Biomarkers Market Size Is Projected To Reach US$ 81.6 Billion with 13.6% CAGR By 2025 | Coherent Market Insights
Global Biomarkers Market – Global Industry Insights
Biomarker or biological marker is a measurable indicator for some biological condition or state. It is evaluated to examine biological processes, pharmacologic responses, and pathogenic processes to therapeutic interventions and used in several scientific fields. 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 including imaging biomarkers or molecular biomarkers. Since, the use of biomarkers decreases cost, increases success rate in drug development process, and improves patient outcome; the demand for biomarkers for drug discovery is expected to increase. Moreover, biomarkers are also used in predicting drug efficacy more quickly than other traditional methods.
Request for the trending sample of this report: https://www.coherentmarketinsights.com/insight/request-sample/1530
Biomarkers are gaining significant popularity in product development and treatment of disease related to chromosome structure, Turner syndrome, Down syndrome, Patau syndrome, Edwards’s syndrome, and others, which is boosting the demand for biomarkers. For instance, in February 2018, the U.S. Food and Drug Administration (FDA) granted marketing authorization to Banyan Biomarkers, Inc. for the first diagnostic blood test for traumatic brain injury, Banyan BTI. Thus, increasing launch of such novel diagnostic tools for various disease indications is expected to boost the global biomarkers market growth during the forecast period.
Moreover, pharmaceutical companies around the globe have started outsourcing the complex bio analysis to reduce costs and to take advantage of specialized expertise to improve efficiency in drug development process. For instance, in March 2018, the SenzaGen entered into a key license agreement with Burlesson Research Technologies, Inc., (BRT), a U.S.-based contract research organization, specializing in immunotoxicology. This agreement will provide BRTs ‘GARD’ to a broader market, which 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. Therefore, such advancement and innovation by market players is expected to drive growth of the global biomarkers market during the forecast period.
The global 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).
LIMITED TIME OFFER – Hurry Up!
Get Discount For Buyers UPTO 25% OFF On Any Research Report
Apply Promo Code “CHRISTMAS2020” And Get Instant Discount Of USD 1000
Buy Now this Premium Report to Grow your Business @ https://www.coherentmarketinsights.com/insight/buy-now/1530
The Global Biomarkers Market Value (US $ Mn), By Region (2017)
Source: Coherent Market Insights (2018)
Rising diagnostic application is expected to boost growth of the global biomarkers market
Increasing application and awareness about biomarker tests is expected propel the global biomarkers market during the forecast period. Biomarkers find applications in diagnostics and in early detection of typical diseases. Furthermore, biomarkers such as BRCA1 exhibits whether or not an individual has an increased likelihood of developing cancer. Biomarkers are also used in a wide variety of therapeutic areas, including neurological diseases, immune deregulation, metabolic disorders, and oncology to treat various disease such as TMI, cancer, Alzheimer diagnosis. Moreover, biomarkers find applications in detection of ABO haemolytic disease of newborn, Huntington disease, hereditary haemochromatosis, and cystic fibrosis.
Furthermore, biomarkers are used for detection chromosome structure-associated diseases such as, Turner syndrome, Down syndrome, patau syndrome, Edwards’s syndrome, and others, which is expected to boost the demand for biomarkers in the near future
Increasing demand for precision medicine is expected to propel growth of the global biomarkers market
North America holds the dominant position and accounts for the largest share in the global biomarkers market. This dominance is attributed to high adoption of precision medicine and growing prevalence of cancer in the region. For instance, according to the National Cancer Institute, 2016, around 16.8 million new cases of cancer were diagnosed in the U.S., with around 595,690 deaths from the same. According to the same source, the number of people suffering from cancer is expected to reach 19 million by 2024, which is expected to drive growth of the biomarkers market in the region.
Furthermore, in 2015, the U.S. government launched Precision Medicine Initiative, which was aimed enhance the treatment to improve health, as precision medicine is an innovative approach to offer custom-made treatment. Precision Medicine Initiative has produced innovative drugs and new treatments, custom-made for specific characteristic such as person’s genetic makeup or genetic profile of an individual tumor that helps to transform the way of treatment. Thus, growing demand for precision medicine is expected to drive the global biomarker market.
Key players are focused on various growth strategies such as product launches, in order to gain competitive edge in the market. For instance, in 2016, Abbott Laboratories launched Point-of-Care i-STAT Alinity, an innovative, handheld blood testing platform.
Major companies operating in the global biomarkers market are Medtronic plc, BG Medicine, Inc., F. Hoffmann-La Roche Ltd., Seimens Healthnineers, Nexus-DX, Qiagen N.V., and Lifesign LLC.
Other Exclusive Reports:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
To know more about us, please visit our website – www.coherentmarketinsights.com
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154, U.S.
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
- CDN Newswire