Biomarkers Market - Global Industry Insights
Biomarkers are the molecules used for diagnosis of diseases as these indicate normal or abnormal process in the body. Biomarkers can be any molecules such as DNA (genes), proteins or hormones that indicate about the health and can be classified on basis of different parameters, which includes characteristics such as imaging biomarkers or molecular biomarkers. Demand for biomarkers is increasing in drug discovery and development process, as use of biomarkers increases the success rate in drug development process, decrease costs, and improves patient outcome. Biomarkers also aid in predicting drug efficacy, quickly, than conventional clinical endpoints.
Biomarkers are gaining significant traction in product development and treatment of disorders related to chromosome structure, Turner syndrome, Down syndrome, Patau syndrome, Edwards’s syndrome, and others, which is propelling demand for biomarkers. For instance, in February 2018, FDA granted marketing authorization to Banyan Biomarkers, Inc. for the first diagnostic blood test for traumatic brain injury, Banyan BTI. Therefore, introduction of such innovative diagnostic tools for various disease indication is projected to fuel growth of the biomarkers market over the forecast period.
Moreover, pharmaceutical companies have started outsourcing the complex bio analysis not only to cut down costs, however, to take advantage of specialized expertise to improve efficiency in drug development process. For instance, in March 2018, the SenzaGen signed a key license agreement with Burlesson Research Technologies, Inc., (BRT)—a contract research organization in the U.S., specializing in immunotoxicology. This agreement, will provide BRTs 'GARD' to a broader market. GARD is a group of tests for assessing chemical sensitizers, where the test uses genetic biomarkers for over 200 genes, which cover an entire immune reaction and are relevant to predicting the risk of hypersensitivity. Such advancement and innovation by CROs is expected to favor growth of biomarkers market in the near future.
The biomarkers market is estimated to be valued at US$ 29,518.2 Mn in 2017 and is expected to witness a robust CAGR of 13.6% during the forecast period (2017-2025).
The Global Biomarkers Market Value (US $ Mn), By Region (2017)
Source: Coherent Market Insights (2018)
Increasing application of diagnostic application is expected to fuel growth of the global biomarkers market
Increasing application and awareness about biomarker tests is expected to be a major factor for growth of the market. Biomarkers are used for diagnostics and early detection of specific diseases over the conventional diagnostics methods. Furthermore, biomarkers such as BRCA1, indicates whether an individual has an increased likelihood of developing cancer. Biomarkers are also applied to a wide variety of therapeutic areas, which include neurological diseases, metabolic disorders, immune deregulation and oncology to treat various disease such as TMI, cancer, Alzheimer diagnosis. Biomarkers are also used to detect ABO haemolytic disease of new born, Huntington disease, and hereditary haemochromatosis, and cystic fibrosis.
Furthermore, biomarkers are used to detect disorder related to chromosome structure such as, Turner syndrome, Down syndrome, patau syndrome, Edwards’s syndrome, and others, which has led to increasing demand for biomarkers.
Increasing demand for precision medicine to drive the growth of the global biomarkers market
North America accounts for the largest share in the global biomarkers market and this is attributed to adoption of precision medicine and growing prevalence of cancer in the region. According to the National Cancer Institute, 2016, it was estimated that 16.8 million new cases of cancer were diagnosed in the U.S., with around 595,690 deaths from cancer disease. The number of people suffering from cancer is expected to rise to 19 million by 2024, which supports increasing demand for precision medicine.
Furthermore, the U.S. government in 2015 announced the launch of Precision Medicine Initiative that aimed to revolutionize the treatment to improve health, as precision medicine is an innovative approach to offer tailored treatment. Precision Medicine Initiative have led to development of novel drugs and new treatments, tailored for specific characteristic such as person’s genetic makeup or genetic profile of an individual tumor that helps to transform the way of treatment. This also favors growth of the biomarkers market in the near future. As for the development of precision medicine, it is essential to identify biomarkers.
Key players are involved in new product launches to cater to increasing demand for biomarkers. For instance, in 2016 Abbott Laboratories launched Point-of-Care i-STAT Alinity, an innovative, handheld blood testing platform. Some of the other key players in biomarkers market include Medtronic plc, BG Medicine, Inc., F. Hoffmann-La Roche Ltd., Seimens Healthnineers, Nexus-DX, Qiagen N.V., and Lifesign LLC.