6th December 2019 – The global biomarkers
market size is expected to value at USD 78.2 billion by 2024. The
market is subject to witness a substantial growth due to the growing adoption
of the biomarkers in the drug discovery and development along with growing
R&D expenditure. Biomarkers are considered as quantifiable molecular
alterations that are implemented for the development of highly precise and
efficient therapeutic targets.
Factors responsible for the robust
market growth of biomarkers, in the recent years, include prevalence of
oncology, neurology, and cardiology-related disorders across the globe.
Globally, the biomarkers industry is predicted to grow at higher CAGR over the
forecast period, providing numerous opportunities for market players to invest
in research and development of the market.
The recent technological advancement
coupled with the development of novel products and techniques such as biomarker
based-diagnostics are expected to fuel the growth of biomarkers market over the
forecast period. Additionally, introduction of advanced diagnostic methods
along with higher precision and sensitivity are projected to drive market
growth in the upcoming years.
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Growing implementation of number of
safety biomarkers and increasing approval rate by local and international
authorities are predicted to foster market growth in the near future.
Development of innovative products such as alanine aminotransferase (ALT) and
aspartate aminotransferase (AST), which are capable of detecting toxicity in
the kidney and liver, is propelling market demand for biomarker, in the last
few years.
Substantial increase in occurrence of
infectious diseases coupled with favorable government initiatives to promote
early use of various diagnostic platforms in the developing and developed
economies are estimated to positively influence market performance of biomarkers.
Recent funding for research & development of the early and timely diagnosis
of asymptomatic disorders like hemoglobinopathies are stimulating market
expansion, in the recent years. For example, introduction of the Fetal
Hemoglobin mAb test kit to identify HbF in infants born to sickle cell carrier
parents are fostering market demand for biomarkers.
The biomarkers industry is broadly
categorized into three major types based on the product type such as safety
biomarkers, efficacy biomarkers, and validation biomarkers. The safety
biomarkers is considered as one of the fastest growing segment in the market
with substantial revenue generation in the last couple of years. Growing
popularity of the safety biomarker market segment is attributed to the rising
health consciousness among general population and growing number of routine
healthcare checkups.
Other factors fostering market demand
for safety biomarkers include growing base of the high-risk population for
various diseases, the determination of patient subset specific to a certain
molecular profile, and the associated targeted therapy. In addition, declining
drug attrition rate regarding biomarker-based therapy is driving the market
growth of safety biomarkers segment.
The validation biomarkers have also
witnessed massive growth, in the recent years owing to increasing deployment
rate by pharmaceutical companies for the pharmacogenomics approach to identify
therapeutic failure of the novel drugs. Increasing adoption of identification
of the non-responder patient subsets consisting of distinct genetic profiles
with low therapeutic response is stimulating market growth of validation
segment.
The biomarkers industry is divided by
region as North America, Europe, Asia-Pacific, Latin America and Africa. North
America has shown major growth in recent years owing to the rise in the
implementation of latest technologies in medicine & pharmaceutical sector,
increase in the R&D funding for drug discovery and testing, the high
patient awareness levels regarding the availability of enhanced diagnostics
techniques, and existence of well-established healthcare infrastructure in the
region.
Asia-Pacific region is predicted to hold
major market share in the biomarkers market with massive growth in forecast
period. Countries such as India, China and Singapore are leading the
Asia-Pacific market with increasing target population, strong economic growth,
declining cost of clinical trials, rising healthcare infrastructure activities,
and significant investment by leading industry players considering potential
growth opportunities in the region.
The key players in the biomarker
industry are Roche Diagnostics Limited, Abbott Laboratories Incorporations,
Agilent Technologies Incorporations, Epigenomics Inc., GE Healthcare, Inc.,
Johnson & Johnson Co., Thermo Fisher Scientific Incorporations, Bio-Rad
Laboratories Incorporations, Siemens Healthcare GmbH, Qiagen N.V., and
Merck& Co., Inc.
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