Predictive Biomarkers Market Trends

Growth Drivers

• Expanding Use of Biomarkers for Diagnostic Purposes– The use of biomarkers in numerous sectors, such as personalized medicine, companion diagnostics, disease risk assessment, and drug development, is expected to drive market growth. Predictive biomarkers assist in determining the likelihood of an adverse reaction to a specific treatment modality, its early diagnosis, and its severity. The use of predictive biomarkers might drastically lower healthcare costs since they anticipate whether a given medication will be effective or not, which gives them an edge over predisposition biomarkers.

• Growing Demand for Personalized Medicine- Numerous scientific breakthroughs, and increased demand for the discovery of novel drugs, have led to the rise of personalized medicine. This has significantly driven market growth. Biomarkers are crucial instruments that help in personalizing medical treatments to individual patients which means providing the right treatment to the right patient, at the right dose, at the right time.

Challenges

• Lack of Efficient Regulatory and Reimbursement Systems- The regulatory and reimbursement processes in the majority of OECD nations are not well suited to handle this new influx of biomarker-based diagnostic tests. Modern biomarker-based diagnostics that produce complex data needing in-depth analysis and interpretation are not well adapted to the regulatory systems now in place as they were designed around simple diagnostic tests. The adoption of these technologies in the clinical arena may be hampered by inadequately designed regulatory and reimbursement systems, which may also serve as a deterrent to further biomarker research. The processes for requesting approval and/or compensation are still being developed at this time.
• High Capital Investment
• Technical Difficulties with Collecting and Storing Samples