Market Overview:
Biomarkers are biological indicators found in blood, other body fluids, or tissues that are used as medical signs to identify normal vs. abnormal processes. Biomarkers finds applications in sectors such as forensic science, environmental science, medicine etc. Biomarker helps researchers, doctors, and scientists to better understand health and disease pathways and develop new targeted drugs and therapies for detecting and treating various chronic diseases like cancer and cardiovascular diseases.
Market key trends:
One of the key trend driving the growth of the biomarker market is significant advancement in oncology biomarker discovery. Growing prevalence of cancer, especially in developed countries, has resulted in huge demand for novel cancer diagnostics and biomarkers for patient selection, prognosis, and targeted therapies. Development of effective cancer biomarkers such as prostate-specific antigen (PSA) for prostate cancer, HER2 for breast cancer, EGFR mutations for lung cancer, alpha-fetoprotein (AFP) for liver cancer, and circulating tumor DNA (ctDNA) enable early detection as well as selection of personalized treatment options. These advancements have improved clinical outcomes and quality of life of cancer patients to a great extent. Continued research in this area is further expected to increase the role of biomarkers in the management of cancer.
The Global Biomarkers Market Share is estimated to be valued at US$ 17.97 Mn in 2023 and is expected to exhibit a CAGR of 13. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The biomarkers market has high barriers for new entrants to enter due to high capital requirement for R&D and manufacturing.
Bargaining power of buyers: Individual buyers have lower bargaining power compared to large organizations due to the specialized nature of biomarkers. However, presence of substitutes increases buyers power.
Bargaining power of suppliers: A few large suppliers exist for specialized raw materials and equipment required for biomarker discovery and development. This gives them moderate bargaining power over buyers.
Threat of new substitutes: Development of new biomarkers poses threat of substitutes. Biomarker companies focus on innovations to develop unique biomarkers and services.
Competitive rivalry: Intense competition exists among existing players to gain higher market share through expansions, partnerships and new product launches.
SWOT Analysis
Strength: Biomarkers help improve disease diagnosis and treatment evaluation. Growing funding for R&D of novel biomarkers leverages new opportunities.
Weakness: High costs associated with biomarker discovery, validation and commercialization. Regulatory approvals are a long drawn process.
Opportunity: Increasing demand for personalized healthcare drives the usage of biomarkers in disease risk assessment, screening and recurrence monitoring. Growing focus on precision medicine presents opportunities.
Threats: Strict regulatory norms and requirements differ across regions. Safety concerns over biofluids collected for biomarker analysis act as threats.
Key Takeaways
The global biomarkers market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for customized healthcare and advent of new technologies like proteomics and metabolomics in biomarker discovery.
Regionally, North America dominated the global biomarkers market in 2023, attributed to established healthcare infrastructure, increasing research funding and growing adoption of personalized medicine in the region. Asia Pacific is anticipated to be the fastest-growing market during the forecast period due to rising healthcare expenditure, improving research facilities and increasing demand for disease risk assessment and screening tests.
Key players operating in the biomarkers market include 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. These players are focusing on product launches, expansions and partnerships to strengthen their market positions.
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