Friday, September 25, 2015

Emerging Economies to Drive Growth of the Global Biomarkers Market Personalized Development a Key Growth Segment

North America accounted for the largest share of the global biomarkers market in 2015. However, the Asian market is expected to grow at the highest rate during the forecast period and represents new revenue pockets for the biomarkers market. The expansion of leading biomarkers companies in Asia will enhance the market in this region. According to the World Bank, R&D spending in this regional segment increased from $177 billion in 2003 to $329 billion in 2010, at a CAGR of 9.29%. In 2010, Asia accounted for 27.13% of the global R&D spending. Moreover, R&D spending accounted for 1.97% of Asia’s GDP in 2010. In Asia, Japan is noteworthy for its significant R&D expenditure, which was 14.75% of the global R&D spending in 2010. R&D spending accounted for 3.16% of Japan’s GDP in 2010. Growth in R&D expenditure, along with strong growth trends in the pharmaceutical and biotechnology industries, will drive the Asian biomarkers market.
The application segments of biomarkers will be important revenue pockets for the market in the forecast period (2015–2020), these being diagnostics development, drug discovery and development, personalized medicine, disease risk assessment, and others. Diagnostics development accounted for the largest share of the biomarkers market in 2015. However, personalized medicine is expected to grow at highest rate during the forecast period. Personalized medicine is gaining recognition due to the limitations of standard diagnosis and treatment methods; many areas of medicine, from cancer to immunological disorders, are moving towards tailored treatment for individuals based on their genetic signatures and clinical characteristics.
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