Government Initiatives For Medical Research Helps in Growth of Biomarker Technologies Market
A biomarker also known as biological marker is a gene, molecule or characteristic by which biological state of the body is measured in order to assess and predict a particular disease or some other physiological state of an individual. It helps clinicians in disease identification and effectively plan treatment process. Biomarkers are extensively applied for diagnosis and clinical decision making in various medical specialties including cancer, diabetes, cardiovascular and neurological diseases. Owing to its ability to diagnose diseases at an early stage, biomarkers are extensively used in the cancer diagnosis and treatment. The global market for biomarker discovery technologies has been segmented into omics technology (proteomics, genomics and transcriptomics), imaging technology and bioinformatics. Omics technology represents the largest segment of the biomarker discovery technologies market. In terms of application, the market has been segmented into drug discovery, diagnostics and personalized medicine. The market can also be segmented such as oncology, diabetes, cardiology, neurology and others, in terms of disease application.
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The market for biomarker technologies is expanding worldwide under the influence of factors such as advances in the area of discovery technologies, governmental initiatives supporting research in the area of biomarker technologies and increasing incidences of various diseases such as cancer, diabetes, cardiovascular and neurological disorders. Sources from National Cancer Institute (NCI) reveal that in 2011, approximately 13,397,159 people were affected with various cancer types in the United States. The National Cancer Institute (NCI) further states that an estimated 1,666,540 new cases of cancer are expected to be identified during 2014 in the United States. According to the International Diabetes Federation (IDF), worldwide nearly 382 million people were living with diabetes in 2013. This number is expected to reach nearly 592 million by the end of 2035. China and India represent the first and second positions among top countries with high prevalence of diabetes, 98.4 million and 65.1 million respectively. The aforementioned stats indicate a favorable market for biomarker technologies during coming years. The market may face significant challenge due to high initial investment for biomarker discovery.
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Globally, the market for biomarker technologies has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The market for biomarker technologies is mainly dominated by North America, followed by Europe, Asia-Pacific and Rest of the World (RoW). Well established healthcare infrastructure and favorable reimbursement scenario are among the major factors responsible for North America’s leading position. Asia-Pacific is likely to emerge as the high potential market during upcoming years. Presence of a large number of patients with cancer and diabetes, emerging economies of India and China, and improving healthcare infrastructure are some major factors that are expected to drive the market growth in the region. Conducting of clinical trials at low cost as compared to developed region is one of the major factors that attract multinational companies to invest in the growing market of Asia-Pacific. RoW region comprise Latin America, Africa and Middle East countries. Lack of awareness, low per capita income and poor healthcare infrastructure have been among major factors restraining the market growth in the region since long. However, during coming future, the market will witness a substantial growth in the region owing to growing awareness and economical growth.