The global biomarker technologies market was valued at USD 46.97 billion in 2017. It is expected to reach USD 74.51 billion in 2022, at CAGR of 9.7% during the forecast period.
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The growth of this market is mainly driven by increasing healthcare expenditure, rising R&D funding, the increasing utility of biomarkers for diagnostic purposes, and new initiatives for biomarker research. Moreover, the emergence of metabolomics and liquid biopsy is aiding the growth of this market. The key factors driving the liquid biopsy market include its benefits over solid biopsy, the availability of data for R&D, and technological advancement. Current research is focused on the development of novel methods for detecting serum biomarkers, including flow cytometry imaging, mass spectrometry, and next-generation sequencing.
The biomarker technologies market is classified, based on profiling technology, into immunoassays, PCR, imaging technology, mass spectrometry (MS), NGS, chromatography, cytogenetics, and others. MS is projected to grow at the highest CAGR during the forecast period. MS provides rapid and sensitive qualitative and quantitative analysis of biomolecules (proteins, peptides, oligosaccharides, lipids, DNA, and RNA), drugs, and metabolites. Apart from research applications, currently, the clinical applications of MS continue to expand.
Based on disease indication, the biomarker technologies market is segmented into cancer, infectious diseases, autoimmune disorders, neurological disorders, cardiovascular disorders, and other diseases. The cancer segment is projected to grow at highest CAGR during the forecast period. The key factor supporting the growth of this segment is rising biomarker research and the emergence of companion diagnostics.
Asia Pacific is expected to be the fastest-growing regional market during the forecast period in the biomarker technologies market. Factors such as the rising incidence of cancer, growing geriatric population, and support for biomarker research are driving the growth of this regional segment in the biomarker technologies market.
With an increase in the demand for high-priced specialist therapies and safer and more effective drugs, the companion diagnostics market is expected to offer significant growth opportunities. As biomarkers play a significant role in the development of companion diagnostics (with their ability to identify drug target molecules), the growing importance of companion diagnostics is expected to offer potential growth opportunities to players operating in the biomarker technologies market.
