PARP Inhibitor Biomarkers Market Are Estimated To Witness High...

PARP Inhibitor Biomarkers Market Are Estimated To Witness High Growth Owing To Rising Demand As Companion Diagnostics

Posted 2023-12-27 13:05:47

PARP (Poly ADP-Ribose Polymerase) inhibitor biomarkers are used for the stratification of patients with certain cancers like breast and ovarian cancer into those likely to respond to PARP inhibitor treatment and those unlikely to respond. They play an important role as companion diagnostics alongside PARP inhibitors drugs to identify patients with homologous recombination deficiency (HRD) positive tumors. The global PARP Inhibitor Biomarkers Market is estimated to be valued at US$ 4.87 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising demand as companion diagnostics and identifying responders are the two key market drivers. One of the major drivers for the growth of the PARP inhibitor biomarkers market is their increasing demand as companion diagnostics for identifying patients likely to respond to PARP inhibitor drugs for certain cancers. Currently, several PARP inhibitor drugs have been approved by regulatory authorities like FDA for ovarian and breast cancers but only for patients with tumors having BRCA1/2 mutations. However, a large percentage of patients still show response despite not having BRCA mutations. PARP inhibitor biomarkers help in identifying this larger pool of patients having HRD positive tumors through different diagnostic assays and tests. Their role is becoming more crucial with an increasing number of PARP inhibitors in the clinical trial and drug pipeline. This rising demand from drug makers is fueling the growth of PARP inhibitor biomarkers market over the forecast period.

SWOT Analysis

Strength: Parp inhibitor biomarkers have wide applications in oncology. They are being used for treatment monitoring and response prediction in cancers like ovarian, breast, prostate etc. Parp inhibitors help in detecting homologous recombination deficiency in tumors which is a major strength. Three approved Parp inhibitor drugs already in the market is boosting the market growth.

Weakness: High cost of Para biomarkers development and validation is a weakness. Lack of awareness about these new biomarkers in developing regions hinders the market growth. Reimbursement policies are still evolving for these novel biomarkers.

Opportunity: Rising prevalence of cancers worldwide opens opportunities. Increased funding for cancer research accelerates the adoption. Personalized medicine trend supports the development of PARP biomarkers. Combination therapy approaches widen the applications.

Threats: Stringent regulatory approvals are a threat. Intense competition from alternative assays poses challenges. Reimbursement remains insufficient in some regions.

Key Takeaways

The global PARP Inhibitor Biomarkers Market Share is expected to witness high growth.

The North American region currently dominates the market due to high adoption of PARP inhibitor therapies and presence of key market players. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising healthcare expenditures, increasing research activity and huge patient population.

Key players operating in the PARP Inhibitor Biomarkers market are Sika AG, BASF SE, Fosroc International Limited, Saint-Gobain Weber, The Euclid Chemical Company, Dayton Superior Corporation, WR Meadows, Specified Technologies Inc, TCC Materials and EMSEAL Joint Systems Ltd.

For more insights, read- https://cmiinfopiece.blogspot.com/2023/12/the-global-parp-inhibitor-biomarkers.html