The Biomarkers Market size is set to enter growth phase at 14.81% CAGR during 2020-2026. The healthy market growth is accredited to the increasing demand for biomarkers in bioengineering and disease diagnostics as well as intense investments in R&D activities for drug development.
In addition, the growing healthcare IT industry, low costs clinical trials in developing countries to create key market growth opportunities for new entrants.
Further, the demands for precision medicine to upsurge the biomarkers market growth during the forecast period. Accordingly, market participants are investing in products which help in precise therapeutic diagnosis. For instance, in 2018, Genomic Health, Inc. launched the Oncotype DX AR-V7 nucleus detect test to help physicians in making therapeutic decisions for patients suffering from prostate cancer (mCRPC).
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However, low cost-benefit ratio, poorly suited regulatory systems and technical issues linked to sample collection and storage remain as key areas to be addressed and in the meanwhile challenge the market growth
Biomarkers market trends of key market segments by Type -Safety, Efficacy, and Validation
The safety biomarkers to hold the major market share attributed to widespread applications in drug development and discovery processes.
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In addition, safety biomarkers consumption is driven by increasing adoption in preclinical trials to select drug applicants likely to be well-tolerated by humans in order to reduce time and cost required for preclinical safety evaluation and drug development.
Validation biomarkers exhibit lucrative growth driven by the wide usage in pharmaceutical companies to predict therapeutic failure of drugs by identifying the non-responders with low therapeutic and distinct genetic profile.
Insights of Biomarkers Market Application & Diseases during the forecast period
Diagnostics industry witnesses shifts in trend from conservative diagnostic tools towards cutting-edge diagnostic procedures. Further, concentrations for generating correct and steady outcomes through an initial stage of diseases boost the market demand. Accordingly, biomarkers with slightly or non-invasive tools to detect diseases such as cancer are observed to be penetrating market growth.
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The process of drug discovery and development is emerging as key market segment, biomarkers have the potential to examine pharmacological responses and pathological indications effectively.
The prevalence of cancer worldwide with demand for biomarkers in cancer diagnostics, the cancer segment emerges with the largest market share. Further, the cancer segment drives the biomarkers for rapid and accurate diagnostic tools.
Whereas, cardiovascular diseases/disorders segment in the biomarkers market is entering growth phase during the forecast period.
Regional aspects enticing the Biomarkers Market value during the forecast period
North America holds the largest market share driven by increasing adoption of precision medicine and rising prevalence of cancer across the region, rising disease burden, and favorable government initiatives to boost the biomarker market growth in upcoming years.
Further, launch of the Precision Medicine Initiative (PMI) by the U.S. government to create key opportunities for the market players. The initiative aimed at improving the treatment outcome by offering tailor-made therapies to patients as well as encourages the development of novel treatments and drugs.
The Asia Pacific Biomarkers market is set to upsurge a lucrative growth due to vast patient pool, increasing awareness regarding early disease detection and rising healthcare expenditure.
Innovative product portfolio’s by key players to strengthen the Biomarkers market share
New launches and joint projects targeting the field of precision medicine triggers biomarkers market growth. For instance, Qiagen launched FDA companion diagnostics PIK3CA RGQ PCR Kit to assist in diagnosing breast cancer patients, 2019. In addition, Biocept launches its novel liquid biopsy tests designed to help physicians rapidly and to detect TRK biomarkers in cancer.
Moreover, in 2019, Owlstone Medical introduced ReCIVA Breath Sampler and CASPER Portable Air Supply to support researchers in identifying disease biomarkers, measuring levels of known volatile organic compounds (VOCs) on a person’s breath.
Further, recently Synapse Research Management Partners S L launched an innovative medicines initiative named TransBioLine Project consortium of 27 partners across pharmaceutical companies to generate exploratory and confirmatory data supporting regulatory qualification and acceptance of novel safety biomarkers.
Key players of biomarkers market include Qiagen N.V., Perkinelmer, Inc., Merck Millipore, Bio-Rad Laboratories, Inc., Enzo Biochem, Inc., EKF Diagnostics Holdings, Inc., Meso Scale Diagnostics, LLC., Biosims Technologies Sas, Cisbio Bioassays, Signosis, Inc. among others.
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