Allied Market Research (AMR), the global biomarkers market for diagnostic applications such as risk assessment, molecular diagnostic, disease diagnosis, drug discovery & development, drug formulation, forensic and other such applications, has pointed out that biomakers market is set to reach about $30.6 billion by 2020, growing at CAGR of 16 per cent from 2013 to 2020.

According to a new report titled "Biomarkers Market (diagnostic applications in risk assessment, molecular diagnostics, disease diagnosis, drug discovery & development, drug formulation, forensic applications and others) - Global Industry Analysis, Emerging Technologies, Competitive Intelligence, Growth Trends, Size, Share, Opportunities and Forecast, 2013 - 2020" disease diagnostic remains the key application segment that is expected to reach $6.1 billion in 2020.

However application of diagnostic biomarkers in forensics and molecular diagnostics is catching up quite significantly with latter expected to experience a growth rate of 17.6 per cent during 2013 and 2020.

AMR analysts Debbie Shields and Roshan Deshmukh, said, "Diagnostic biomarkers continue to address challenges such as early and accurate diagnosis of most of the fatal diseases. Increasing advancements with extended applications of diagnostic biomarkers are only going to increase its significance in the field of diagnostics. Diagnostic biomarker technology is expected to change the scenario of drug development and medical practice, as technologies are metamorphosing from traditional pathophysiology/epidemiology approach to biomarker studies such as genomics and proteomic."

Diagnostic biomarkers though are a great tool in molecular diagnostics, is facing challenges with respect to ethical and regulatory issues as these are related to genomic pattern of an individual which needs to be extremely confidential.

This report segments the global diagnostic biomarker on the basis of diagnostic biomarker types, applications and service. Applications market further segments as risk assessment, molecular diagnostics, disease diagnosis, drug discovery and development, drug formulation, forensic applications and others. The report particularly focuses on biomarkers for diagnostic applications and excludes clinical trials and research.

With respect to geography, Asia Pacific is expected to have the highest CAGR at 20.3 per cent from 2013 to 2020. Companies profiled in this report include Roche Diagnostic Limited (Switzerland), Siemens Healthcare (Germany), Abbott Laboratories Inc. (US), Thermo Fisher Scientific, Inc. (US), Agilent Technologies Inc. (US), Bio-Rad Laboratories Inc. (US), Aushon BioSystem Inc. (US), Epistem Ltd. (UK), G E Healthcare Inc. (UK).