Biomarkers Market size was valued at around USD 66.97 Billion in 2022 and is expected to rise from USD 75.88 Billion in 2023 to reach a value of USD 206.04 Billion by 2031, at a CAGR of 13.3% over the forecast period (2024–2031).
Healthcare professionals see biomarkers as an extremely useful tools that can be used in medical research, diagnostics, and personalized medicine. These tools offer information about a person’s health enabling early detection and diagnosis. In the past few years, there has been an increase in chronic diseases among people mainly due to lifestyle changes. This is one of the primary reasons for the growth of the biomarkers market. The use of biomarkers in diagnosis of infectious diseases is also becoming very common rapidly. For example, a MicroRNA-based biomarker is being used for the diagnosis of infectious viruses like rhinovirus, HIV, malaria, Hendra, influenza, Ebola, and malaria. Biomarkers which were under study during the SARS-CoV-2 have a high prognostic potential. It played a critical role in the asymptomatic cases that was creating issues while tracking the pandemic cases. These biomarkers also have extremely high stability power even though they are in a freeze and thaw cycles, giving them added benefits. Drug development organizations are continuously introducing advanced treatments that combines biomarkers along with new or current medicines. Today, it is possible to use biomarkers for the treatment of neurological issues as it can monitor brain health by measuring molecules.
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Advancement of Biomarkers Driven by Rising Focus on Personalized Medications
Innovative diagnostics tools for early detection of illnesses have become a necessity due to the increasing cases of chronic diseases. Biomarkers plays an important part as they have the ability to recognize and monitor diseases on a molecular level. Today, new biomarker is also experiencing advancement in the omics platforms of genomics and proteomics, helping in the enhancement of diagnosis. With the development in these platforms, it has become possible to sequence entire genomes or a unique section with the help of highly advanced methods such as next-generation sequencing. It has also made gene sequencing faster and affordable. Moreover, the increasing emphasis on personalized medicine and precise therapeutic methods are also influencing the demand for advanced biomarkers. This therapy is useful for offering the right treatment to the patient, with an accurate dose, and at the right time.
Increasing Cases of Cancer to Drive the Biomarker Market Growth
Biomarkers are important for fighting against the increasing incidences of cancer by allowing early identification, precise diagnosis, selection treatment, and monitoring the growth of the disease. This therapy can be utilized for screening and detecting cancer at an early stage, so that medical providers can start the treatment when it is curable. Two common examples of biomarker-powered screening methods are blood tests and liquid biopsies. These can track the presence of a particular biomarker connected to a unique malignancy. Biomarkers also have the ability to forecast the possibly a patient will react to the therapy. It will become medical professionals to recognize the patients who can actually benefit from a particular method like targeted medicines or immunotherapies by evaluating biomarkers.
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- In March 2024, Alamar Biosciences publicized the commercial launch of their ultra-high sensitive NULISAseq CNS disease panel 120 and NULISAqpcr PTau-217 assays.
- In October 2023, Summa Equity got counsel from Ropes & Gray in the sale to Thermo Fisher Scientific Inc.
- Labcorp introduced their tri-biomarker blood test in October 2023. It can diagnose Alzheimer’s disease.
- In February 2024, Abbott Laboratories and Fujireblio collaborated to produce a research uses only neurofilament-light chain neurology biomarker assay.
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Massive Growth in the Biomarkers Market with Implementation of Advanced Technologies
In recent times, the biomarkers market has seen immense growth due to the advancement in personalized medicine, diagnostic technologies, and better understanding of molecular biology. Biomarkers plays an important role in changing the patient care by providing exact and early signs of diseases, its progress, and treatment response. The implementation of advanced technologies like genomic, proteomics, and metabolomics have extended the opportunities of the biomarkers market in different therapeutic region, starting from oncology to neurology.
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