The Imaging Biomarker Market is growing at a significant rate as there is an upsurge in age-related disorders including Parkinson’s disease, Alzheimer’s, dementia, and cardiovascular disease across the globe. With age, the risk of developing diseases rises correspondingly. Nearly 80% of the elderly in the United States have at least one chronic illness. Imaging Biomarkers Market size reached $6,642 million in 2021, growing at a CAGR of 14.1% during the forecast period 2022-2027.
Imaging biomarkers aid in the early detection of neurological illnesses, medication discovery, and personalized medicine creation. Hence, the rising number of Alzheimer’s is expected to drive the growth of the imaging biomarkers market. American Medical Association (AMA) predicts that by 2030, at least 60% of people aged 65 and up would have more than one chronic illness. The demand for better healthcare facilities, new treatment choices, and drugs rise as the population ages. The prevalence of age-related disorders such as Alzheimer's disease, Parkinson's disease, arthritis, and dementia, as well as cardiovascular disease and cancer, with the worldwide growth of the geriatric population the market is predicted to rise. According to the Census Bureau's 2019 Demographic Estimates, the rise of this population contributed to an increase in the national median age from 37.2 years in 2010 to 38.4 years in 2019. The Administration for Community Living claims that in 2019, the number of people aged 65 and up in the United States was 54.1 million. They accounted for 16% of the population or one out of every seven Americans. According to the Organization of the United Nations, the proportion of people aged 65 and up in the global population climbed from 6% in 1990 to 9% in 2019. By 2050, that percentage is expected to climb to 16%, implying that one in every six individuals on the planet is predicted to be 65 or older. According to NCBI, Diagnostic imaging biomarkers (X-ray, SPECT, CT, and MRI scanning) consumption rates have risen significantly in comparison to other health services, owing to the aging baby-boom population. Furthermore, the market is predicted to rise owing to an increase in the number of research and development efforts aimed at improving the effectiveness of neurological biomarkers over the forecast period. For instance, Massachusetts General Hospital in the United States began an observational research project in 2018. The goal of this research is to look for neuroimaging biomarkers that are associated with the prognosis of Functional Neurological Disorder (FND), which is further propelling the growth of the Imaging Biomarkers Market.
North America holds a major share of the Imaging Biomarker Market owing to the increased screening, and awareness among patients in the region. According to the Cardiac Health Foundation of Canada in 2019, 1.3 million people i.e. 1 in 12 people are suffering from heart disease mainly caused due to PAD (Peripheral Arterial Disease) in Canada. Thus, there is a demand for imaging biomarkers to cure PAD. Increasing use of biomarkers in personalized medicine, various growth strategies adopted by key players with established pharmaceutical companies in this region, and a higher adoption rate of Biomarkers for disease diagnostics, majorly in cancer diagnosis is driving the growth of the market. An observational research study was initiated by Massachusetts General Hospital, U.S., in 2018, and is expected to be completed by August 2022. This study aims to investigate neuroimaging biomarkers, which are linked to the prognosis of Functional Neurological Disorder (FND). Increased technological advancements including virtualization of imaging biomarkers, and technologies like Big Data are paving way for extremely complex imaging techniques and are providing new opportunities as various scanning techniques including PET imaging, MRI, and CT scans provide numerous insights into chronic illnesses like cancer, which is further propelling the growth of the imaging biomarkers market.
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Global Imaging Biomarker Market Drivers
Increase In The Adoption Of Imaging Biomarkers In Drug Discovery And Development:
Imaging biomarkers are increasingly used to understand the disease progression trends and the risk factors associated with end-stage kidney disease development. These biomarkers can predict the patients’ eligibility for kidney replacements and indicate tubular damage in polycystic kidney disease. Imaging biomarkers of different cancer types were also being utilized to assess the magnitude of adverse effects following chemotherapy. These biomarkers enabled an improved understanding of the various manifestations of Alzheimer’s disease its evolving mechanisms, its different types, and effectively target amyloid. Imaging biomarkers were instrumental in diagnosing patients, quantifying the disease progression, determining the pharmacogenetic tolerance to pharmaceutical compounds, and identifying the prognostic indicators in each patient for end-stage renal disease. In addition, Food and Drug Administration (FDA) has published guidance on the role of biomarkers in staging the disease including prodromal Alzheimer’s disease. Moreover, a research framework was also being established to increase the diagnostic efficiency of Alzheimer’s disease based on amyloid and neurodegeneration biomarkers introduced by the Alzheimer’s Association and the National Institute on Aging (NIA). Various imaging biomarkers have been identified to enable earlier diagnosis and are used to prevent life-threatening manifestations with higher success rates. An Imaging Biomarker Qualification and Validation study on biomarkers for cystic fibrosis revealed that the specificity of biomarkers has to be evaluated to confirm the mechanism of action, demonstrate the biological efficacy of new therapies, and inform dose selection. The key players across the world are focusing on developing Imaging biomarkers to improve diagnosis, guide the development of safer and targeted therapies, and monitor drug activity and therapeutic response for various chronic diseases. Moreover, recent advances in multiple ‘omics’ approaches in combination with biostatistics and bioinformatics have made it possible to accelerate the development of and discovery of specific imaging biomarkers for complex chronic diseases, which is further propelling the growth of the Imaging Biomarker Market.
The Rise In The Demand For Positron Emission Tomography (PET) Technologies:
Positron Emission Tomography (PET) is a nuclear medicine process that evaluates the metabolic activity of cells in bodily tissues and is a type of imaging that combines nuclear medicine and biochemistry. PET technologies are most commonly used in patients with brain or heart disorders, as well as cancer, to visualize biochemical changes in the body, such as the heart muscle's metabolism. According to the National Center for Biotechnology Information (NCBI), Aβ42 and tau are the core cerebrospinal fluid (CSF) biomarkers used as clinical diagnostic tools in Alzheimer's disease, and the use of approved radiotracers for amyloid-PET brain imaging serves as a robust tool to detect early stages of Alzheimer's disease. Owing to the global rise in Alzheimer's disease, the demand for PET is projected to expand. Alzheimer's disease is the most common type of dementia, accounting for 60-70% of all cases. The Aβ-PET is a molecular imaging technology that uses radiotracers to visualize and track the accumulation of A plaque within an Alzheimer's disease(AD) brain. Advances in neuroimaging and the use of AD biomarkers aid in a better understanding of early pathological alterations in the brain of people with AD. According to the WHO, as of September 2021, over 55 million people worldwide had dementia, with over 60% living in low- and middle-income countries. This figure is predicted to rise to 78 million in 2030 and 139 million in 2050, as the share of older people in the population grows in practically every country. Moreover, the key players are increasingly adopting PET technologies with the glucose analog FDG as a tracer is a mature and available clinical imaging technique to improve the diagnostic accuracy for Alzheimer's disease that is of particular value at an early stage of the diseases, which is further propelling the growth of the Imaging Biomarker Market.
In November 2020, IXICO plc has announced that it has invested around 2.15 million dollars for a contract to provide neuroimaging services that will support a phase Ib/II clinical trial for Huntington’s disease and deploy deploying innovative imaging biomarker solutions in early phase studies to accelerate R&D decision making and maximize the value of their drug development pipelines.
The Major Players in this Market Include
The major companies in the Global Imaging Biomarker Market include Siemens Healthineers, ICON Plc, Invicro LLC, Median Technologies, PI Solutions Group GmbH, IXICO plc, Bioxydyn Ltd., Zionexa, Imabiotech and BRAINOMIX.
Over the years, companies have mainly focused on offering cost-effective and high-quality Imaging Biomarkers for various applications. The rise in technological advancements like the virtualization of imaging biomarkers in the emerging economies is anticipated to drive the demand for various technologies and thus result in the growth of the imaging biomarkers market. Leading companies in the imaging biomarkers market are strategically investing to enhance their technical services to meet the increasing demand for various imaging biomarker technologies across the globe. Manufacturers are also investing in research and development activities to incorporate artificial intelligence (AI) in biomarker technologies. The growing prevalence of Alzheimer’s disease, increase in the research and development activities for improving the effectiveness of neurological biomarkers, and augmenting interest in health and wellness owing to the COVID-19 pandemic are the major factors set to buoy the Global Imaging Biomarker market during 2022-2027.
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