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Biomarkers Market to Reach USD 97.51 Billion by 2026; Rising Prevalence of Cancer to Upsurge Demand

February 13, 2020 | Healthcare

The global biomarkers market size is projected to reach USD 97.51 billion by 2026. It is set to gain impetus from the increasing demand for personalized medicine worldwide. Biomarkers are also extensively used in drug discovery and development processes. It is coupled with the ongoing technological advancement in disease diagnosis. Fortune Business Insights published this information in a report, titled, “Biomarkers Market Size, Share & Industry Analysis, By Indication (Oncology, Cardiology, Neurology, and Others), By End User (Pharmaceutical & Biotechnology Companies, Diagnostics & Research Laboratories, Hospitals & Specialty Clinics, and Others), and Regional Forecast, 2019-2026.” The report further mentions that the market stood at USD 39.10 billion in 2018. However, it would exhibit a CAGR of 12.1% during the forecast period between 2019 to 2026.


QIAGEN Launches Companion Test of PIK3CA for Breast Cancer Patients


In May 2019, QIAGEN, a provider of sample and assay technologies for academic and pharmaceutical research, applied testing, and molecular diagnostics based in Germany unveiled its new therascreen PIK3CA RGQ PCR Kit (therascreen PIK3CA Kit). The company recently bagged the U.S. FDA approval for the product as a companion diagnostic test to identify patients suffering breast cancer suitable for treatment with a newly approved therapy called PIQRAY (alpelisib). It is developed and marketed by Novartis.


As per the company, in the U.S., every year, approximately 66,500 patients are diagnosed with metastatic or advanced breast cancer. This new biomarker would be available in all the leading laboratories in the U.S. immediately after the approval. It would also help the company in expanding its portfolio of companion diagnostics and in delivering efficient treatment options to those searching for innovative methods to battle advanced breast cancer.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/biomarkers-market-102173


Rising Incidence of Cardiovascular Diseases to Fuel Growth


Industry giants are investing huge sums in the research and development activities to develop state-of-the-art biomarkers. They are also adopting the strategy of partnerships and collaborations, as well as the launch of novel products to promote the usage of biomarkers and increase sales. In addition to that, increasing cases of cardiovascular diseases and cancer across the globe would augment the biomarker market growth in the coming years.


Key Players Aim to Gain Competitive Edge by Launching New Products


The market is highly fragmented. In 2018, companies, namely Thermo Fisher Scientific, Inc., Abbott, and F. Hoffmann-La Roche Ltd., were among the top market players. Key market players are persistently striving to keep up with the latest biomarker market trends to develop tests for catering to the needs of their consumer bases. They are also trying to establish a robust brand presence.


Some Noteworthy Industry Developments Include:



  • November 2019: Personalis, Inc., a developer of next-generation cancer therapies based in California, declared that it has teamed up with Merck KGaA, a multinational pharmaceutical, chemical, and life sciences company headquartered in Germany. The main aim of this partnership is to evaluate unique biomarkers of response and mechanisms of resistance to cancer therapies. Merck would use ImmunoID NeXT, the former’s newly developed immunogenomics platform, for clinical biomarker development and identification.

  • December 2018: Olink Proteomics, a provider of unmatched high-multiplex technique to identify actionable biomarkers, headquartered in Sweden, announced the launch of its latest oncology-focused biomarker panel called Olink ONCOLOGY III. It expands and complements the company’s wide portfolio of thoroughly validated assays. The product also strengthens and complements the company’s pre-existing offering in the cancer area by offering 184 exploratory and established markers aimed at oncology applications.


Fortune Business Insights™ lists out a few of the most renowned companies operating in the biomarkers market. They are as follows:



  • Axon Medchem

  • Abbott

  • F. Hoffmann-La Roche Ltd.

  • BioVision Inc.

  • Bio-Rad Laboratories, Inc.

  • Sino Biological Inc.

  • CENTOGENE N.V.

  • Thermo Fisher Scientific

  • Myriad RBM

  • Other reputed market players


Further Report Findings-



  • In terms of indication, the oncology segment held 55.2% biomarkers market share in 2018 owing to the rising cases of cancer.

  • North America generated USD 14.80 billion biomarkers market revenue in 2018, backed by the rising popularity of personalized medicine.

  • Asia Pacific is set to exhibit a higher CAGR on account of the increasing prevalence of cardiovascular disease.

  • By end user, the pharmaceutical & biotechnology companies segment would grow at a fast pace because of the increasing investment by key market players in the development of novel biomarkers


The biomarker market can be segmented in the following manner:








































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



 



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)


Biomarkers Market
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  • 2018
  • 2015-2017
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