC (non-small cell lung cancer) and accelerate the area of local biomarker tests.
Checkout More Related Studies Published by Fact.MR Research:
The market for cancer biomarkers is expected to exceed US$ 34 Billion by 2032, representing a threefold increase from 2022.
The global vocal biomarkers market size stands at US$ 2.3 billion in 2023 and is forecasted to surpass a valuation of US$ 9 billion by 2033-end
Global cardiac biomarkers market is projected to accelerate at a CAGR of 11% and reach a market value of US$ 38 billion by 2033
The global biobanking market size is valued at US$ 46.8 Billion in 2023 and is estimated to reach US$ 89.5 Billion by 2033
High-Sensitivity Cardiac Biomarker Market By Diagnosis Type (CK-MB, Creatinine Kinase, Myoglobin, Cardiac Troponin), By End User (Hospitals, Cardiology Clinics, Ambulatory Surgical, Centers, Specialty Clinics) – Global Market Insights 2022 to 2032
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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