Market Size of Biomarkers Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 51.5 Billion |
| Market Size (2029) | USD 87.60 Billion |
| CAGR (2024 - 2029) | 9.09 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Biomarkers Market Analysis
The Biomarkers Market size is estimated at USD 51.5 billion in 2024, and is expected to reach USD 87.60 billion by 2029, growing at a CAGR of 9.09% during the forecast period (2024-2029).
The factors such as the high prevalence of cancer and cardiac problems and biomarker advancements are attributed to biomarker market growth. The spike in cancer cases globally has increased the use of advanced technology such as biomarkers. For instance, according to an article published by the Chinese Medical Journal in March 2022, China was experiencing a greater incidence of cancers. In 2022, it was expected that there would be approximately 4.8 million new cancer cases in China, out of which the most common would be lung cancer. Such an increase in the burden of cancer will likely push companies to develop newer targets for cancer diagnosis, ultimately boosting the demand for biomarkers over the coming years.
In addition, according to an article published by PubMed Central in April 2022, new electroencephalogram (EEG) based non-invasive techniques with bodily fluid biomarkers are being developed, which may offer a more accurate prediction of Alzheimer’s disease status in the patient. The article also stated that several minimally invasive techniques are being developed where several biomarkers are being found to predict Alzheimer’s disease from blood, saliva, and urine. Thus, with the increasing prevalence of life-threatening diseases and the rising usage of biomarkers in diagnosing and treating those diseases, the demand for biomarkers in accurately diagnosing the condition is anticipated to grow, boosting the market's growth.
Furthermore, the launch of biomarker tests by the market players is also augmenting the market's growth. For instance, in July 2022, Labcorp launched one of the first widely accessible tests that provide direct evidence of neurodegeneration and neuronal injury. The new Neurofilament Light Chain (NfL) is a blood biomarker test that allows doctors to identify and verify signs of neurodegenerative disease, providing a more effective and efficient path to diagnosis and treatment for patients. Elevated NfL levels signal neuronal injury, whether from diseases like multiple sclerosis, Alzheimer’s, and Parkinson’s, or brain injury, such as concussion.
Thus, owing to the abovementioned factors, such as the rising prevalence of life-threatening diseases, the rising usage of biomarkers in disease diagnosis, and the rising product launches. The market is expected to project growth over the forecast period. However, issues related to regulatory and reimbursement systems and the high cost of biomarkers may hinder the market's growth.
