Biomarker Test Market 16,112.8 Million Revenue At Whooping Double Digit CAGR of 14.5% by 2023 | MRFR

Biomarker Test Market
The Global Biomarker Test Market is expected to reach USD 16,112.8 Million by the end of the forecasted period 2016-2022 and is expected to grow at a CAGR of 14.5%.

Biomarker Test Market – Global Business Overview

The Biomarker Test Industry is growing mainly due to rising prevalence of genetic disorders. According to a recent study report published by the Market Research Future, the biomarker test market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2022).

Most healthcare professionals use diagnosis tests to clarify and support their clinical decision making. Progressively over recent years, the analytic procedure has turned out to be stronger by the need to preselect patients in light of medications and licenses. This move has come to through various factors, which incorporate propelling technology (empowering professionals to measure more particular markers of adequacy), an increased comprehension of the disease procedure, and a more prominent energy about the uniqueness of an individual’s tumour at the molecular level. Biomarkers on drug labels are improving the focus on biomarker testing by the administrative sector which is highlighted by the developing number of medications with this information on their labels.

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Notably, demand for biomarkers in various technologies such as next-generation sequencing (NGS) technologies, and ultra-high throughput sequencing is the primary driver for biomarker test market. The software and hardware are the technological building blocks of biomarkers tests. The changes in emerging technologies are affecting various initiatives like, the shift to companion diagnostics, NGS and many others. Evolutions of targeted therapies, more research and development programs are supporting this trend as it has enormous potential for more Biomarker Test offerings in undeveloped countries.

Other push factors such as, growing prevalence of genetic diseases, growing potential of biomarkers in targeted therapies, involvement of patients in personal healthcare, and rising healthcare expenditure are also fuelling the growth of the market. Among all disease categories, recent advances in cancer care have been most closely associated with genomic medicine. Understanding the genetic mutations of individual tumour’s holds the promise of giving physicians greater capacity to prescribe specific medicines to fight specific cancer types. But there are only a few cancers and cancer types that have been associated with specific genetic mutations.

Despite these drivers, lack of awareness about the possible applications of biomarkers, regulatory framework, and lack of research and indications creating difficulties in the application are expected to hinder the growth of the market. The challenges in adopting personalized medicine are boundless. The first and foremost challenge affecting the biomarker tests landscape is coordinating the timelines. Aligning the development of a drug and diagnostic design program requires a lot of careful planning.

Segments:

Global Biomarker Test Market has been segmented on the basis of application which comprises of Cancer, Cardiovascular, Infectious Diseases, Central Nervous System. On the basis of end users which includes Pharma & Biotech Companies, Diagnostic tool companies, Healthcare IT/Big data companies, Clinical laboratories.

Biomarker Test Market – Competitive Analysis

The Biomarker Test market is currently dominated by various players. Due to rising research and development expenditure various existing and new marketers are continuously coming up with advanced products to control genetic, and other complications. The global biomarker test market is currently dominated by numerous players.

Roche is one of them by holding a strong share in the market. Roche is the world’s biggest biotech organization, with genuinely differentiated solutions in oncology, immunology, infectious diseases, ophthalmology and diseases of the central nervous system. The consolidated qualities of pharmaceuticals and diagnostics under one rooftop have made Roche the pioneer in personalized healthcare. The company offers various products in the pharmaceutical, diagnostics and research industry such as ACCU-CHEK Safe-T-Pro lancet, Accu-Chek Multiclix Finger Pricker, Accu-Chek FastClix, Accu-Chek Softclix, and others. In February, 2015, Roche acquired Signature Diagnostics AG (Signature), a privately held company based in Potsdam, Germany. In the same year, Roche got an approval from FDA for Lucentis (ranibizumab injection) for treatment of diabetic retinopathy in people with diabetic macular edema.

Novartis AG is another renowned market player in biomarker test market. The product portfolio of company includes Biosimilar’s, oncology injectable, anti-invectives, targeted therapy, cell & gene therapy, and others. In March, 2016, Novartis cancer drug gets FDA’s principal ‘biosimilar’ affirmation. Federal regulators have permitted the first “biosimilar” drug to be sold in the U.S. under a program intended to branch a new market of lower-cost substitutes to some of the most expensive treatments in healthcare. This approval of biosimilars will help many patients who are in need of these treatments.

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Key Players for Global Biomarker Test Market:

Some of the key players in this market are: F. Hoffmann-La Roche AG, Novartis AG, PFIZER INC., GlaxoSmithKline plc., GE Healthcare, Medtronics, Quest Diagnostics and others.

Regional Analysis of Global Biomarker Test Market:

The global market for Biomarker test is growing rapidly. The market for Biomarker test is growing with the CAGR of 14.5% during the forecast period from 2016-2022. North America accounts for largest market share in 2015 and is expected to reach USD 6,640.4 million by 2022.

Asia-Pacific region is the fastest growing market for Biomarker test, which is expected to grow at a CAGR of 15.2% during the forecast period from 2016 to 2022.

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