Biomarker Test Market Overview, Trends and COVID-19 Analysis Forecast to 2023

Posted by vinit sawant on April 28th, 2021

Biomarker Test Market - Overview

Notably, demand for biomarkers in various technologies such as next-generation sequencing (NGS) technologies, and ultra-high throughput sequencing is the primary driver for biomarker test market. 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.

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.

The biomarker test market is growing mainly due to rising prevalence of genetic disorders. According to a recent study report published by the Market Research Future, the biomarker test market is booming and expected to gain prominence over the forecast period.

Global Biomarker Tests Market Size is accounted for USD 9,375 million in 2019 and is projected to reach USD 31859.73 Million by 2027 and register 14.60% CAGR during the forecast period.

Biomarker Test Market - Competitive Analysis

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.