Newark, NJ, Feb. 03, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global biomarker technologies market is expected to grow from USD 28.31 billion in 2017 to USD 97.3 billion by 2025 at a CAGR of 16.81% during the forecast period 2018-2025.
Biomarker technology is evolving rapidly, with potential new diagnostic biomarkers being captured from an array of sources through innovative technologies. Biomarkers facilitates the combination of diagnostics and therapeutics, and plays an important role in the development of personalised medicines. Biomarkers play a role in the use of pharmacogenomics, pharmacogenetics, and pharmacoproteomics for the development of personalized medicine. The technology such as machine learning, is expected to offer the potential opportunities of statistical analysis to identify potential biomarkers.
Biomarkers are molecular diagnostic tools used as an indicator to measure and evaluate biological processes, pathogenic processes and pharmacological response. Biomarkers are used in detection and prediction of disease susceptibility, monitor progression of infectious diseases, cancer, metabolic diseases, central nervous system disease and autoimmune diseases. They also have applications in diagnosis and treatment for exposure of harmful chemicals, drug formulation and development and increasing implementation in disease diagnosis. Biomarkers are special tools usually used in clinical studies as many drugs fail in clinical trials due to metabolism, toxicity, absorption, etc.
Global biomarker technologies market is expected to witness rapid growth over the forecast period, owing to rising importance of biological and targeted drug therapies. In addition to this, the key contributing factor for the market growth are growing requirement of improved precision and speed of diagnosis, and high investment through government and private funds in cancer related research are driving the growth of the market. However, high cost of drug development and technical issues related to cancer biomarkers, is anticipated to hamper the market growth over the forecast period.
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Key players operating in the global biomarker technologies market include Thermo Fisher Scientific, Agilent Technologies, Roche, Danaher Corporation, Waters Corporation, Shimadzu Corporation, Bio-Rad Laboratories, Qiagen N.V., GE, Abbott Laboratories, Biomérieux SA, Becton, Biomarker Technologies, Inc., Myriad Genetics, Sysmex Corporation, Hologic, Quest Diagnostics, Aushon BioSystem Inc., and Epistem Ltd. among others. To enhance their market position in the global biomarker technologies market, the key players are now focusing on adopting the strategies such as recent developments, mergers & acquisitions, product innovation, joint venture, collaborations, and partnership.
- For instance, in 2018, Roche and GE partnered to develop integrated digital diagnostics platform to improve oncology and critical care treatment. This partnership involves in-vivo data from GE’s medical imaging and monitoring equipment with in-vitro data from Roche’s tissue pathology, genomics, biomarker, and sequencing portfolio.
- In June 2019, Thermo Fisher Scientific announced the collaboration with the Newomics, a leading supplier of microfluidic emitters for liquid chromatography-mass spectrometry (LC-MS) applications, to develop and optimize robust, reproducible, and sensitive, microflow LC-MS workflows for the validation of disease biomarkers.
- In April 2019, Agilent Technologies Inc. announced that the U.S. Food and Drug Administration has approval the company’s PD-L1 IHC 22C3 pharmDx assay.
The consumables segment held the largest market share in the biomarker technologies market and valued at USD 11.89 billion in 2017
The product segment is classified into consumables, services, and software. The consumables segment held the largest market share in the biomarker technologies market and valued at USD 11.89 billion in 2017, owing to the high sales volume of consumables as compared to the services, and software.
The safety biomarkers dominating the segment and held the largest share of 46.08% in 2017
Type segment includes efficacy, safety, and validation. The safety biomarkers dominating the segment and held the largest share of 46.08% in 2017. Increasing routine healthcare check-ups and the growing geriatric population, which is susceptible of developing various diseases are the key factors to drive the demand of the segment.
The drug discovery segment dominated the application segment and is expected to register the highest CAGR of 19.39% in the forecast period
Application segment is divided into segments such as drug discovery, diagnostics and personalized medicine. The drug discovery segment dominated the application segment and is expected to register the highest CAGR of 19.39% in the forecast period. The role of biomarkers in drug discovery particularly for the cancer, cardiovascular diseases and disorders of the central nervous system, is expected to drive the growth of market.
The oncology segment dominated the segment and was valued USD 9.38 billion in 2017
The disease segment includes cardiovascular disease, neurological disease, oncology, immunological disease and others. The oncology segment dominated the segment and was valued USD 9.38 billion in 2017 due to the growing burden of cancer across the globe and introduction of companion diagnostic tests for oncology drugs.
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Regional Segment Analysis of the Biomarker Technologies Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global biomarker technologies market with USD 12.64 billion in 2017. This is mainly due to the presence of a large number of well-established R&D infrastructure as well as high level of disposable income, these are some of the factors that led to the growth of biomarker technologies market in this region. Asia Pacific is the fastest growing region due to a favourable regulatory scenario for clinical trials and large base of the target population which are creating opportunity for the growth of the market.
About the report:
The global biomarker technologies market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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