Global Biomarkers Market: Snapshot
The global market for biomarkers is gaining traction from a number of factors, including increasing diagnosis applications for companion diagnostics and personalized medicine, rapidly growing number of Cros, reducing cost of clinical trials in various emerging economies, high prevalence of cancer, increasing investment on research and development by biotechnology and pharmaceutical companies, and new initiatives regarding biomarker research. On the other hand, the biomarkers market is facing challenge from high capital investments, low cost-benefit ratio with total investment, technical issues pertaining to sample collection and storage, and poorly suited regulatory and reimbursement systems. Nevertheless, vastly populated emerging economies in Asia Pacific such as India and China are expected to open new revenue avenues for the companies operating in the biomarkers market, provided they can prove the clinical validity of the tests.
Based on product, the global biomarkers market can be segmented into consumables, software, and service. On the basis of product type, the market can be categorized into safety biomarkers, validation biomarkers, and efficacy biomarkers such as predictive, surrogate, pharmacodynamics, and prognostic. Application-wise, the market can be bifurcated into diagnostic development, disease risk assessment, drug discovery and development, personalized medicine, and other applications such as ecotoxicology, DNA fingerprinting, and forensics. On the basis of disease indication, the global biomarkers market can be classified into cancer, neurological disorders, cardiovascular diseases, immunology, and others such as urinal diseases, renal disorders, and diabetes. Geographically, the report gauges the potential of all important regions such as North America, Asia Pacific, Europe, and the Middle East and Africa.
Global Biomarkers Market
A biomarker refers to a biological molecule or gene that is used to effectively and accurately evaluate pharmacologic responses, pathogenic procedures, and biological procedures. Also known as a molecular marker or signature molecule, biomarkers are found in blood, other body fluids, and tissue. Extensively used to see the body’s response to a particular treatment for a disease or condition, biomarkers assist medical professionals to take effective clinical decisions and help in diagnosing the health of patients. The U.S. Food and Drug Administration (FDA) has approved the usage of biomarkers as surrogate end-points in the treatment development process.
Biomarkers play a pivotal role in disease risk assessment, drug discovery and development, diagnostics development, personalized medicine, and others. Research activities are particularly focused on the development of diagnostics biomarkers for cancer. For example, a new protein array technology developed by researchers from the Arizona State University is expected to detect antibodies targeting proteins in Human Papillomavirus (HPV) subtypes that are highly associated with cancer. Research and development activities hold the potential to define the future outlook of the global biomarkers market.
Global Biomarkers Market: Overview
The global biomarkers market has witnessed increased demand in recent years due to the rapidly growing population worldwide, robust growth of the IT industry, and increasing efforts toward drug discovery. The entry of new players is expected to further boost the growth of the market. The growing usage of biomarkers in medical areas such as cancer treatment and research will propel the future growth of the global biomarkers market. Biomarkers are extensively used to detect diseases such as neurological disorders, immunological disorders, cancer, cardiovascular disorders, and others. In the field of oncology, recently three biological markers have been added to conventional breast cancer risk models to identify women at a higher risk of breast cancer. The oncology segment is projected to expand robustly in the near future.
The low cost of clinical trials across developing countries and new initiatives undertaken for research on biomarkers will augment the growth of the global biomarkers market. However, the need for high capital investment, unfavorable regulatory and reimbursement policies, high costs of tests, sample collection, and storage, and low benefit-cost ratio will restrain the growth of the overall market. Biomarkers are of various types such as efficacy biomarkers, safety biomarkers, and validation biomarkers. Efficacy biomarkers are further categorized into predictive biomarkers, pharmacodynamics biomarkers, surrogate biomarkers, and prognostic biomarkers. The demand for surrogate biomarkers across research activities is particularly high.
Global Biomarkers Market: Region-wise Outlook
The global biomarkers market has been segmented into four key regions: Asia Pacific, Europe, North America, and Rest of the World. In the coming years, North America is expected to register the fastest growth in the market due to the growing acceptance of advanced technologies, entry of new players, new product launches, and wider usage of biomarkers.
Some of the prominent players in the global biomarkers market are Agilent Technologies Inc., Bruker Corporation, Abbott Laboratories, Epigenomics AG, DiagnoCure Inc., Celera Corporation, GE Healthcare, and Becton, Dickinson and Company. The leading companies in the market are expected to face stiff competition with the entry of new players in the market and are hence focusing on the changing trends in the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.