Biomarkers Market Value Projected to Expand by 2016 to 2023
Albany, NY -- (SBWire) -- 10/11/2018 --Global Biomarkers Market: Snapshot
The global market for biomarkers is gaining traction from a number of factors, including increasing diagnosis applications for companion diagnostics and personalized medicine, rapidly growing number of Cros, reducing cost of clinical trials in various emerging economies, high prevalence of cancer, increasing investment on research and development by biotechnology and pharmaceutical companies, and new initiatives regarding biomarker research. On the other hand, the biomarkers market is facing challenge from high capital investments, low cost-benefit ratio with total investment, technical issues pertaining to sample collection and storage, and poorly suited regulatory and reimbursement systems. Nevertheless, vastly populated emerging economies in Asia Pacific such as India and China are expected to open new revenue avenues for the companies operating in the biomarkers market, provided they can prove the clinical validity of the tests.
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Based on product, the global biomarkers market can be segmented into consumables, software, and service. On the basis of product type, the market can be categorized into safety biomarkers, validation biomarkers, and efficacy biomarkers such as predictive, surrogate, pharmacodynamics, and prognostic. Application-wise, the market can be bifurcated into diagnostic development, disease risk assessment, drug discovery and development, personalized medicine, and other applications such as ecotoxicology, DNA fingerprinting, and forensics. On the basis of disease indication, the global biomarkers market can be classified into cancer, neurological disorders, cardiovascular diseases, immunology, and others such as urinal diseases, renal disorders, and diabetes. Geographically, the report gauges the potential of all important regions such as North America, Asia Pacific, Europe, and the Middle East and Africa.
Global Biomarkers Market
A biomarker refers to a biological molecule or gene that is used to effectively and accurately evaluate pharmacologic responses, pathogenic procedures, and biological procedures. Also known as a molecular marker or signature molecule, biomarkers are found in blood, other body fluids, and tissue. Extensively used to see the body's response to a particular treatment for a disease or condition, biomarkers assist medical professionals to take effective clinical decisions and help in diagnosing the health of patients. The U.S. Food and Drug Administration (FDA) has approved the usage of biomarkers as surrogate end-points in the treatment development process.
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Biomarkers play a pivotal role in disease risk assessment, drug discovery and development, diagnostics development, personalized medicine, and others. Research activities are particularly focused on the development of diagnostics biomarkers for cancer. For example, a new protein array technology developed by researchers from the Arizona State University is expected to detect antibodies targeting proteins in Human Papillomavirus (HPV) subtypes that are highly associated with cancer. Research and development activities hold the potential to define the future outlook of the global biomarkers market.
Global Biomarkers Market: Overview
The global biomarkers market has witnessed increased demand in recent years due to the rapidly growing population worldwide, robust growth of the IT industry, and increasing efforts toward drug discovery. The entry of new players is expected to further boost the growth of the market. The growing usage of biomarkers in medical areas such as cancer treatment and research will propel the future growth of the global biomarkers market. Biomarkers are extensively used to detect diseases such as neurological disorders, immunological disorders, cancer, cardiovascular disorders, and others. In the field of oncology, recently three biological markers have been added to conventional breast cancer risk models to identify women at a higher risk of breast cancer. The oncology segment is projected to expand robustly in the near future.
The low cost of clinical trials across developing countries and new initiatives undertaken for research on biomarkers will augment the growth of the global biomarkers market. However, the need for high capital investment, unfavorable regulatory and reimbursement policies, high costs of tests, sample collection, and storage, and low benefit-cost ratio will restrain the growth of the overall market. Biomarkers are of various types such as efficacy biomarkers, safety biomarkers, and validation biomarkers. Efficacy biomarkers are further categorized into predictive biomarkers, pharmacodynamics biomarkers, surrogate biomarkers, and prognostic biomarkers. The demand for surrogate biomarkers across research activities is particularly high.
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Global Biomarkers Market: Region-wise Outlook
The global biomarkers market has been segmented into four key regions: Asia Pacific, Europe, North America, and Rest of the World. In the coming years, North America is expected to register the fastest growth in the market due to the growing acceptance of advanced technologies, entry of new players, new product launches, and wider usage of biomarkers.
Some of the prominent players in the global biomarkers market are Agilent Technologies Inc., Bruker Corporation, Abbott Laboratories, Epigenomics AG, DiagnoCure Inc., Celera Corporation, GE Healthcare, and Becton, Dickinson and Company. The leading companies in the market are expected to face stiff competition with the entry of new players in the market and are hence focusing on the changing trends in the market.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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