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Biomarkers Market to Witness Exponential Growth by 2020
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North America dominates the global market of biomarkers due to increasing demand of aging population for diagnosis and treatment of age related diseases. In addition, higher adoption rate of biomarkers technologies is also driving the growth of biomarkers market in North America. Asia is expected to show high growth rates in the next five years in global biomarkers market. Some of the factors driving the growth of biomarkers market in emerging markets of Asia are increasing research and development activity in India and China, increasing number of contract research organizations and low cost for conducting clinical trials.
In recent times there is increased use of biomarkers due to increase in prevalence of various diseases. FDA support for biomarkers development and increasing demand of personalized medicine are some of the factors driving the growth for global biomarkers market. In addition, usage of biomarkers by large scale pharmaceuticals manufacturing companies to overcome increasing failure rates for drugs in clinical trial phase II and III, and increasing drug development cost are also fueling the growth for global biomarkers market. However, high cost of validation and high capital investment required for the application, discovery and development of biomarkers are some of the factors restraining the growth for global biomarkers market.
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Growing importance of companion diagnostics and increasing demand of personalized medicine are some of the opportunities for global biomarkers market. However, ethical and regulatory issues, and early and accurate diagnosis for fatal diseases are some of the challenges for global biomarkers market. Government grants and initiatives for research and development of biomarkers are some of the trends for global biomarkers market.
Some of the major companies operating in the global biomarkers market are Roche Diagnostic Limited, Siemens Healthcare, Abbott Laboratories Inc., Thermo Fisher Scientific, Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., Aushon BioSystem Inc., Epistem Ltd, G.E. Healthcare Inc., and Affymetrix, Inc.
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