Global Biomarker Market is expected to reach USD 85,927.95 million by 2024 from USD 28,091.78 million in 2016, at a CAGR of 15.1%. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Global Biomarker Market by Application (Diagnostics Development, Drug Discovery and Development, Personalized Medicine, Disease-Risk Assessment, Others), By Product Type (Consumables, Services, Software), Technology (Safety Biomarkers, Efficacy Biomarkers, Validation Biomarkers), Indication (Cancer, Cardiovascular Disorders, Neurological Disorders, Immunological Disorders, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2024
The factors such as increasing usage of biomarkers in treatment of cancer, rising efforts towards drug discovery, rising demand of personalized medicines, initiatives for biomarker research are driving the growth of market.
INCREASED USAGE OF BIOMARKERS IN CANCER TREATMENT
Usage of biomarker has increased due to prevalence of cancer. A cancer biomarker is a process to detect cancer in an individual’s body. Biomarkers such as imaging biomarkers can be used for cancer diagnosis. Biomarkers may be used to predict and monitor a patient's breast cancer recurrence of the disease after treatment. In patients who have been diagnosed with a cancer, biomarkers can help determine prognosis. According to a paper published in targeted oncology, the Interleukin-2 (IL-2) is used for melanoma and renal cancer, which leads to durable complete responses. As the number of cancer patients are increasing at an alarming rate, therefore, usage of biomarkers are also increasing which is boosting the biomarker market.
GROWING EFFORTS TOWARDS DRUG DISCOVERY
Biomarkers play an important role in in drug discovery and development. The challenge for biomarkers is to allow earlier, more robust drug safety and efficacy measurements
According to Precision Medicine Initiative in January 2015 an investment of USD 70.0 million to the National Cancer Institute (NCI) to scale up efforts to identify genomic drivers in cancer and apply that knowledge in the development of more effective approaches to cancer treatment. The clinically useful biomarkers are essential for informing regulatory and therapeutic decision making related to the candidate drugs and their indications for helping the new medicines to the right patients faster than before.
Since drug discoveries are occurring at high number, and for their clinical validation of the drugs, the biomarkers are used in large amount, which is boosting the biomarker market.
WIDE APPLICATION OF BIOMARKERS IN PERSONALIZED MEDICINE AND DIAGNOSTICS
A biomarker can be used as the basis for creating a routine diagnostic test for clinical use. A diagnostic test is essentially a biomarker test that enables better decision making on the use of a therapy.
According to an article published in Future Science Ltd., patients having breast cancer type 1 (BRCA1) or breast cancer type 2 (BRCA2) mutations hold the lifetime risk of 56.0% to 87.0% to develop breast cancer. As prevention, National Institute of Health (NIH) recommends women to carry biomarkers to consider a bilateral prophylactic mastectomy to reduce their risk of breast cancer, because studies show that mastectomy reduces the risk by at least 95.0% among the biomarker carriers.
According to an article published in personalized medicine coalition, around 75.0% biomarkers increased in personalized medicine since last few years. 155 pharmacogenomic biomarkers came into consideration on FDA-approved drug label.
INITIATIVES TAKEN TOWARDS BIOMARKER RESEARCH
Biomarkers are easily measured indicators of underlying pathology, which enables clinicians and researchers to accurately diagnose diseases and monitor disease progression, which are critical to clinical practice and drug development.
Advanced and new regulations, better and improved reproducibility and growing reporting of assay details are initial steps for growing the generation of clinically useful biomarkers. Through 2018, Association for Frontotemporal Degeneration (AFTD) anticipates awarding up to USD 5.0 million to support innovative approaches to the discovery and development of biomarkers. For the betterment of biomarkers various companies are taking initiatives with various government associations and research institutes. For instance, Thermo Fisher has collaborated with Biomarkers Research Initiatives in Mass Spectrometry center for the proteomics and clinical translational research.
These initiatives are making higher opportunity for the launching of latest and more number of biomarkers, which is boosting the biomarker market.
Some of the Major Players Operating in this Market are:-
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