Biomarkers Market: Latest Advancements & Market Outlook 2018 to 2026 With Top Key Companies Medtronic , BG Medicine, F. Hoffmann-La Roche, Seimens Healthnineers, Nexus-DX
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Biomarker are required for personalized medicine as it helps to identify the unique characteristics of the disease and helps to tailor medicine according to the need of patients. Hence, to cater to demand for personalized medicines, pharmaceutical companies are investing in R&D, which is expected to lead to identification of novel biomarkers, thus aiding in growth of the market.
The global biomarkers market is projected to witness significant growth over the forecast period, owing to rapid advancements in technology for development of novel biomarker. For instance, in February 2018, FDA granted marketing authorization to Banyan Biomarkers, Inc. for the first diagnostic blood test for traumatic brain injury named Banyan BTI. Such innovations, targeting different indications, is expected to drive biomarkers market growth in the near future.
Biomarkers are gaining significant traction in product development and treatment of disorders related to chromosome structure, Turner syndrome, Down syndrome, Patau syndrome, Edwards’s syndrome, and others, which is propelling demand for biomarkers. For instance, in February 2018, FDA granted marketing authorization to Banyan Biomarkers, Inc. for the first diagnostic blood test for traumatic brain injury, Banyan BTI. Therefore, introduction of such innovative diagnostic tools for various disease indication is projected to fuel growth of the biomarkers market over the forecast period.
Key players are involved in new product launches to cater to increasing demand for biomarkers. For instance, in 2016 Abbott Laboratories launched Point-of-Care i-STAT Alinity, an innovative, handheld blood testing platform. Some of the other key players in biomarkers market include Medtronic plc, BG Medicine, Inc., F. Hoffmann-La Roche Ltd., Seimens Healthnineers, Nexus-DX, Qiagen N.V., and Lifesign LLC. The biomarkers market is estimated to be valued at US$ 29,518.2 Mn in 2017 and is expected to witness a robust CAGR of 13.6% during the forecast period (2017-2025).
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Increasing application of diagnostic application is expected to fuel growth of the global biomarkers market
Increasing application and awareness about biomarker tests is expected to be a major factor for growth of the market. Biomarkers are used for diagnostics and early detection of specific diseases over the conventional diagnostics methods. Furthermore, biomarkers such as BRCA1, indicates whether an individual has an increased likelihood of developing cancer. Biomarkers are also applied to a wide variety of therapeutic areas, which include neurological diseases, metabolic disorders, immune deregulation and oncology to treat various disease such as TMI, cancer, Alzheimer diagnosis. Biomarkers are also used to detect ABO haemolytic disease of new born, Huntington disease, and hereditary haemochromatosis, and cystic fibrosis.
Increasing demand for precision medicine to drive the growth of the global biomarkers market
North America accounts for the largest share in the global biomarkers market and this is attributed to adoption of precision medicine and growing prevalence of cancer in the region. According to the National Cancer Institute, 2016, it was estimated that 16.8 million new cases of cancer were diagnosed in the U.S., with around 595,690 deaths from cancer disease. The number of people suffering from cancer is expected to rise to 19 million by 2024, which supports increasing demand for precision medicine.
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SMi present their 4th annual conference on Biomarkers Summit Monday 31st January & Tuesday 1st February 2011 Crowne Plaza The-City, London, UK Don’t Miss Out - Visit to register your place today http://www.smi-online.co.uk/preclinical-biomarkers.asp Sponsored by Caprotec Cell Signalling Technology GVK Bio Selventa Millipore Quest Diagnostics RBM SMi’s highly anticipated 4th annual Biomarkers Summit is fast approaching, and time is running out