The Global Biomarkers Market has accounted to USD 31.4 billion in 2016, growing at a CAGR of 12.2% from 2017 to 2024, and is expected to reach USD 78.9 billion by 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Biomarkers are substances or activities that serve as markers of a specific biological activity. Biomarkers are extensively used in research and diagnostic applications. In addition to this, they are also used in the development of new drug therapies through the discovery of new target drugs. Factors such as increasing healthcare expenditure, increase in R&D funding, rising utility of biomarkers for diagnostic purposes, growing number of CROs, low-cost for conducting clinical trials in developing countries, and new initiatives for biomarker research are driving the growth of the biomarkers market. On the other hand, high capital investments and high cost-to-benefit ratio; regulatory and reimbursement challenges; and high cost of testing, sample collection, and storage are the major factors restraining the growth of this market.
The Global Biomarkers Market is segmented on the basis of Product type, technology, applications, and indications.
On the basis of product type, the biomarkers market is segmented into consumables, services, and software. In 2016, the consumables product segment is expected to account for the largest share of the global biomarkers market. The large share of this segment can primarily be attributed to the increasing use of kit-based products for the testing of biomarkers and higher frequency of purchase of consumables as compared to other product segments.
On the basis of technology, the biomarkers market is categorized into safety biomarkers, efficacy biomarkers, and validation biomarkers. In 2016, the safety biomarkers segment is expected to account for the largest share of the global biomarkers market. Safety biomarkers are primarily used in trial phases 1 and 2. They enable the identification of toxicity in candidate drug molecules. Increasing research and development activities in pharmaceutical sector, to identify and validate new candidate therapeutic products is driving the demand for this market segment.
On the basis of applications, the biomarkers market is further segmented into diagnostics development, drug discovery and development, personalized medicine, disease-risk assessment, and other applications. In 2016, the diagnostics development segment is expected to account for the largest share of the global biomarkers market. Biomarkers play a significant role in the diagnosis of various diseases. Thus diagnostics development has major biomarker application compared to other applications due to increasing healthcare expenditure, which is improving access to new and high-quality diagnostics, and aiding growth of the diagnostics applications segment.
On the basis of indications, the biomarkers market is segmented into cancer, cardiovascular disorders, neurological disorders, immunological disorders, and other diseases. In 2016, the cancer disease indication segment is expected to account for the largest share of the global biomarkers market. Cancer biomarkers are extensively used in diagnostics, asses cancer progression, prognosis, and to devise treatment plans. They are also used in companion diagnostics products. Increasing incidence of cancer is driving the growth of this segment of the biomarkers market.
Based on geography the global biomarkers market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. In 2016, North America is expected to dominate the market with a share of 35.6%, growing at a CAGR of 10.7% in the forecast period 2017 to 2024. The dominance of North America is owing to high incidence of cardiovascular diseases, coupled with favorable reimbursement scenarios and highest treatment success rate.
The biomarkers market is highly consolidated with few major companies having a large proportion of the market share. The key industry players in the global biomarkers market are QIAGEN N.V, PerkinElmer, Inc, Merck & Co, Inc. Bio-Rad Laboratories, Enzo Biochem, Inc., EKF Diagnostics Holdings, plc, Meso Scale Diagnostics, LLC, Singulex, Inc., Cisbio Bioassays, Biosims Technologies, and Signosis, Inc.