The global Biomarkers Market is expected to reach over USD 78.2 billion by 2024, according to a new report by Grand View Research, Inc. The growing demand for companion diagnostics and the rising adoption of personalized medicine are the key factors propelling the growth of the biomarkers market. The increasing need of disease-specific biomarkers for the development of diagnostics, the increasing R&D funding, and the rising prevalence of oncology and cardiovascular-based diseases are anticipated to create significant opportunities for the market growth during the forecast period.
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The spiraling population and the upward trend in the adoption of sedentary lifestyles are expected to provide the industry with a huge target population base. Government grants and research funding for the discovery and development of novel biomarkers are the other factors accentuating the market growth. The introduction of the biomarker-based diagnostic kits for screening high-risk population coupled with the growing prevalence of genetic disorders is also anticipated to increase the client base for this market.
Further key findings from the study suggest:
- The safety biomarkers segment held the largest share of over 40% in 2015 owing to the increasing routine healthcare checkups and the growing base of the geriatric population that is at a high risk of developing various diseases
- The validation biomarkers segment is determined as one of the fastest growing segments. The increasing R&D initiatives for the development of more specific biomarkers, and hence the subsequent development of companion diagnostics with enhanced accuracy and sensitivity for the effective detection of diseases are key factors contributing towards the aforementioned growth.
- The drug discovery segment dominated the application segment in 2015. Biomarkers are extensively used by pharmaceutical companies to accelerate the development of new drug findings and to predict the failure of the upcoming drugs.
- The diagnostic segment is estimated to witness a lucrative growth over the forecast period owing to the growing awareness about routine healthcare checkups and the rising prevalence of various diseases
- In 2015, the oncology segment dominated with a revenue generated over USD 9.2 billion owing to the introduction of companion diagnostic tests for oncology drugs and the growing burden of cancer across the globe
- The cardiovascular segment is expected to be the fastest growing segment with a CAGR of over 14.0%. The growing adoption of sedentary lifestyles and the rise in the obese population base leading to cardiovascular diseases are estimated to provide this market with a potential growth platform.
- North America held the largest regional share of around 39% in 2015. The well-established R&D infrastructure and the high level of disposable income are the factors contributing towards the large market share.
- Asia Pacific is anticipated to be the fastest growing biomarker market owing to the factors, such as the developing economic conditions, a large base of the target population, and a favorable regulatory scenario for clinical trials.
- Major players include Roche Diagnostics Ltd., Abbott Laboratories, Inc., Agilent Technologies, Inc., Epigenomics AG, GE Healthcare, Johnson and Johnson, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Siemens Healthcare GmbH, Qiagen, Inc., Merck& Co., Inc., and others
- Market participants are ensuring stability by fundingthe growing R&D initiatives and focusing on the developing countries through the expansion and introduction of novel biomarker diagnostics.In 2015, Pfizer, Inc. developed a lung cancer therapy drug, Crizotinib used in non-small cell lung cancer therapy associated with ALK fusions.
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