Global Biomarkers Market Future Insights, Share Value, COVID-19 Impact and Emerging Trends By 2027
Global Biomarkers Market: Information By Product (Consumables, Services, Software), By Type (Safety Biomarkers, Validation Biomarkers, Efficacy Biomarkers), By Application (Diagnostics, Personalized Medicine, Drug Discovery and Development, Disease Risk Assessment) and By Disease Indication (Cancer, Neurological Disorders, Cardiovascular Disorders, Immunological Disorders, Others) - Forecast till 2027
Biomarkers Market Highlights
Biomarkers Market 2020 is on track to achieve a robust growth rate of 10.28% over the appraisal period (2020 to 2027), reveals MRFR (Market Research Future). The market size can touch USD 4,582.8 Million by 2027, adds MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
COVID-19 Impact on the Biomarkers Market
The COVID-19 outbreak has presented a huge challenge to the government bodies, giving rise to the need for screening and testing of fast growing number of patients for the SARS-CoV-2 infection. The escalating cases of the novel coronavirus have limited the supply of diagnostic kits, not only for the virus but for various other diseases worldwide. Diagnostic companies are under intense pressure to develop accurate testing kits, in conjunction with the soaring demand for advanced point-of-care or in-vitro testing capacity by laboratories across countries.
With that said, the rapid surge in researches as well as technological innovations focused on developing biomarker-based clinical diagnostics will ensure a smooth progress for the global market, despite the rapid spread of the pandemic. The mounting number of CROs or Contract Research Organizations should also favor the biomarkers market in the following years.
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Top Boosters and Challenges
Escalating cases of chronic diseases, such as cardiovascular disorders, diabetes and cancer in the face of rising prevalence of inactive lifestyle and bad eating habits can be favorable for the biomarkers market in subsequent years. Frequent technological innovations have facilitated combining biomarkers with the novel medications and drugs for accurate diagnosis as well as better treatment options. To cite an instance, biomarkers are used for treating numerous neurological disorders by monitoring the brain health and activity by assessing the biomolecules. Nascent advancements including biomarker signatures have helped boost the success rate of treatment of neurological diseases, leading to non-invasive testing, drug development and early diagnosis.
Furthermore, increase in government initiatives aimed at bringing down healthcare costs via personalized medicines, in a bid to focus more on early detection as well as disease prevention could benefit the market in the following years. On top of that, the mounting number of distributors, service providers and manufacturers of biomarkers across countries is creating attractive opportunities in the industry. Biomarkers’ widespread use in oncology more than in any other disorder and the growing cancer cases worldwide could translate into substantial business expansion.
Several firms are constantly adopting strategic tactics such as acquisitions, product innovation, mergers and conducting awareness campaigns to bolster their brand standing in the global market. To illustrate, in October 2020, Mayo Clinic collaborated with Vocalis Health Inc., a pioneer in AI-based biomarkers in healthcare, to develop voice-based biomarkers for detecting, monitoring and screening the patient health. The collaboration is expected to start with a study that focuses on identifying the vocal biomarkers for PH or pulmonary hypertension, which can enable the physicians conveniently treat their patients.
Market Segmentation
Biomarkers industry can be categorized into product, type, application, and disease indication.
The key products covered in the MRFR study are services, software and consumables. Expanding application scope of biomarkers in oncology and neurology, customization of kits and reagents by manufacturers, and elevated specificity and sensitivity are a few factors that are benefitting the market vendors.
Various types of biomarkers in the global market are efficacy biomarkers, validation biomarkers and safety biomarkers. Safety biomarkers have remained in the lead since 2019, while the fastest growth rate was procured by the efficacy biomarkers segment. Technical developments in sequence profiling tools, and the escalating need to analyze sequences of proteins, nucleic acids and DNA have fostered the use of biomarkers.
Applications of biomarkers are drug discovery and development, diagnostics, disease risk assessment, personalized medicine, and more. Some other applications include forensics, ecotoxicology and DNA fingerprinting.
Disease indications are cardiovascular disorders, cancer, immunological disorders, neurological disorders, and others.
Regional Study
The regional study of the global industry covers Europe, the Americas, Asia Pacific or APAC, and MEA or Middle East & Africa.
In 2019, America took the lead in the global market for biomarkers, as the region accommodates a well-developed pharmaceutical industry and therefore, has the upper hand over other regions. The demand and use of biomarkers in the region is quite extensive, considering the expanding elderly population and the consequent rise in the need for early detection as well as treatment of age-based ailments. The heavy burden of cancer in the region also strengthens the market position.
APAC can potentially attain the fastest growth rate over the conjectured period, backed by significant contributions from India, Australia, China, South Korea and Japan. The region is brimming with lucrative opportunities, in view of the mounting number of CROs/contract research organizations combined with the low expenditure associated with clinical trials. Widespread use of innovative medical imaging systems, increasing healthcare spending and the resultant growth in R&D scope in biomarkers could also favor the APAC market. Significant prevalence of a number of diseases, in line with the exploding population also bolsters the region’s growth potential.
The MEA market for biomarkers is slated to perform well, with the Middle East expected to seize a wider share on account of the improving healthcare infrastructure, and the rising uptake of advanced treatment lines.
Key Market Participants
The key market participants profiled in the report are PerkinElmer Inc., PerkinElmer Inc., Meso Scale Diagnostics, LLC, Merck KGaA, Abbott Laboratories, Enzo Biochem Inc., F. Hoffmann-La Roche Ltd, Signosis, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, EKF Diagnostics, Qiagen N.V., to name a few.
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