February 23, 2024
PARP Inhibitor Biomarkers Market

PARP Inhibitor Biomarkers Market Is Expected To Be Flourished By Increased Adoption Of Precision Medicine

The PARP inhibitor biomarkers market comprises products such as diagnostic kits & assays and services used for detecting PARP inhibitor biomarkers in various cancer samples. PARP inhibitor biomarkers help determine the suitability of PARP inhibitor therapy and enable precision medicine in oncology. PARP inhibitors are therapeutic drugs used for treating cancers with defective homologous recombination repair (HRR) pathways like breast, ovarian and prostate cancers. They work by blocking the action of poly (ADP-ribose) polymerase enzymes that help cancer cells repair damaged DNA, thereby helping kill cancer cells. The global PARP inhibitor biomarkers Market is estimated to be valued at US$ 5.62 Bn in 2024 and is expected to exhibit a CAGR of 49.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Increased adoption of precision medicine and targeted therapy in cancer treatment is expected to drive the PARP inhibitor biomarkers market during the forecast period. Precision medicine uses biomarkers to divide patients into segments that are more homogeneous and likely to respond to particular treatments. PARP inhibitor biomarkers aid in patient selection for PARP inhibitor therapy based on their tumor’s mutation status. This enables more targeted and effective treatment. Additionally, rising prevalence of cancers with defective DNA repair pathways like ovarian cancer is also expected to fuel the demand for PARP inhibitor biomarkers. According to the World Cancer Research Fund, over 300,000 new cases of ovarian cancer were reported globally in 2020. Furthermore, ongoing research into developing new PARP inhibitor biomarkers and combinations with other therapies is anticipated to present lucrative growth opportunities for market players during the forecast period.

Segment Analysis

The PARP inhibitor biomarkers market is dominated by the diagnostic segment as it accounts for nearly 80% share. Diagnostic segment involves tests to detect BRCA1/2 mutations and other genomic signatures in tumors that indicate sensitivity to PARP inhibitors. This segment is dominating as identification of patient subgroups most likely to respond to PARP inhibitor therapies is crucial for treatment selection and development of personalized medicine approaches in oncology.

PEST Analysis

Political: Government support in the form of funding for cancer research is driving the biomarker development for precision oncology. Regulations ensuring patient access to biomarkers for optimized treatment are also fostering market growth.
Economic: Rising healthcare spending coupled with growing affordability is increasing demand for biomarker testing in developing countries. High treatment cost of cancer is boosting the adoption of companion diagnostics to deliver targeted therapies.
Social: Growing cancer prevalence worldwide due to lifestyle changes, pollution and tobacco consumption is creating need for advanced treatment options. Patient organizations are creating awareness about available diagnostic tests.
Technological: Biomarker discovery through next-gen sequencing, proteomics is identifying new predictive and prognostic biomarkers. Assay development and automation is ensuring wider accessibility of cost-effective companion diagnostics.

Key Takeaways

The global PARP Inhibitor Biomarkers Market is expected to witness high growth at a CAGR of 49% during the forecast period of 2024 to 2031.

Regional analysis indicates North America currently dominating due to strong research activity and availability of advanced healthcare facilities in the region. Key players operating in the PARP inhibitor biomarkers market are BASF SEChembond Chemicals LimitedGE Water and Process TechnologiesKurita Water Industries Ltd. Region-wise, Asia Pacific is poised to be the fastest-growing market owing to rising healthcare expenditure, speedy adoption of targeted therapies and growing cases of cancer in developing countries like India and China.

Key players

operating in the PARP inhibitor biomarkers market are BASF SEChembond Chemicals LimitedGE Water and Process TechnologiesKurita Water Industries Ltd. Ion ExchangeKemira OyjAkzoNobel N.V.SolenisThermax Ltd. These players are focusing on new biomarker development through collaborations and clinical trials to identify patient subgroups most likely to respond to PARP inhibitors and expand the market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it