Diagnostic Biomarkers Market Anticipated to Reach USD 95.1 Billion by 2028

The Global Diagnostic Biomarkers Market is expected to reach USD 95.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.90% from 2022 to 2028. The increase in the prevalence of cancer worldwide coupled with increasing funds & grants for biomarker research is anticipated to augment the growth of the market during the forecast period.

Key Findings:

• The drug discovery & development segment held a significant share in 2021. This is attributable to the extensive Research and Development (R&D) initiatives across the globe. Furthermore, the ability to predict drug efficacy more easily along with a fast-track approval process is also expected to support the segmental growth of the market.
• The diagnostic lab's segment is expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the increasing use of these labs for the diagnosis of multiple diseases.
• Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the increasing target population in economies like India, and China along with an increase in demand for research processes in the region. Furthermore, the rising incidences of cardiac disorders and cancer are also anticipated to support the regional growth of the market.

Some of key players in Global Diagnostic Biomarkers Market include Biocrates Life Sciences AG, Augurex Life Sciences Corp., Biomedical Corp., Target Discovery, Banyan Biomarkers, Inc., Astute Medical, Inc., Axela Inc..

The increasing incidence of cancers across the globe is expected to fuel the growth of the Diagnostic Biomarkers market in the years to come. According to the World Cancer Research Fund International estimation, there were 18.1 million cancer cases around the world in 2020, and out of these; 8.8 million cases were detected in women whereas 9.3 million cases were in men. It further projected that breast and lung cancers contributed 12.5% and 12.2% of the total number of new cases diagnosed in 2020 and were the most common cancers across the globe whereas, with 1.9 million new cases in 2020, colorectal cancer was the third most common cancer that contributed 10.7% of new cases. Thus, cancers are considered to be one of the major causes of death globally. This in turn is expected to increase the demand for diagnostic biomarkers in the years to come. However, the limited studies related to the diagnostic biomarkers and complications with the use of the techniques are expected to hamper the growth of the market in the years to come. Moreover, continuous product innovations in diagnostic biomarkers along with an increase in investments are further expected to augment the growth of the market within the forecast period.

North America held the largest shares in 2021. This is attributable to the increasing incidence of cancer in the region. Furthermore, the well-established healthcare infrastructure and extensive use of technology in research and development is also expected to fuel the regional growth of the market. Additionally, growing consumer awareness is also supporting the growth of the Diagnostic Biomarkers market in the region.