Pune, India, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The study 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. 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.
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.
INDUSTRY DEVELOPMENT:
- May 2019: QIAGEN received FDA approval for therascreen RGQ PCR Kit. The therascreenPIK3CA Kit is the first companion diagnostic assay approved to identify breast cancer patients eligible for treatment with PIQRAY (alpelisib). PIQRAY (alpelisib), a newly approved therapy for breast cancer developed by Novartis AG.
- May 2017: F. Hoffmann-La Roche Ltd., received the U.S. Food and Drug Administration (FDA) for biomarker assay for bladder cancer. This biomarker assay evaluates the status of patient PD-L1 by using both immune cell staining and tumor cell staining and scoring within the tumor.
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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.
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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.
Fortune Business Insights™ profiles some of the most reputed organizations present in the biomarkers market. They are as follows:
- Abbott
- R&D System
- F. 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
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Global Biomarkers Market Segmentations:
By Indication
• Oncology
• Cardiology
• Neurology
• Others
By End User
• Pharmaceutical & Biotechnology Companies
• Diagnostics & Research Laboratories
• Hospitals & Specialty Clinics
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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