Biomarkers Market: Introduction
- A biomarker refers to a biological molecule or gene that is used to effectively and accurately evaluate pharmacologic responses, pathogenic procedures, and biological procedures. Also known as a molecular marker or signature molecule, biomarkers are found in blood, other body fluids, and tissue. Extensively used to see the body’s response to a particular treatment for a disease or condition, biomarkers assist medical professionals to take effective clinical decisions and help in diagnosing the health of patients. The U.S. Food and Drug Administration (FDA) has approved the usage of biomarkers as surrogate end-points in the treatment development process.
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- Biomarkers play a pivotal role in disease risk assessment, drug discovery & development, diagnostics development, personalized medicine, and others. Research activities are particularly focused on the development of diagnostic biomarkers for cancer. Most favorable drugs can be selected with the support of biomarkers that reduce chances of failure and discovery costs at the later stages.
Biomarkers Market: Key Trends
- The global biomarkers market is gaining traction due to a number of factors, including increase in diagnosis applications for companion diagnostics and personalized medicine, rapidly growing number of contract research organizations, decline in cost of clinical trials in various emerging economies, high prevalence of cancer, surge in investment in research & development by biotechnology and pharmaceutical companies, and new initiatives in biomarker research. However, the global biomarkers market is facing challenges such as high capital investments, low cost-benefit ratio with total investment, technical issues pertaining to sample collection & storage, and poorly suited regulatory and reimbursement systems. Nevertheless, vastly populated emerging economies in Asia Pacific such as India and China are expected to open new revenue avenues for the companies operating in the global biomarkers market, provided these can prove the clinical validity of the tests.
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- The world is presently struggling with the COVID-19 pandemic. COVID-19 leads to pneumonia, severe & acute respiratory disorders, multiple organ failure, and, in severe cases, death. The geriatric population is more prone to COVID-19. The global biomarkers market has witnessed strong growth due to the pandemic. Usage of biomarkers is particularly important during the current pandemic state, as these can enhance the development and approval of new, innovative drugs and biological products, particularly in the field of vaccines.
- Governments of developing countries are making significant investments to modernize health care infrastructure in their respective countries, which is likely to increase access to health care. This is expected to drive the demand for biomarkers. Rise in prevalence of chronic heart diseases, especially heart attack, in developing countries presents lucrative opportunities in the global biomarkers market.
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North America to Capture Major Share of Global Biomarkers Market
- North America is projected to account for large share of the global biomarkers market during the forecast period due to the growing acceptance of advanced technologies, entry of new players, new product launches, and wider usage of biomarkers
- The biomarkers market in Europe is likely to grow at a rapid pace during the forecast period, led by the increasing efforts toward drug discovery. The biomarkers market in Asia Pacific is expected to expand at a high CAGR during the forecast period due to factors such as new initiatives for research, high prevalence of cancer, low cost of clinical trials in developing countries, increase in number of CROs, surge in R&D funding for pharma and biotech companies, and rise in diagnostic applications of biomarkers.
- The market in Latin America and Middle East & Africa is anticipated to be driven by increase in diagnostic applications of biomarkers in the regions
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Key Players Operating in Global Biomarkers Market
Key players hold major share in their respective regions. Growth strategies adopted by leading players are likely to drive the global biomarkers market.
Major players operating in the global biomarkers market are:
- Agilent Technologies, Inc.
- Epigenomics AG
- Quest Diagnostics Incorporated
- General Electric Company
- Becton, Dickinson and Company
- Other prominent players
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