The growth of the personalized medicine biomarkers market is attributed to increasing demand and growing awareness about personalized medicine among healthcare professionals. In addition, rising approval for companion diagnostic tests for cancer drugs is expected to boost growth. For instance, in July 2021, Labcorp launched therascreen KRAS PCR Mutation Analysis for all solid malignancies, a companion test for Amgen’s lung cancer therapy.
Biomarkers are essential tools for determining the optimal course of action for people with a specific disease. Every patient is expected to receive safe and efficient therapies as a result of the creation of personalized medications using biomarkers. One example of an individualized treatment that makes use of biomarkers is the drug irinotecan (Camptosar), which is used in chemotherapy. Irinotecan is a medication that is used to treat colorectal cancer. Irinotecan's toxicity has long been a source of concern, but with the use of biomarkers, it is now safer and better able to identify patients at high risk of developing side effects. Moreover, increasing use of personalized medicine in the treatment of skin cancer to provide more effective diagnosis and treatment with the aid of biomarkers is further increasing its adoption.
North America dominated the overall market in 2021 which can be attributed to increasing funding for biomarkers aided by technological advancements, high disposable income, and the presence of key market players operating in the region. The U.S. has the largest share of personalized medicines in the region owing to increasing private and public initiatives and raising awareness among the population about chronic diseases and treatments. Moreover, key players are focusing on developing novel products to maintain their dominance over the market. For instance, in February 2022, FoundationOne CDx received U.S. FDA approval as a companion diagnostic for Keytruda to identify patients with microsatellite instability-high solid tumors.