Biomarkers Market Trends, Cost Structures, Status and Future Forecasts to 2024

6th December 2019 – The ****** 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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