With the FDA pushing hard for a new generation of personalized medicines, new research indicates that the cancer biomarker business is likely to grow at a brisk pace through 2016, when it will break through the $6 billion mark.
GBI Research says that the regulatory pressure will help fuel development of new and better tumor biomarkers, helping to drive the rapid growth of the business--which accounted for about $3.6 billion in annual revenue in 2007.
"Personalized medicines are gaining popularity due to their ability to provide customized treatment to patients based on their genetic as well as medical profile," says GBI in a statement. "Since biomarkers help in predicting patient response to a compound, personalized medicine are increasingly using biomarkers to identify the patient population set that is more likely to respond to a particular drug therapy. Personalized medicines are also increasingly being used in targeted cancer therapies. Thus, going forward, as personalized medicines gain more importance and popularity, the demand for biomarkers is also expected to increase."
- here's the GBI release