Biomarkers Market Size, Share, Growth Analysis, By Product & Service (Consumables, Services), By Type (Safety, Efficacy), By Technology (Immunoassays, NGS), By Application (Drug Discovery and Development, Clinical Diagnostics), By Region - Industry Forecast 2024-2031

Global 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). 

To enhance their market share, major firms are implementing tactics including new product development, merger & acquisition, and collaboration. A number of market participants, including Abbott and F. Hoffmann-La Roche Ltd., are actively working on developing new biomarker solutions. To increase access to individualized oncology biomarker testing, Thermo Fisher Scientific, Inc. introduced CE-IVD (IVDD) NGS test and analysis software in August 2022. 'F. Hoffmann-La Roche AG (Switzerland) ', 'Thermo Fisher Scientific Inc. (United States)', 'F. Hoffmann-La Roche AG (Switzerland) ', 'Thermo Fisher Scientific Inc. (United States) ', 'Agilent Technologies, Inc. (United States) ', 'QIAGEN N.V. (Netherlands) ', 'Bio-Rad Laboratories, Inc. (United States) ', 'Merck & Co., Inc. (United States)  ', 'PerkinElmer, Inc. (United States) ', 'Illumina, Inc. (United States) ', 'BD (Becton, Dickinson and Company) (United States) ', 'Myriad Genetics, Inc. (United States) ', 'Siemens Healthineers AG (Germany) ', 'Danaher Corporation (United States) ', 'Biomerieux SA (France) ', 'Waters Corporation (United States) ', 'Abbott Laboratories (United States) ', 'Sysmex Corporation (Japan) ', 'Bio-Techne Corporation (United States) ', 'Charles River Laboratories International, Inc. (United States) ', 'Eurofins Scientific SE (Luxembourg) ', 'Pacific Biomarkers (United States)'

Personalized medicine is in high demand due to the ability to adopt unique treatment procedures to patients. Biomarkers are invaluable in the concept of individualized medicine since they may provide information about the molecular characteristics of the patients that may be useful in their management. 

Increasing Use of Companion Diagnostics: Companion diagnostics are tests which are intended to detect biomarkers that can reveal whether a certain patient can benefit from a specific treatment or not. These tests are being presented as critical tools in drug development and pharmacogenomics. Consequently, the market for companion diagnostics is expanding, and most of the pharmaceutical companies are entering into cooperative agreements with diagnostic companies to create and market these tests. 

North America accounted for the largest biomarkers market revenue share in 2023 with over 44%. 00% to factors such as the high illness burden, rising awareness of biomarkers, favorable government policies, technology advances, and enhanced health care systems. The strategic location of this area and the various organic and inorganic activities implemented by significant enterprises are key determinants expected to boost this region. For instance, in November 2023 Akoya Biosciences, Inc. launched PhenoCode signature panels for high-throughput spatial biomarker discovery.