“Global PARP Inhibitor Biomarkers Market to reach a market value of USD 1.6 Billion by 2031 growing at a CAGR of 8.3%”
The Global PARP Inhibitor Biomarkers Market size is expected to reach $1.6 billion by 2031, rising at a market growth of 8.3% CAGR during the forecast period.
North America boasts advanced healthcare infrastructure, including well-established clinical laboratories, oncology centres, and research institutions. Thus, the North America region acquired 42.5% revenue share in the market 2023. The availability of diagnostic technologies and skilled healthcare professionals enhances the accessibility and utilization of biomarker testing services, driving the demand for it in North America.
Oncology research is continually uncovering new biomarkers associated with cancer development, progression, and response to therapy. As our understanding of the molecular pathways underlying cancer improves, researchers are identifying biomarkers that predict response to specific treatments, including it.
Additionally, point-of-care testing brings diagnostic capabilities closer to the patient, enabling biomarker testing to be performed outside traditional laboratory settings, such as outpatient clinics, physician offices, or even the patient’s home. Hence, the expansion of point-of-care testing is raising the market’s growth.
However, Biomarker testing often involves sophisticated laboratory techniques and specialized equipment, which can be expensive to procure and maintain. Additionally, the cost of reagents, consumables, and personnel required for biomarker testing adds to the overall expense. In conclusion, the high cost of biomarker testing hinders the market’s growth.
Economic hardships and changes in healthcare priorities during the pandemic affected patient access to cancer treatments, including this. Financial constraints, job losses, and changes in insurance coverage may have influenced treatment decisions and patient adherence. Thus, the COVID-19 pandemic had a negative impact on the market.
Based on product, the market is divided into kits and assays. In 2023, the kits segment garnered 63.8% revenue share in the market. Biomarker testing kits offer a user-friendly and convenient solution for healthcare providers to perform biomarker testing in-house without requiring specialized laboratory infrastructure or expertise.
Based on application, the market is categorized into breast cancer, ovarian cancer, and others. The ovarian cancer segment witnessed 30.7% revenue share in the market in 2023. PARP inhibitors have demonstrated clinical efficacy in treating ovarian cancer patients with BRCA mutations. Clinical trials have shown that PARP inhibitors.
On the basis of services, the market is segmented into BRCA 1 & 2 testing, HRD testing, HRR testing, and others. The BRCA 1 & 2 testing segment recorded 41.8% revenue share in the market in 2023. BRCA1 and BRCA2 mutations are strongly associated with increased sensitivity to this in certain cancers, particularly breast and ovarian cancer.
Free Valuable Insights: Global PARP Inhibitor Biomarkers Market size to reach USD 1.6 Billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 24.4% revenue share in the market. The Asia Pacific region is experiencing a significant increase in the incidence of cancer, including breast, ovarian, and other cancers associated with PARP inhibitor therapy.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 871.3 Million |
| Market size forecast in 2031 | USD 1.6 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 8.3% from 2024 to 2031 |
| Number of Pages | 223 |
| Number of Tables | 250 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Services, Application, Region |
| Country scope |
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| Companies Included | Myriad Genetics, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc., NeoGenomics Laboratories, Qiagen N.V, Agilent Technologies, Inc., Merck KGaA, Bayer AG, AstraZeneca PLC, GlaxoSmithKline PLC (GSK) |
By Product
By Application
By Services
By Geography
This Market size is expected to reach $1.6 billion by 2031.
Growing expansion of oncology research rates are driving the Market in coming years, however, High cost of biomarker testing restraints the growth of the Market.
Myriad Genetics, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc., NeoGenomics Laboratories, Qiagen N.V, Agilent Technologies, Inc., Merck KGaA, Bayer AG, AstraZeneca PLC, GlaxoSmithKline PLC (GSK)
The expected CAGR of this Market is 8.3% from 2024 to 2031.
The Breast Cancer segment is leading the Market by Application in 2023; thereby, achieving a market value of $735.9 Million by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $669.5 Million by 2031.
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