DUBLIN, November 19, 2021--(BUSINESS WIRE)--The "Global Biomarkers Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global biomarkers market was valued at US$29.956 billion in 2019 and is expected to grow at a CAGR of 17.38% over the forecast period to reach a market size of US$91.969 billion by 2026.
The diagnostic market is experiencing an increase in demand. Traditionally, diagnostic tools were geared toward producing accurate and consistent results, but the current market needs early diagnosis using accurate and consistent results. The difficulty of presenting accurate results during the early stage of diseases, especially cancer, is significant. Biomarkers are non-invasive diagnostic tools. A combination of biomarkers with modern imaging and data management techniques meets market expectations. In imaging technology, biomarkers are used to provide clear imaging of oncology tumors and other problems, reducing radiation exposure during CT scans and MRI scans.
The pharmaceutical industry is investing more than ever in this sector. For instance, RA Capital Management led a $220 million Series C investment round alongside BlackRock, Sands Capital, Avidity Partners, and Pura Vida Investments that will fund the new ultrasound device and software, which will enable the company to spread its own brand of health information.
The application of biomarkers includes risk assessment, molecular diagnostics, disease diagnosis, DNA fingerprinting, and other molecular applications. Increasing demands for safe and effective treatment doses make them essential to pharmaceutical companies. The use of biomarkers eliminates the need for complex data preparation, testing, and assay development in drug development. The growing prevalence of cancer and heart diseases, as well as increasing investment by major market players towards the biomarkers production, are projected to boost the biomarkers demand during the forecast period.
Growth of companion diagnostics
Medical companion diagnostics and biomarkers have become increasingly important, allowing for better diagnosis, treatment, and monitoring of several diseases. This method is useful for identifying patients who would benefit from particular drugs or treatment options. Diagnostic tests are often used in conjunction with specific drugs. Oncomine Dx Target Test, for instance, assists in the biomarker testing of non-small cell lung cancer (NSCLC) patients eligible for ROZLYTREK (entrectinib). Biomarkers play an important role in the development of companion diagnostics by identifying the molecules that act as drug targets. As a result, companion diagnostics are expected to drive the biomarkers market in the future.
Growth of diagnostic biomarker market
In recent years, diagnostic biomarker tests have become more prevalent as a result of the development of technologies in clinical laboratory tests, imaging exams, and clinical management of patients. As a result of technological advancements in the fields of genomics and proteomics, diagnostic biomarker technology is poised to revolutionize clinical research, medical practice, and drug development. In addition to helping in drug development and diagnosis of critical diseases, biomarkers also provide clinical trial information. Diagnostic biomarkers allow pathologists to identify diseases more quickly and accurately.
Validating biomarkers: a challenge
Biomarkers are validated by evaluating their performance characteristics, such as sensitivity, specificity, and reproducibility. In order to establish biomarkers as reliable tools to support biopharmaceutical investment decisions, validation is essential. Nonetheless, the cost of the process poses a major concern to businesses, especially small ones. Further challenges arise due to the inherent variability of biomarker levels and molecular heterogeneity. A biomarker's clinical validity and utility must be demonstrated before it can be used in clinical settings. In addition to aiding physicians in their decision-making process, this is imperative for gaining regulatory approvals. A lack of standards, however, makes collecting the data necessary to demonstrate clinical validity and utility a time-consuming and costly process. Biomarker market growth may be slowed by all these factors.
Impact Of COVID-19 On The Biomarkers Market
The research related to COVID-19 used innovative biomarker technologies and a wide range of products, including antibody tests and PCR tests, to help researchers understand the complex picture of coronaviruses. This has positively influenced the biomarkers market.
Biomarkers during the COVID 19 pandemic have the potential to be useful in several areas:
Early detection of disease
Formulating hospital admission criteria
Identification of cohorts with a high risk of infection
Assessing therapeutic effectiveness
Meso Scale Diagnostics LLC
Thermo Fisher Scientific
For more information about this report visit https://www.researchandmarkets.com/r/tiwoey
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211119005512/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900