The biomarkers industry was USD 54.5 billion in 2022, and it will reach USD 132.8 billion, advancing at a 11.8% CAGR, by 2030.
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The growth in the industry is attributed to the surging incidence of chronic illnesses and advancements in the technologies utilized in the production of biomarkers and biomarker-based diagnostic tests, including biomarker signatures, which are enabling neurological illnesses more treatable.
In 2022, the consumables category, based on product type, held the largest share of the industry, of 70%. This is because of the increasing requirement for kit-based products for biomarker testing and the regular buying of consumables.
The software category is expected to witness the fastest growth in the years to come. This is because of the speedy acceptance of software-based methods in diagnostic labs for early and accurate disease diagnosis. Software-based biomarkers are particularly utilized in drug discovery, pharmacodynamic evaluation, and gene sequencing.
In 2022, North America held the largest share in the industry, of approximately 40%, and it will further advance at a robust rate throughout this decade. This is because of the increasing utilization of such markers in personalized drugs and numerous business development strategies implemented by the players, including collaborations and partnerships with major pharmaceutical and biotechnological businesses in this continent.
APAC will observe the fastest growth in the years to come. The surging incidence of cardiovascular and cancer illnesses has resulted in the increasing requirement for such agents in the continent for their detection.
With the increasing incidence of chronic illnesses and advancements in technologies, the demand for biomarkers will continue to increase in the years to come.
