PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515450
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515450
PARP Inhibitor Biomarkers Market size was valued at USD 915.8 Million in 2023, expanding at a CAGR of 8.80% from 2024 to 2032.
An agent that inhibits the cellular PARP enzyme. When DNA is broken, PARP aids in its repair. Numerous factors, including radiation, UV light exposure, some anticancer medications, and other compounds found in the environment, can harm DNA. In cancer treatment, PARP blocking may assist in preventing cancer cells from repairing their damaged DNA, which would ultimately lead to their demise. Known also as poly (ADP-ribose) polymerase inhibitors, PARP inhibitors are a class of targeted medicine.
PARP Inhibitor Biomarkers Market- Market Dynamics
Rising Costs for Cancer Management and Treatment to Propel Market Growth
Growing costs for the management and treatment of are anticipated to support market expansion. For instance, a journal paper from October 2022 in the Lancet Regional Health reported on treatment attrition and catastrophic costs for patients seeking full colorectal cancer therapy in India. Of the 226 patients that were included, four were lost to follow-up and 20 passed away within six months of receiving a treatment plan. Treatment for colorectal cancer cost, on average, 407,508 Indian Rupees (INR/5340 USD). The patient's PARP (median 330,277 INR/4328 USD) was the largest contributor to this total cost.
PARP Inhibitor Biomarkers Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.80 % over the forecast period (2024-2032)
Based on service segmentation, the BRCA 1 & 2 testing category was predicted to show maximum market share in the year 2023
Based on application segmentation, the breast cancer category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global PARP Inhibitor Biomarkers Market is segmented on the basis of Product, Service, Application, and Region.
The market is divided into two categories based on product: Kits and Assays. The kits category dominates the market because these kits are used to test for and diagnose diseases associated with mutations and changes in genes. One of the most prevalent diseases linked to inherited DNA mutations is breast cancer. In order to address the growing demand for accurate and efficient diagnostics, major players in the market are continuously concentrating on developing new solutions. One FDA-approved test for determining individuals with advanced ovarian cancer who have a positive homologous recombination deficiency (HRD) status is myChoice CDx from Myriad Genetics, Inc.
The market is divided into the following categories based on application: Breast Cancer, Ovarian Cancer, and Others. The oncology category dominates the market and is likely to maintain its dominance during the forecast period. The increasing frequency of breast cancer linked to gene alterations brought on by BRCA1 or BRCA2 genetic mutations is thought to be the reason for the segment's expansion. The WHO article from February 2023 states that It is predicted that 2.5 million people would be affected by breast cancer by 2040. Breast cancer is the most common type of cancer in women and the main cause of cancer-related deaths in women in 95% of the world's countries. In spite of this, survival rates differ greatly, and the bulk of deaths take place in low- and middle-income nations. Over the past three decades, breast cancer mortality rates have significantly decreased in high-income countries, whereas low- and middle-income countries have not seen a comparable decline.
PARP Inhibitor Biomarkers Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Over the course of the forecast period, North America is anticipated to hold the greatest share of the global market for PARP inhibitor biomarkers. This high percentage can be attributed to rising cancer treatment costs, advances in genomic technologies, and rising cancer prevalence. An article from the American Cancer Society projects that in 2022, there will be about 609,360 cancer-related deaths and over 1.9 million new cancer cases diagnosed in the United States. As a result, as cancer is becoming more common, more patients are using genetic testing to identify potential candidates for PARP inhibitor therapy, which is driving up the cost of biomarker testing.
In addition, the PARP inhibitor biomarkers market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific ascribed to the existence of significant regional and national market participants including Thermo Fisher Scientific, Inc., QIAGEN, and Illumina, Inc. The region's growth is also expected to be fueled by government initiatives to improve healthcare infrastructure, a rise in per capita income that leads to a greater adoption of diagnostic and therapy products, and significantly increased investments in PARP inhibitor biomarkers technologies throughout the region. Over the course of the forecast period, emerging nations like China, Japan, and India are expected to fuel the market expansion due to the growing usage of smartphones with new advanced features.
Among the leading businesses in the field are Ambry Genetics, Myriad Genetics, Inc., Thermo Fisher Scientific, Inc., and Illumina, Inc. A highly concentrated market is indicated by the fact that a small group of producers have the majority of the market share. To counter the intense competition, these companies have turned to a variety of strategies, including partnerships, mergers and acquisitions, and the creation of new products.
February 2024: The genetic testing and precision medicine startup Myriad Genetics, Inc. has successfully acquired a number of assets from Intermountain Health's Intermountain Precision Genomics (IPG) laboratory group. The purchase includes his CLIA-certified laboratory in St. George, Utah, as well as Precision Fluid Testing and Precision Oncology Testing.
January 2024: ASCO and SSO guidelines about germline testing for breast cancer patients are something that Myriad Genetics, Inc., a manufacturer of genetic testing and precision medicine, has stated its support for. The business highlights the updating of the ASCO-SSO guidelines as a major step forward in the integration of genetics into patient treatment.
January 2023: Finding novel indicators for prostate cancer resistance to PARP medicines is made possible in large part by CRISPR technology. Researchers have used genome-wide CRISPR knockout screens to investigate the ways in which distinct genetic alterations affect PARP drug effectiveness. The identification of MMS22L, a gene that, when deleted, dramatically improves the sensitivity to PARP inhibitors, is a noteworthy finding from these investigations.
GLOBAL PARP INHIBITOR BIOMARKERS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Myriad Genetics, Inc.
CENTOGENE N.V.
Thermo Fisher Scientific, Inc.
Illumina, Inc.
Agilent Technologies, Inc.
Amoy Diagnostics Co., Ltd.
Invitae Corporation
Ambry Genetics
NeoGenomics Laboratories.
QIAGEN
Others