Biomarkers Market Research on Size, Growth, Industry Analysis, Share, Trends & Forecasts (2024 - 2029)

Market Size and Share Analysis:

A rising prevalence of chronic diseases and an escalating demand for early disease detection and targeted therapies are propelling the growth of the biomarkers. By disease, the cancer segment is likely to hold the major biomarkers market share with an estimated market value of USD 19.65 billion in 2024, and it is expected to witness a CAGR of 8.77% over the forecast period (2024 – 2029). Market analysis indicates it will grow to USD 29.92 billion by 2029. By type, the efficacy biomarkers segment is likely to hold the major share with an estimated market size of USD 24.38 billion in 2024, and it is expected to witness a CAGR of 8.97% over the forecast period. By mechanism, the genetic biomarkers segment held the major share with an estimated market size of USD 21.44 billion in 2024, and it is expected to witness a CAGR of 8.72% over the forecast period. By end user, the hospitals and diagnostic laboratories segment would account for the largest share of the market.

The high burden of chronic disorders is expected to facilitate the demand for various biomarker-based assays and tests for accurate disease early detection, which, in turn, is projected to spur industry expansion. For instance, as per March 2023 data from the WHO, over 55 million individuals globally were affected by dementia in 2022, with over 60% residing in low- and middle-income nations. Annually, the world witnesses close to 10 million new dementia cases. Thus, high burden of chronic diseases globally is expected to propel the demand for effective biomarkers solutions to effectively detect and monitor disease outlook, thereby supporting market growth.

Furthermore, the use of biomarkers in neurological diseases such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis is expanding. Biomarkers are essential for diagnosing these complex diseases, assessing disease progression, and evaluating treatment efficacy. For instance, in June 2024, the Foundation for the National Institutes of Health (FNIH) Biomarkers Consortium (BC) unveiled MMyeRisk, a project aimed at assessing tumor and immune biomarkers. Spanning three years and backed by a USD 4.5 million investment from FNIH, the initiative unites essential resources and stakeholders. The focus is on crafting prognostic biomarkers and monitoring tools tailored for patients with MGUS and smoldering multiple myeloma, especially in gauging their response to therapy. Hence, the research funding is likely to create various opportunities for key players to develop new biomarkers over the forecast period.

Overview of Market Segments Covered:

The epigenetic biomarkers under the mechanism segment are expected to have the fastest growth rate with a CAGR of 10.40% over the forecast period (2024-2029). This biomarkers market research estimates the epigenetic biomarkers segment to reach a market value of USD 16.46 billion by 2029. In November 2023, Bayer entered a partnership with Hurdle to launch the advancements in precision health and accelerate access to novel epigenetic and multi-omics at-home biomarker tests. Similarly, in August 2023, GERO entered a strategic collaboration with FOXO Technologies Inc. to advance the discovery of epigenetic biomarkers for the understanding of human aging. Thus, the key initiatives adopted by the market players, such as partnerships and launches are anticipated to increase the availability of these epigenetic biomarkers in the market.

The biomarkers market is segmented by disease, type, mechanism, and end user. By disease, the market is segmented into cancer, cardiovascular disorders, neurological disorders, immunological disorders, renal disorders, and other diseases. By type, the market is segmented into efficacy biomarkers, safety biomarkers, and validation biomarkers. The efficacy biomarkers segment is further segmented into prognostic biomarkers, pharmacodynamic biomarkers, surrogate end-point markers, and predictive biomarkers. By mechanism, the market is segmented into genetic biomarkers, epigenetic biomarkers, proteomic biomarkers, lipidomic biomarkers, and other mechanisms. By end user, the market is segmented into hospitals and diagnostic laboratories, research institutions and academic laboratories, and other end users. By mechanism, genetic biomarkers held the major share due to the growing demand for genetic testing globally.

Regional Market Scope of this Report:

By geography, the North America region is likely to hold a major share with an estimated market size of USD 25.73 billion in 2024, expected to reach USD 39.65 billion by 2029. The market in the North America region is dominating the global market owing to factors such as the increasing burden of cancer, neurological, and cardiovascular conditions in the countries like United States, Canada, and Mexico, and growth in genomics research. For instance, according to the American Cancer Society 2024 report, the incidence of mouth cancer is on the rise in the United States with 15,490 new cases of mouth cancer expected to be reported in 2024, up from 14,820 in 2023. This data underscores a swift uptick in cancer cases nationwide. This trend anticipates a continued rise in cancer incidences over the forecast period, subsequently boosting the demand for innovative precision diagnostics using biomarkers and driving market growth. Moreover, in October 2023, researchers from Brandon University Canada started finding new sensitive biomarkers to detect blood cancers at a relatively early stage. Hence, research initiatives aimed at enhancing the comprehension of biomarkers in disease diagnosis are anticipated to bolster the region's market expansion.

By geography, the global market is segmented into North America (United States, Canada, Mexico), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific), Middle East and Africa (GCC, South Africa, Rest of Middle East and Africa), and South America (Brazil, Argentina, Rest of South America). Europe is a well-established market driven by strong healthcare regulations, research collaboration, and biomarker-related clinical trials. In addition, Latin America has a growing interest in biomarker applications in disease diagnostics and personalized medicine.

Competitive Landscape and Ecosystem Analysis:

Some of the key players in the biomarkers market research are Abbott, Quanterix (Aushon Biosystem), Bio Rad Laboratories Inc., Epigenomics AG, Agilent Technologies Inc., QIAGEN, F. Hoffmann-La Roche Ltd, Siemens Healthcare GmbH, Thermo Fisher Scientific Inc., BIOMÉRIEUX (Astute Medical), ZEUS Scientific Inc., Myriad Genetics, Enzo Biochem Inc., among others. The business overview of various companies includes the development and commercialization of innovative biomarkers in different countries. In terms of market share, few of the major players currently dominate the market. ZEUS Scientific, Inc. ventured into predictive cardiac biomarkers with the AccuCardia test for cardiovascular risk assessment. Furthermore, in June 2023, Nordic Bioscience, a biomarker company, announced that the Company’s PRO-C3 biomarker assay received a Letter of Support (LoS) from the United States Food and Drug Administration (FDA) which supports further study of the PRO-C3 biomarker assay as a prognostic biomarker in tumor fibrosis studies. Consequently, companies are focusing on the introduction of new biomarkers through approvals from regulatory authorities, a move poised to drive market growth during the forecast period.