Biological markers or biomarkers are used as indicators of biological states of substances that indicate existence of the living organisms. Measuring or evaluating biological markers gives information about the response to the therapeutic interventions through pathogenic and biological processes. As a result, they are popularly used across different scientific fields. Disease diagnosis is the major application area of these substances, which drives the global biomarkers market. Innovation in the technologies is another influential factor for the global industry, which is aiming at impressive growth in terms of global presence, market trends and revenue.
Market Drivers for Biological Markers Industry
Along with diagnosis of different diseases, biomarkers are highly useful for determining the path of disease prevention, drug discovery, drug development and drug target recognition. Global biomarkers market is showing great prospects in terms of overall growth of the industry within different geographic sections of the world. According to the reports, the market is witnessing such great transition with the rapid developments in terms of technology and demand. The growth in demand and applications of the existing technologies in the market is attributed to rising technological advancements and government initiatives. According to the experts, innovation in the drug discovery and development technologies plays a major role in the expanse of the market.
Global biomarkers and proteomics market is largely segmented on the basis of the discovery technologies, applications, services, disease indications and demand across different geographic regions. Discovery technologies in biomarkers market are largely segmented into bioinformatics, omics and imaging technologies. These technologies are segmented further. For instance, omics technologies are segmented into genomics, proteomics, metabolomics and transriptomics.
This segment holds the largest share in the global biomarker discovery technologies market. The service segment of the industry is further classified into assay development, sample preparation, testing services and biomarker validation. Applications of biological markers include in the processes of molecular diagnostics, drug discovery, drug development and personalized medicine. Based on diseases, the industry is segmented into oncology, neurology, cardiology, renal disorders, HIV, arthritis, tuberculosis, etc.
Various geographic regions of the industry, including North America, Europe, Asia pacific and rest of the world are expected to witness strong growth in demand for biological markers. According to the market research reports, biomarkers market is expected to maintain a strong CAGR of over 18% from 2013 to 2018. During this forecasting period of over five years, the industry is expected to become worth $40.8 billion by 2018. Oncology is expected to be the major contributor for the global industry.
According to the research, high capital investments, tedious validation and testing processes and low ratio of cost and benefits are some major factors expected to hinder the growth of the market on global scale.