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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.
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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:
Fortune Business Insights™ lists out a few of the most renowned companies operating in the biomarkers market. They are as follows:
Further Report Findings-
The biomarker market can be segmented in the following manner:
Value (USD billion)
By End User