WELLESLEY, Mass., Dec. 17, 2018 /PRNewswire/ -- Essential to drug discovery and development, disease management and in-vitro diagnostics, the global biomarkers market has vastly expanded as licensing, partnerships and acquisitions deals have significantly increased, according to BCC Research.
The global biomarkers market was valued at $74.5 billion in 2018 and is expected to reach $150 billion by 2023 at a compound annual growth rate (CAGR) of 15%, according to the report "Biomarkers: Terms, Values and Trends, 2008-2018."
- The global cancer biomarkers market was valued at $54.9 billion in 2018 and is expected to reach $110.0 billion by 2023 at a CAGR of 14.9%.
- The global market for cardiovascular biomarkers is not as big as the oncology-related sector. The cardiovascular market is estimated at $6.9 billion in 2018 and is expected to grow in the next five years at a CAGR of nearly 10%.
- The global biomarkers licensing deals market was valued at $45 million in 2018, up from $27.0 billion in 2016.
"In the biomarkers sector, collaborations and partnerships can help a firm overcome challenges during the development stage and can help introduce new products and tests into the market. Companies collaborate to accelerate R&D activities, including biomarker identification and discovery as well as assay/technology development," said analyst Dr. Marianna Tcherpakov.
Oncology Sector Drives Biomarker Licensing and Collaborations
The oncology sector is the most active in biomarker licensing and collaborations. In general, the main research and product development efforts in this sector are focused on prostate, bladder, breast, melanoma, lung and ovarian cancers.
Dr. Marianna Tcherpakov's further discussed the global biomarkers market in a recent webinar. For more information on biomarkers deals and trends, refer to the following blog post "Biomarkers: Advancing Drug Development, Dominating the Market" based on her talking points.
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About BCC Research
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SOURCE BCC Research