Biomarkers Market in terms of revenue was estimated to be worth $57.7 billion in 2024 and is poised to reach $93.8 billion by 2029, growing at a CAGR of 10.2% from 2024 to 2029 according to a new report by MarketsandMarkets™.
The growing significance of biomarkers in drug discovery and development, and the growing importance of companion diagnostics are the major driving factors of the biomarkers market. However, high capital investments and lengthy timelines for biomarker development can hamper market growth.
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The consumables segment accounted for the largest share by product & service segment in the biomarkers market in 2023.
By product & service, the biomarkers market is categorized into consumables, services, and software. The consumables are further sub-segmented into assay kits, reagents & chemicals, columns & filters. The consumables accounted for the largest share of the global biomarkers market in 2023. The large share of consumables is due to the necessity for high-quality products to ensure accurate test results, coupled with the repetitive need for these consumables due to ongoing sample testing in research and clinical settings.
The safety biomarkers segment accounted for the largest share by type segment in the biomarker market in 2023.
By type, the biomarkers market is categorized into safety biomarkers, efficacy biomarkers, and validation biomarkers. The efficacy biomarkers are sub segmented into predictive biomarkers, surrogate biomarkers, pharmacodynamics biomarkers, and prognostic biomarkers. The safety biomarkers segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to their importance in ensuring the safety of pharmaceuticals and healthcare interventions. Safety biomarkers are specifically designed to assess the potential adverse effects, toxicity levels, and safety profiles of drugs and treatments during clinical trials and post-marketing surveillance.
The NGS segment is expected to grow at a higher rate during the forecast period.
Based on technology, the biomarkers market has been segmented into immunoassays, NGS, PCR, mass spectrometry, chromatography, and other technologies. The immunoassay technology is sub segmented into ELISA, western blot, and protein microarray. In 2023, the immunoassays segment accounted for the largest share of the biomarkers market, and the NGS segment is expected to grow at a higher growth rate during the forecast period of 2024-2029. The immunoassay segment's growth is driven by its extensive use in clinical settings for diagnosing diseases, monitoring treatment effectiveness, and predicting patient outcomes.
The cancer segment accounted for the largest share of the disease indication segment in the biomarkers market in 2023.
Based on the disease indication, the biomarkers market is segmented into cancer, infectious diseases, immunological disorders, neurological disorders, cardiovascular disorders, and other disease indications. In 2023, cancer accounted for the largest share of the biomarkers market. The expansion of the cancer biomarkers market is fueled by a surge in research funding dedicated to the rising personalized drug products for cancer treatment.
The North America region accounted for the largest share of the biomarkers market in 2023.
The biomarkers market is segmented into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), the Middle East, and Africa. The North America region is witnessing increasing investments and research activities in the field of drug discovery. The need for advanced therapies due to the increased prevalence rate of cancer has contributed to the growth of the biomarkers market.
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