Biomarkers Market: Current Scenarios and Opportunities

The global biomarkers market size was valued at USD 51.18 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.2% from 2021 to 2028.

The global Biomarkers Market size is expected to reach USD 147.59 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 14.2% over the forecast period, which is driven by increasing collaborations & funds for R&D activities, rising consumer awareness, COVID-19 pandemic, and technological advancements in disease diagnosis. F. Hoffmann-La Roche Ltd., Abbott Laboratories, Epigenetics AG, General Electric, Johnson & Johnson Services, Inc., Thermo Fisher Scientific, Inc. are some of the key players in this industry. Research aids in the development of effective therapies for the treatment of various diseases, such as cancer, Cardiovascular Diseases (CVDs), immunological diseases, and neurological diseases.

It has been observed that there has been an increase in public and private investments in the market. For instance, in January 2020, Johnson & Johnson Services, Inc. received a grant from Food Allergy Research & Education (FARE) worth USD 250,000 to propel the research on food allergy biomarkers. This grant is anticipated to help in the potential discovery and validation of allergy biomarkers for developing therapies. This can potentially improve the quality of life for 32 million people in the U.S. who are suffering from food allergies.

The government has also increased the funding for cancer research. For instance, in February 2020, President Trump, recently, signed a bill to fund the federal government in the U.S. along with the National Cancer Institute that received USD 6.44 billion. This funding is more than nearly USD 300 million that was allocated in 2019. These funds are expected to fuel the research associated with cancer, which is likely to have a positive impact on the market in the long run. Proactive government initiatives are driving the betterment of the reimbursement scenario in this market.

For instance, several researchers in the Asia Pacific region are involved in collaborations with regulatory authorities to validate and discover surrogate markers for use in drug development. The Japanese regulatory authorities and the government have employed a framework to promote collaborations and partnerships. Commercial insurers, generally, decide the need for biomarker testing for a patient before insuring their targeted therapy expenditures. While some insurers mandate medical evidence or prescription for biomarker testing, others may require patients to acknowledge that they are not undertaking certain therapies.

Related Press Release@ Biomarkers Market Report

Biomarkers Market Report Highlights

• The safety biomarkers segment accounted for the largest revenue share in 2020 due to the growing awareness about routine health checkups and rising use in the preclinical stage
• The validation biomarkers segment is estimated to register the fastest CAGR over the forecast period owing to a wide application scope in pharmaceutical companies
• The drug discovery & development segment dominated the global market in 2020 owing to the ability to accelerate drug development in certain diseases as they can predict drug efficacy more easily than conventional clinical endpoints
• The diagnostic segment will register the fastest CAGR over the forecast period due to the increased use of biomarkers in early-stage disease diagnosis
• The cancer disease segment held the maximum revenue share in 2020 due to an increased prevalence of cancer and the use of biomarkers for the detection of cancer
• CVD is estimated to be the fastest-growing disease segment over the forecast period
• North America accounted for the maximum revenue share in 2020 due to the presence of major key players in the region and increased per capita healthcare expenditure
• Europe, on other hand, is estimated to be the fastest-growing regional market over the forecast period