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LONDON, GREATER LONDON, UNITED KINGDOM, October 21, 2024 /EINPresswire.com/ -- The biomarkers market is projected to grow from $61.31 billion in 2023 to $69.54 billion in 2024, with a compound annual growth rate (CAGR) of 13.4%. This growth during the historical period can be attributed to advancements in genomics and proteomics technologies, the increasing prevalence of chronic diseases, a growing emphasis on personalized medicine, rising demand for companion diagnostics, and the expansion of applications in drug development.
What Is The Estimated Market Size Of The Global Biomarkers Market And Its Annual Growth Rate?
The biomarkers market is expected to reach $117.82 billion by 2028, with a compound annual growth rate (CAGR) of 14.1%. The growth during the forecast period can be attributed to an increasing focus on early disease detection and prevention, the expansion of biomarkers in oncology and immunotherapy, rising investments in precision medicine initiatives, the emergence of liquid biopsy as a non-invasive biomarker detection method, and a growing preference for biomarkers in drug discovery and development.
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Growth Driver of The Biomarkers Market
The rising incidence of heart diseases is expected to drive the growth of the biomarkers market in the forecast period. The utilization of biomarkers for heart disease patients has significantly increased in recent years. Currently, natriuretic peptides are the most commonly used biomarkers, aiding in the diagnosis of heart failure. Additionally, circulating biomarkers like high-sensitivity C-reactive protein are employed for diagnosing heart failure. Heart disease remains one of the leading causes of death among various racial and ethnic groups in the United States. As heart diseases become more prevalent, the demand for biomarkers is likely to rise.
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Which Market Players Are Driving The Biomarkers Market Growth?
Key players in the market include Enzo Biochem Inc, Bio-Rad Laboratories Inc., Merck KGaA, PerkinElmer Inc., QIAGEN N. V., Adaptive Biotechnologies Corp., Agilent Technologies Inc., Biocrates Life Sciences AG, BioFire Diagnostics LLC, BioReference Laboratories Inc., Bio-Techne Corporation, Cepheid Inc., Eurofins Scientific SE, Exact Sciences Corporation, Foundation Medicine Inc., Genomic Health Inc., GenScript Biotech Corporation, Guardant Health Inc., Illumina Inc., Invitae Corporation, Laboratory Corporation of America Holdings, Luminex Corporation, Metabolon Inc., Myriad Genetics Inc., Natera Inc., Pacific Biosciences of California Inc., Quest Diagnostics Incorporated, Roche Diagnostics Corporation, Thermo Fisher Scientific Inc., Veracyte Inc.
What Are The Key Trends That Influence Biomarkers Market Share Analysis?
Leading companies in the biomarker market are embracing a strategic partnership approach to offer expanded decentralized clinical trials to individuals, businesses, and governments. These partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and enhance overall success.
How Is The Global Biomarkers Market Segmented?
1) By Technology: Safety Biomarkers, Efficacy Biomarkers, Validation Biomarkers
2) By Disease: Neurological Diseases, Cancer, Immunological Diseases, Cardiovascular Diseases, Other Diseases
3) By Type: Biomarker Of Exposure, Biomarker Of Diseases
4) By Audiences: Pharmaceutical Companies, Government And Private Research Institutes, Academic Institutes, Medical Device Manufacturing Companies
5) By Application: Risk Assessment, Development of Molecular Diagnostic, Disease Diagnosis, Drug Discovery And Development, Drug Formulation, Forensic Application, Other Applications (DNA Fingerprinting And Others )
Geographical Insights: North America Leading The Biomarkers Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Biomarkers Market Definition
Biomarkers are biological molecules that serve as indicators of a condition, disease, or abnormal process, and they can be found in tissues, body fluids, or blood. They are used to assess how effectively the body responds to treatment for a particular disease or condition. These biomarkers play a critical clinical role in refining or guiding treatment decisions.
Biomarkers Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global biomarkers market report covering trends, opportunities, strategies, and more
The Biomarkers Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on biomarkers market size, biomarkers market drivers and trends, biomarkers market major players and biomarkers market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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