Biomarker Test Market – Overview
The software and hardware are the technological building blocks of biomarkers tests. The changes in emerging technologies are affecting various initiatives like, the shift to companion diagnostics, NGS and many others. Evolutions of targeted therapies, more research and development programs are supporting this trend as it has enormous potential for more Biomarker Test offerings in undeveloped countries.
According to Market Research Future (MRFR), the valuation of the global biomarker test market is poised to escalate to USD 24,259 MN by 2025, registering 14.5 % CAGR throughout the assessment period (2019-2025). In 2018, the market valuation had reached USD 9,375, MN. Rising uptake of biomarker tests among most healthcare professionals to elucidate and support their clinical decision acts as a key driving force for the market.
Other push factors such as, growing prevalence of genetic diseases, growing potential of biomarkers in targeted therapies, involvement of patients in personal healthcare, and rising healthcare expenditure are also fuelling the growth of the market. Among all disease categories, recent advances in cancer care have been most closely associated with genomic medicine. Understanding the genetic mutations of individual tumour’s holds the promise of giving physicians greater capacity to prescribe specific medicines to fight specific cancer types. But there are only a few cancers and cancer types that have been associated with specific genetic mutations.
Despite these drivers, lack of awareness about the possible applications of biomarkers, regulatory framework, and lack of research and indications creating difficulties in the application are expected to hinder the growth of the market. The challenges in adopting personalized medicine are boundless. The first and foremost challenge affecting the biomarker tests landscape is coordinating the timelines. Aligning the development of a drug and diagnostic design program requires a lot of careful planning.
Biomarker Test Market – Competitive Analysis
The Biomarker Test market is currently dominated by various players. Due to rising research and development expenditure various existing and new marketers are continuously coming up with advanced products to control genetic, and other complications. The global biomarker test market is currently dominated by numerous players.
Roche is one of them by holding a strong share in the market. Roche is the world’s biggest biotech organization, with genuinely differentiated solutions in oncology, immunology, infectious diseases, ophthalmology and diseases of the central nervous system. The consolidated qualities of pharmaceuticals and diagnostics under one rooftop have made Roche the pioneer in personalized healthcare. The company offers various products in the pharmaceutical, diagnostics and research industry such as ACCU-CHEK Safe-T-Pro lancet, Accu-Chek Multiclix Finger Pricker, Accu-Chek FastClix, Accu-Chek Softclix, and others. In February, 2015, Roche acquired Signature Diagnostics AG (Signature), a privately held company based in Potsdam, Germany. In the same year, Roche got an approval from FDA for Lucentis (ranibizumab injection) for treatment of diabetic retinopathy in people with diabetic macular edema.
Novartis AG is another renowned market player in biomarker test market. The product portfolio of company includes Biosimilar’s, oncology injectable, anti-invectives, targeted therapy, cell gene therapy, and others. In March, 2016, Novartis cancer drug gets FDA’s principal ‘biosimilar’ affirmation. Federal regulators have permitted the first “biosimilar” drug to be sold in the U.S. under a program intended to branch a new market of lower-cost substitutes to some of the most expensive treatments in healthcare. This approval of biosimilars will help many patients who are in need of these treatments.
