Market Research Report
Biomarkers Market Size, Share & Trends Analysis Report By Type (Safety, Efficacy), By Application (Diagnostic, Drug Discovery & Development), By Disease (CVD, Cancer), By Region, And Segment Forecasts, 2021 - 2028
|Biomarkers Market Size, Share & Trends Analysis Report By Type (Safety, Efficacy), By Application (Diagnostic, Drug Discovery & Development), By Disease (CVD, Cancer), By Region, And Segment Forecasts, 2021 - 2028|
Published: September 30, 2021
Grand View Research, Inc.
Content info: 145 Pages
Delivery time: 2-10 business days
The global biomarkers market size is expected to reach USD 147.59 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 14.2% over the forecast period, which is driven by increasing collaborations & funds for R&D activities, rising consumer awareness, COVID-19 pandemic, and technological advancements in disease diagnosis. Research aids in the development of effective therapies for the treatment of various diseases, such as cancer, Cardiovascular Diseases (CVDs), immunological diseases, and neurological diseases.
It has been observed that there has been an increase in public and private investments in the market. For instance, in January 2020, Johnson & Johnson Services, Inc. received a grant from Food Allergy Research & Education (FARE) worth USD 250,000 to propel the research on food allergy biomarkers. This grant is anticipated to help in the potential discovery and validation of allergy biomarkers for developing therapies. This can potentially improve the quality of life for 32 million people in the U.S. who are suffering from food allergies.
The government has also increased the funding for cancer research. For instance, in February 2020, President Trump, recently, signed a bill to fund the federal government in the U.S. along with the National Cancer Institute that received USD 6.44 billion. This funding is more than nearly USD 300 million that was allocated in 2019. These funds are expected to fuel the research associated with cancer, which is likely to have a positive impact on the market in the long run. Proactive government initiatives are driving the betterment of the reimbursement scenario in this market.
For instance, several researchers in the Asia Pacific region are involved in collaborations with regulatory authorities to validate and discover surrogate markers for use in drug development. The Japanese regulatory authorities and the government have employed a framework to promote collaborations and partnerships. Commercial insurers, generally, decide the need for biomarker testing for a patient before insuring their targeted therapy expenditures. While some insurers mandate medical evidence or prescription for biomarker testing, others may require patients to acknowledge that they are not undertaking certain therapies.