September 10, 2018
WELLESLEY, Mass., Sep. 10, 2018 – Major drivers for growth of the global biomarkers market include a rise in government grants and research funding, the high prevalence of cancer in developed nations and the increasing application of biomarkers in personalized medicine. A new BCC Research study projects a $136.5 billion global biomarkers market by 2023, examining it by segment, type, therapeutic area and region.
Biomarkers have received much attention in the past decade and are still a buzzword in today’s biomedical field. The focus has changed from the discovery of novel biomarkers to their applications in human medicine, where their main promise resides in the areas of translational medicine and personalized medicine. From an estimated $78.9 billion in 2018, a five-year compound annual growth rate (CAGR) of 11.6% is forecast for this field, according to BCC Research’s report, Biomarkers: Technologies and Global Markets.
However, the shortage of qualified technicians, poorly suited regulatory scenarios, and an uncertain reimbursement system pose threats to market growth. Another challenge is difficulty in proving the clinical validity of biomarker-based tests. The clinical validation of biomarkers is essential for enabling translational and personalized medicine.
“As growth patterns in developed markets near stagnancy, firms are focusing more on finding new revenue sources and profitability in emerging markets, which are lucrative for biomarkers,” the report’s authors note. “These markets offer huge potential because of excess demand and easier entry thanks to a rise in public awareness programs, government incentives and subsidies, and speedier approval mechanisms.”
Asia-Pacific Poised for Highest 5-Year Growth
BCC Research’s analysis revealed that North America accounted for the largest share (41.9%) of the global biomarkers market in 2017. The robustness of the North American market can be attributed to strong growth trends in pharmaceutical companies and contract research organizations. The Asia-Pacific region is expected to grow the fastest (at a 15.1% CAGR) from 2018 to 2023 due to the expansion of leading biomarker companies, increased R&D spending, and its high patient population.
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Biomarkers: Technologies and Global Markets( BIO061E )
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