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The Biomarker Market
For many years, clinical laboratory blood tests, imaging exams (x-rays and MRIs)
and in the most recent years, biomarker tests like the PSA (prostate), HER2
(breast) and CA-125 (ovarian) have had a tremendous impact on the clinical
management of patients, in many cases extending and sometimes saving lives.
The in-vitro diagnostic market, of which biomarkers are a segment, represented
approximately a US$51 Billion market in 2007. By 2014, this market is expected
to grow to US$76 Billion, with its growth primarily attributed to the biomarker
segment that will grow from approximately US$5 Billion in 2007 to US$20 Billion
in 2014. (source: The Convergence of Biomarkers and Diagnostics; Market
Considerations & Forecast Section, Business Insights Report, April 2008;
excerpt on-line from The Global Biomarker Report, Markets and Markets,
September 2009.)
While the in-vitro diagnostic market accounts for only 1-2% of government
healthcare expenditures world-wide, it influences 60-70% of healthcare
decisions.
The sector’s next phase, led by a new generation of biomarkers will change
the face of clinical research, medical practice and drug development. The amount
of information that validated biomarkers provide will help streamline pharmaceutical
discovery and development and lead to a personalized approach to patient management
that is expected to contribute to a market that will grow several fold in the coming
decade.
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