Biomarkers Market Size Worth $147.59 Billion By 2028 | CAGR: 14.2%: Grand View Research, Inc.

SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- 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% from 2021 to 2028, which is driven by increasing collaborations & funds for R&D activities, rising consumer awareness, COVID-19 pandemic, and technological advancements in disease diagnosis. 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.

Key Insights & Findings:

• 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

Read 145 page market research report, "Biomarkers Market Size, Share & Trends Analysis Report By Type (Safety, Efficacy), By Application (Diagnostic, Drug Discovery & Development), By Disease (CVD, Cancer), By Region, And Segment Forecasts, 2021 - 2028'', by Grand View Research

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.

Grand View Research has segmented the global biomarkers market based on type, application, disease, and region:

• Biomarkers Type Outlook (Revenue, USD Million, 2017 - 2028)
• Safety
• Efficacy
• Validation
• Biomarkers Application Outlook (Revenue, USD Million, 2017 - 2028)
• Diagnostics
• Drug Discovery & Development
• Personalized Medicine
• Others
• Biomarkers Disease Outlook (Revenue, USD Million, 2017 - 2028)
• Cancer
• Safety
• Efficacy
• Validation
• Cardiovascular Diseases (CVDs)
• Safety
• Efficacy
• Validation
• Neurological Diseases
• Safety
• Efficacy
• Validation
• Immunological Diseases
• Safety
• Efficacy
• Validation
• Others
• Safety
• Efficacy
• Validation
• Biomarkers Regional Outlook (Revenue, USD Million, 2017 - 2028)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Spain
• France
• Italy
• Asia Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Biomarkers Market

• F. Hoffmann-La Roche Ltd.
• Abbott Laboratories
• Epigenetics AG
• General Electric
• Johnson & Johnson Services, Inc.
• Thermo Fisher Scientific, Inc.
• Bio-Rad Laboratories, Inc.
• Siemens Healthineers AG
• Qiagen

Check out more studies on types of biomarkers, conducted by Grand View Research:

• Non-alcoholic Steatohepatitis Biomarkers Market – The global Non-alcoholic steatohepatitis biomarkers market size was valued at USD 200.04 million in 2016 and is expected to witness a CAGR of 30.1% during the forecast period. The growing prevalence of chronic liver conditions is expected to upsurge demand
• Cardiac Biomarkers Market – The cardiac biomarkers market was estimated to reach USD 4.7 billion in 2015. Cardiac biomarkers refer to the substances released in the bloodstream due to heart-related damage or stress, mainly caused by insufficient blood flow.
• Neurological Biomarkers Market – The global neurological biomarkers market size was valued at USD 6.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.9% from 2020 to 2028.
• Cancer Biomarker Market – The global cancer biomarker market size was valued at USD 10.3 billion in the year 2016 and is estimated to reach a value of USD 33.7 billion by 2025, growing with CAGR of 14.3 %. Growing prevalence for malignancies coupled with increasing focus on development of targeted therapies is a major factor affirming the positive growth of this market.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.