The global biomarkers market is set to gain traction from their increasing usage in a wide variety of applications, namely, drug discovery and development, safety assessment, and medicine. Besides, numerous biotech and pharmaceutical companies are persistently investing huge sums in the research and development activities. The increasing prevalence of cancer is also one of the crucial factors that would affect the market positively during the forecast period.
The above information is given by Fortune Business Insights™ in a recent study, titled, “Biomarkers Market Size, Share & Industry Analysis, By Indication (Oncology, Cardiology, Neurology, and Others), By End User (Pharmaceutical & Biotechnology Companies, Diagnostics & Research Laboratories, Hospitals & Specialty Clinics, and Others), and Regional Forecast, 2019-2026.” The study further mentions that the biomarker market size was USD 39.10 billion in 2018 and is projected to reach USD 97.51 billion by 2026, thereby exhibiting a CAGR of 12.1% during the forecast period.
Highlights of the Report
- In-depth information about the biomarkers market trends, growth opportunities, challenges, drivers, and barriers.
- List of all the segments and niche regions present in the market.
- Extensive analysis of the competitive landscape, including new contracts, agreements, mergers and acquisitions, innovative product launches, collaborations, and investments.
- Details about the strategies used by prominent companies to enhance their businesses.
Increasing Demand for Personalized Medicine to Accelerate Growth
Biomarkers are increasingly used in disease diagnostics. They also play an important role in development of personalized medicine for several disease conditions. Disease diagnosis and treatment procedures possess certain limitations and because of this, the concept of personalized medicine is becoming popular nowadays. Patients suffering from immunological disorders and cancer are rapidly inclining towards customized treatment options based on their genetic and clinical features. It would propel the biomarkers market growth during the forecast period.
Oncology Segment to Grow Steadily Backed by Rising Prevalence of Chronic Diseases
In terms of indication, the market is grouped into oncology, cardiology, neurology and others. Out of these, the oncology segment dominated the market in 2018. This growth is attributable to the increasing cases of cancer. Growing demand for personalized medicine in diagnosis and treatment of cancer, along with increasing number of new biomarker based assays and tests being introduced by market players, is propelling the growth of oncology segment. Rising prevalence of neurological disorders and increasing investment by key market players in the development of neurology biomarkers are is one of the major factor anticipated to drive the growth of the segment at faster rate.
Rising Investment by Key Players to Favor Growth in North America
The market is geographically fragmented into Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Out of these regions, in 2018, North America held USD 14.80 billion biomarkers market revenue and is expected to grow by showcasing a high CAGR in the coming years. This is likely to occur because of the rising investments by several industry giants in the development of biomarkers. The region will be followed by Europe.
Asia Pacific, on the other hand, is anticipated to grow with a higher CAGR owing to the increasing demand for disease diagnosis because of the rising incidence of cardiovascular disease and cancer. As per the Ministry of Health, approximately 203 million people are living with cardiovascular diseases in China at present. It is set to upsurge by 73.0% in 2030. It would in turn, drive the growth of the market in this region.
DiamiR Receives Award from ADDF; Roche Bags FDA Approval for Biomarker Assay
The market consists of several big, medium, and small enterprises that are aiming to gain more biomarkers market share by developing state-of-the-art products and gaining fast track approvals. Various companies are also striving to receive funds from renowned agencies for the creation of new biomarkers. Below are two of the key industry developments:
- November 2019: DiamiR, a provider of unique blood-based diagnostic tests, declared that it received an award worth USD 492,000 from the Alzheimer’s Drug Discovery Foundation (ADDF). It would help the company in supporting a project called ‘Circulating brain-enriched microRNAs as peripheral biomarkers of neurodegeneration.’
- May 2017: F. Hoffmann-La Roche AG, a multinational healthcare company, based in Basel, announced that it has bagged the U.S. FDA approval for biomarker assay. It will be used to deliver PD-L1 status for patients with metastatic urothelial carcinoma (mUC).
Fortune Business Insights™ profiles some of the most reputed organizations present in the biomarkers market. They are as follows:
- R&D System
- Hoffmann-La Roche Ltd.
- R&D System
- Thermo Fisher Scientific
- Axon Medchem
- Bio-Rad Laboratories, Inc.
- BioVision Inc.
- Sino Biological Inc.
- CENTOGENE N.V.
- Other key market players
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launches, by Key Market Players
- Prevalence by Disease Indication, By Key Countries/ Region, 2018
- Incidence of Cancer, By Key Countries/ Key Region,2018
- Key industry Developments – Mergers, Acquisitions and Partnerships
- Overview of Biomarkers In Personalized Medicine
- Global Biomarkers Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Indication
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biotechnology Companies
- Diagnostics & Research Laboratories
- Hospitals & Specialty Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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