Biomarkers Market was valued at USD 36.3 Billion in 2018 and expected to reach USD 91.4 Billion by 2025 with a CAGR of 14.1% during the forecast period.
The diagnostics industry has been witnessing a shift in trend from using conventional diagnostic tools towards using more advanced diagnostic methods that focus on producing accurate and consistent results during early stage of diseases. This has led to boost in demand for biomarkers which are minimally or non-invasive tools to detect diseases such as cancer at early stage. Moreover, growing usage of precision medicine should further boost the biomarkers market growth.
The global biomarkers market is witnessing a healthy growth trajectory attributed to the growing application of biomarkers in diagnostics, increasing funding for biomarkers research, as well as its rising usage in drug discovery. Biomarkers are biological molecules found in body fluids and tissues that help in crucial clinical decision making and diagnosing various health conditions of the patients. Since the molecules can analyze pharmacological responses and pathological indications, they can effectively assist in process of drug discovery and development.
Apart from this, expediting growth in the healthcare IT industry and low costs of clinical trials in emerging countries has favored the entry of various new players in the market. A large chunk of funding is being invested in research and development for new product launches. For instance, in March 2018, Genomic Health, Inc. launched the Oncotype DX AR-V7 Nucleus Detect test. The AR-V7 protein is a prognostic and predictive biomarker. This test aids physicians in taking therapeutic decisions in patients suffering from metastatic castration-resistant prostate cancer (mCRPC) by accurately detecting a splice variant of the androgen receptor protein (AR-V7) in the nucleus of circulating tumor cells (CTCs).
Increasing incidence of cancer and growing precision medicine market are some of the pivotal factors boosting the Biomarkers market growth.
Increasing incidence of cancer is one of the pivotal factors which is set to drive the growth of Biomarkers Market. According to World Health Organization (WHO) statistics, various types of cancer accounted for more than 9.5 million deaths in 2018 worldwide. Cancer biomarkers are released by cancer causing tumors that can be detected in blood stream and other tissues, thus helping in early clinical evaluation and deciding the course of treatment.
Moreover, the World Health Assembly has passed the resolution in 2017 for Cancer Prevention and Control. This integrated approach (WHA70.12) has recommended the governments and WHO to speed up action plans specified in the Global Action Plan and 2030 UN Agenda for Sustainable Development to reduce premature mortality from cancer. This has led to a boost in demand for early cancer screening tests and procedures. Increasing focus of research institutes to develop such biomarkers is likely to spur the global Biomarkers Market growth.
North America grabbed the largest share in Biomarkers Market globally
In 2018, North America accounted for the largest share in the global biomarkers market owing to increasing adoption of precision medicine and rising prevalence of cancer in the region. The largest share of the region is also attributed to the rise in number of cancer cases in the U.S. and launch of Precision Medicine Initiative (PMI) by the U.S. government in 2015. According to the National Cancer Institute statistics, more than 16.5 million cases of cancer were diagnosed in 2016 in the U.S, and this number is expected to reach to 19 million in 2024.
The increasing application of biomarkers in the field of precision medicine should also drive the market in this region. Identification of biomarkers is essential for the development of precision medicine. The U.S. precision medicine industry has been booming post the launch of Precision Medicine Initiative by the government in 2015. The initiative aimed at improving the treatment outcome by offering tailor made therapies to patients. This has spurred the development of novel treatments and drugs based on an individual’s genetic profile and characteristics of tumor. The Asia Pacific Biomarkers market is set to showcase lucrative growth in the coming years due to vast patient pool, increasing awareness regarding early disease detection and rising healthcare expenditure in the emerging countries of India and China.
Some of the major players operating in the Global Biomarkers Market include :
Global Biomarkers market is segmented on the basis of product, type, application, and disease indication. The Global Biomarkers Market by product includes consumables, services, and software, while based on type the industry is segmented into safety, efficacy, and validation. By application market segmentation includes diagnostics, drug development, personalized medicine, and disease risk assessment. Biomarkers market by disease indication comprises of cancer, cardiovascular diseases, neurological diseases, immunological diseases, and others.
The geographic analysis in the report spans across North America, Europe, Asia-Pacific and Rest of the World. Further, country level analysis of the Global Anti-Ageing Drugs Market includes U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, and Africa among others.
By Region & Country:
Middle East and Africa
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