Northbrook, IL 60062 -- (SBWire) -- 03/02/2023 --Biomarkers are expected to be a major industry in the near future as they are becoming increasingly important in the diagnosis and monitoring of diseases. With the increasing number of diseases and the need for personalized, precise treatments, biomarkers will become essential in order to identify the best treatment options. In addition, the development of new technologies, such as genomics and proteomics, will allow for more accurate and cost-effective biomarker testing, which will make them increasingly attractive to healthcare providers. Furthermore, due to the growing prevalence of personalized medicine, biomarkers will also become more important in the development of new drugs and therapeutic interventions. As such, the biomarker market is expected to grow significantly over the coming years.
Biomarkers market in terms of revenue was estimated to be worth $59.1 billion in 2023 and is poised to reach $104.0 billion by 2028, growing at a CAGR of 12.0% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Factors responsible for the growth in the biomarkers market is the extensive R&D efforts by leading players, rising adoption of biomarkers in drug discovery, ongoing strategic alliances in biomarkers discovery and increasing prevalence of diseases like cancer.
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Prominent Players of Biomarkers Market:
Prominent players operating in the biomarkers market are F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (US), Abbott Laboratories (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), Merck KGaA (Germany), Bio-Rad Laboratories, Inc. (US), Enzo Biochem, Inc. (US), Charles River Laboratories International, Inc. (US), and Eurofins Scientific (Luxembourg), among others.
Notable Biomarkers mergers and acquisitions for 2021 – 2022 include:
- Regeneron and Sanofi - Regeneron and Sanofi announced a definitive agreement in 2021 to merge their respective immuno-oncology businesses, creating an industry-leading immuno-oncology company.
- Pfizer and GlaxoSmithKline - Pfizer and GlaxoSmithKline announced in 2021 that they have entered into an agreement to combine their consumer healthcare businesses in a joint venture.
- Celgene and Juno Therapeutics - Celgene and Juno Therapeutics announced a definitive merger agreement in 2021, to create a leading immuno-oncology company.
- AbbVie and Allergan - AbbVie and Allergan announced in 2019 that they have entered into a definitive agreement to combine in a stock-for-stock transaction.
- Novartis and AveXis - Novartis announced in 2018 that it has signed a definitive agreement to acquire AveXis, a gene therapy company, for approximately $8.7 billion in cash.
- AstraZeneca and Daiichi Sankyo - AstraZeneca and Daiichi Sankyo announced in 2021 that they have entered into a definitive agreement to combine their respective oncology businesses in a joint venture.
Growth Drivers of Biomarkers Market from Macro to Micro:
- Increasing prevalence of chronic diseases: The growing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases is driving the demand for biomarkers. Biomarkers are being increasingly used to diagnose and monitor these diseases, as well as to guide treatment decisions.
- Increasing R&D investments: The growing investments in R&D by pharmaceutical and biotechnology companies is driving the demand for biomarkers. Biotech and pharmaceutical companies are investing in the development of biomarkers to improve the efficacy of clinical trials and drug development.
- Growing funding for personalized medicine: The increasing government funding and grants for personalized medicine is driving the demand for biomarkers. Personalized medicine involves the use of biomarkers to diagnose and treat diseases based on a patient's genetic profile, which is driving the growth of the biomarkers market.
- Technological advancements: The increasing advancements in technology such as polymerase chain reaction (PCR) and next-generation sequencing (NGS) is driving the demand for biomarkers. These technologies allow for faster and more accurate analysis of biomarkers, which is driving the growth of the market.
- Growing demand for early diagnosis: The increasing demand for early diagnosis of diseases is driving the demand for biomarkers. Biomarkers are increasingly being used to detect diseases in their early stages, which helps in providing better treatment options and improving patient outcomes.
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Hypothetic Challenges of Biomarkers Market in Near Future:
- Lack of standardization: The lack of standardization in biomarkers in terms of their development, testing, and validation processes is a significant challenge for the biomarkers market. It is difficult for regulators to evaluate and approve biomarkers, as well as for doctors to understand and trust them.
- Limited sample sizes: Biomarkers require large sample sizes for valid results, which can be difficult to obtain in a timely manner. This can delay the process of biomarker development and testing, resulting in delays in the market entry of new biomarkers.
- Cost: Developing and testing biomarkers can be expensive, and the cost of biomarkers is often higher than standard tests. This can limit their market penetration, as patients may not be able to afford the higher costs.
- Privacy concerns: The use of patient information and data, such as genetic information, in biomarker testing raises privacy concerns. This can limit the use of biomarkers and impede their market growth.
- Complexity of biomarkers: Biomarkers can be complex, and require advanced understanding of the biological and molecular processes that they measure. This can make it difficult for healthcare providers to understand and use them.
Top 3 Use Cases of Biomarkers Market:
- Diagnostics: Biomarkers are used to detect and diagnose diseases, helping to identify the right treatments for a disease. They can also provide an early warning of a disease before symptoms appear, allowing healthcare providers to start treatment sooner.
- Monitoring: Biomarkers can be used to monitor the effectiveness of a drug or treatment. By measuring the levels of a biomarker in the blood or other bodily fluids, healthcare providers can see how well a drug or treatment is working.
- Personalized Medicine: Through the use of biomarkers, personalized medicine has become possible. This involves customizing treatments to a patient's individual biology, allowing the treatment to be tailored to their specific needs. Biomarkers can be used to identify the best treatments for a patient and ensure they get the most out of their medical care.
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Related Reports:
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Cancer Profiling Market
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