Personalized Medicine Biomarkers Market is estimated to be valued at US$ 68.11 Billion in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the personalized medicine biomarkers market. Coherent Market Insights’ analyst projected the personalized medicine biomarkers market to be valued at US$ 68.11 Bn in 2031. It is expected to exhibit a CAGR of 15.6% over the forecast period 2024-2031.

Rising disease burden of various chronic diseases drives market growth. According to WHO, chronic diseases accounted for nearly 71% of global deaths in 2019.

Increase in demand for targeted therapeutic options for better treatment outcomes is also expected to boost market growth. Biomarkers help in identifying candidates suitable for targeted therapies.

Rising preferences for personalized therapies is expected to surge the demand for personalized medicine biomarkers.

Key Market Trends:

Artificial intelligence technology integrated with personalized medicine biomarkers is a key trend driving market growth. AI helps in analysis of large volumes of biomarker data. It enhances clinical decision making.

Increasing funding from public and private organizations for biomarker-based drug development is also contributing to the market. In 2022, the U.S. National Cancer Institute announced plans to invest over $350 million in a new initiative to advance precision oncology using biomarkers.

Development of novel non-invasive biomarkers using such as liquid biopsy is another trend gaining traction. This trend is anticipated to stimulate the demand for personalized medicine biomarkers during the forecast period.

Personalized Medicine Biomarkers Market Opportunities

On the basis of type: The genetic biomarkers segment is expected to witness the highest growth over the forecast period. Biomarkers based on genetic mutations help in early detection of disease susceptibility and selection of targeted therapies. BRCA1/2 genetic testing helps identify women at high risk of breast and ovarian cancer. KRAS/EGFR mutation analysis is done to select appropriate therapies for non-small cell lung cancer patients.

On the basis of application: The oncology segment accounted for the largest share of the personalized medicine biomarkers market in 2031. It is anticipated to maintain its dominance over the forecast period. Biomarkers play a crucial role in cancer management, aiding diagnosis, prognosis, and selection of personalized treatments. Continuous approval of novel targeted therapies and companion diagnostics is also propelling the oncology segment growth.

Among the end users, the hospital segment generated the highest revenue in 2031. This is owing to high volume of diagnostic tests carried out for diseases like cancer in hospital laboratories. Hospitals are focusing on personalized medicine approaches and precision diagnostics. They are making significant investments in advanced biomarker based diagnostic platforms, bioinformatics solutions, and high-throughput equipment.

Key Market Takeaways

The personalized medicine biomarkers market is anticipated to witness a CAGR of 15.6% during the forecast period 2024-2031. This is due to continuous advancements in genomics driving biomarker discovery.

On the basis of type, the genetic biomarkers segment is expected to hold a dominant position. This is due to growth in knowledge of disease-associated genetic mutations and variants from genomic research studies.

On the basis of application, the oncology segment is expected to hold a dominant position over the forecast period. This is due to rising global cancer burden and large number of ongoing research studies for discovering novel tumor biomarkers.

North America is expected to hold a dominant position over the forecast period. This is due to highly developed healthcare systems, favorable reimbursement policies.  Presence of biomarker-based diagnostic companies in the region also contributes to market growth.

Competitor Insights

Key players operating in the personalized medicine biomarkers market include

Roche Diagnostics
Illumina, Inc.
Thermo Fisher Scientific Inc.
QIAGEN N.V.
Agilent Technologies, Inc.
Bio-Rad Laboratories, Inc.
Siemens Healthineers
Abbott Laboratories
Merck KGaA
Genomic Health, Inc.
Myriad Genetics, Inc.

Recent Developments: 

In August 2024, the digital pathology platform Paige introduced OmniScreen, an AI-powered biomarker module. This module uses conventional H&E-stained digital pathology slides to identify 1,228 molecular biomarkers and evaluate over 505 genes.

In August 2024, Illumina, Inc., received FDA approval for its TruSight Oncology Comprehensive test. This test profiles over 500 genes to identify immuno-oncology and clinically actionable biomarkers. More information is available in full report