According to a new report from BCC Research, the global market for biomarkers is expected to grow to $53.6 billion by 2018, with a five-year compound annual growth rate (CAGR) of 12.8%. The bioinformatics category, the fastest moving segment overall, is expected to move at a significant 17.4% CAGR.
BCC Research reveals in its new report, BIOMARKERS: TECHNOLOGIES AND GLOBAL MARKETS, the global market for biomarkers is expected to grow to $53.6 billion by 2018, with a five-year compound annual growth rate (CAGR) of 12.8%. The bioinformatics category, the fastest moving segment overall, is expected to move at a significant 17.4% CAGR.
Targeted therapies, improved patient selection for clinical trial criteria, early drug rationalization, and proactively identifying adverse events for patients are some of the leading applications for biomarkers technologies. Genomic applications, which help to improve drug effectiveness, represents the largest segment in the overall biomarkers market and is expected to reach $26 billion in 2018.
However, bioinformatics, which plays a vital role in disease analysis, as well as biomarker discovery and validation, is expected to surge from $2.3 billion in 2013 to nearly $5.2 billion by 2018.
Biomarkers: Technologies and Global Markets: “The growth of the bioinformatics market is driven by a decrease in the cost of DNA sequencing, increasing government initiatives and funding, and growing use of bioinformatics in drug discovery and biomarkers development processes,” says BCC Research biotech analyst Jackson Highsmith. “However, factors such as a dearth of skilled personnel to ensure proper use of bioinformatics tools and a lack of integration of a wide variety of data generated through various bioinformatics platforms are hindering the growth of the market.”
