New Biotechnology research report from Markets and Markets is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/29/2013 -- Biomarkers Market - ([Discovery Technologies - Proteomics, Genomics, Imaging, Bioinformatics], Validation Services, Applications [drug development, personalized medicine], Diseases [Oncology, Cardiology, Neurology]) - Global Trends & Forecasts (2013 - 2018)
A biomarker is an identifiable and measurable characteristic, which identifies the severity and/or occurrence of a specific disease. It has major applications in the discovery and development of novel therapeutic drugs. The global biomarkers market shows a high growth potential and accounts for $17.5 billion in 2013. It is expected to grow at a CAGR of 18.5% from 2013 to 2018, to reach $40.8 billion by 2018.
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Advancements in discovery technologies, high demand from the indications of various diseases, increasing partnerships and collaborations to boost biomarker research activities, increase in government and private sector investments and funds for biomarker discovery, FDA support for biomarker development, and increasing utility of biomarkers in patient stratification and drug development process are the major drivers slated to propel the growth of this market. However, a few pivotal factors such as the high capital investment and low benefit-cost ratio, cumbersome biomarker validation procedure, and difficulty in sample collection and its storage are expected to hamper the growth of this market.
The global market has been segmented into discovery technologies, services, applications, and disease indications. The biomarker discovery technology market has been further segmented into omics technology, imaging technology, and bioinformatics. The omics technology segment accounts for the largest share in this market, primarily due to the increase in adoption of proteomics and genomics technologies across the globe.
In addition, the biomarker services (sample preparation, assay development, and biomarker validation and testing) and applications (drug discovery and formulation, and development of molecular diagnostics and personalized medicine) market have also been illustrated in the report. Drug discovery and development segment holds the largest share of biomarker applications market. This is attributed to the potential of biomarkers to reduce the time span of clinical trials, which ultimately decreases the overall cost of the entire drug discovery and development process.
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