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Healthcare

Staff Reporter

, APAC

Published:

6 months ago

Photo from the National Cancer Institute on Unsplash

Global biomarkers market to reach $93.8b by 2029

It is expected to rise at a CAGR of 10.2%.

The global biomarkers market is expected to reach $93.8b by 2029 from $57.7b in revenue at a compound annual growth rate (CAGR) of 10.2%, according to MarketsandMarkets.

The report revealed that the growing significance of biomarkers in drug discovery and development, and companion diagnostics were driving factors for the market.

ALSO READ: Healthcare analytics market to reach $345.94b by 2035 amidst tech adoption

Meanwhile, high capital investments and lengthy biomarker development timelines challenge the market’s growth.

The report also mentioned that next-generation sequencing (NGS) is projected to grow at a higher rate until 2029 whilst immunoassays accounted for the largest share of the market in 2023.

In terms of type, the safety biomarkers segment is forecasted to grow at the highest CAGR due to its significance in ensuring healthcare intervention safety.

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