Biomarkers Market for Diagnostic Applications is Expected to Reach $30.6 Billion, by 2020
According to a new report titled “Biomarkers Market – Global Opportunities, Analysis and Industry Forecast, 2013 – 2020” published by Allied Market Research, the global biomarkers market for diagnostic applications such as risk assessment, molecular diagnostic, disease diagnosis, drug discovery & development, drug formulation, forensic and other such applications is set to reach about $30.6 billion in 2020 growing at CAGR of 16% from 2013 to 2020. Disease diagnostic remains the key application segment that is expected to reach $6.1 billion in 2020. However application of diagnostic biomarkers in forensics and molecular diagnostics is catching up quite significantly with latter expected to experience a growth rate of 17.6% during 2013 and 2020.
Diagnostic biomarker technology is expected to change the scenario of drug development and medical practice, as technologies are metamorphosing from traditional pathophysiology/epidemiology approach to biomarker studies such as genomics and proteomic add the analysts.
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Diagnostic biomarkers though are a great tool in molecular diagnostics, is facing challenges with respect to ethical and regulatory issues as these are relat to a genomic pattern of an individual which needs to be extremely confidential.
This report segments the global diagnostic biomarker on the basis of diagnostic biomarker types, applications and service. Applications market is further segments as risk assessment, molecular diagnostics, disease diagnosis, drug discovery and development, drug formulation, forensic applications and others. The report particularly focuses on biomarkers for diagnostic applications and excludes clinical trials and research.
With respect to geography, Asia Pacific is expected to have the highest CAGR at 20.3% from 2013 to 2020. Companies profiled in this report include Roche Diagnostic Limited (Switzerland), Siemens Healthcare (Germany), Abbott Laboratories Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies Inc. (U.S.), Bio-Rad Laboratories Inc. (U.S.), Aushon BioSystem Inc. (U.S.), Epistem Ltd. (U.K.), G.E. Healthcare Inc. (U.K)
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