A new report from consulting firm Grandview Research predicts the global biomarker market, driven significantly by the growth of companion diagnostics and personalized medicine, will reach $78.2 billion by 2024.
Factors anticipated to influence growth include the need for disease-specific biomarkers for the development of diagnostics, increasing research and development funding, and the rising prevalence of cancer and cardiovascular diseases—the result of an aging population. These factors should create significant opportunities in the coming years. Other factors affecting growth include increased government spending on research, and the market launch of diagnostics kits for screening high-risk patient populations.
Other key findings of the research show: