PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1224479
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1224479
Biomarker Testing Services Market size was valued at USD 830.6 Million in 2022, expanding at a CAGR of 7.8% from 2023 to 2030.
A laboratory technique that examines a sample of tissue, blood, or other bodily fluid for certain genes, proteins, or other substances that may be a symptom of a disease or illness, such as cancer. Biomarker testing can also be used to look for abnormalities in a person's gene or chromosome that may raise their chance of acquiring cancer or other disorders. Biomarker testing may be used with other procedures, such as biopsies, to aid in the diagnosis of certain forms of cancer. It may also be used to aid in treatment planning, determining how well treatment is working, making a prognosis, or predicting if cancer will return or spread to other places of the body. Molecular profiling and testing are other terms for the same thing.
Biomarker Testing Services Market- Market Dynamics
Growing investment in pharmaceutical R&D, the rising need for precision medicine utilized in cancer therapy, and an increase in the burden of infectious and chronic diseases fueling demand for biomarker testing are some of the primary drivers driving market expansion. Moreover, clinical trials have been steadily increasing during the previous five years. According to ClinicalTrials.gov, more than 262,298 studies were registered in 2018, while more than 399,518 trials were registered as of September 2022. Clinical trials are projected to improve in the future years as clinical research funding increases. This is predicted to increase demand for drug discovery research and, as a result, demand for biomarker testing in the post-pandemic era.
In addition, through the use of biomarker testing, several biopharmaceutical firms are attempting to increase the detection rate of cancer patients. For instance, the Biomarker Assist Program was introduced by the biopharmaceutical company Amgen in April 2021. This initiative offered biomarker testing to patients with metastatic (stage IV) non-small cell lung cancer (NSCLC) to screen for the presence of oncogene biomarkers that aid in targeted therapy. Such actions taken by market participants are probably going to aid in the market's expansion.
Biomarker Testing Services Market- Segmentation Analysis:
Based on the service, the biomarker assay development & validation segment is expected to hold the largest market share over the forecast period. The increasing volume of clinical research and drug discovery activities that demand the development and validation of biomarker assays is one of the main factors promoting the segment's expansion. In 2018, the FDA approved 40.0% of customized medications based on biomarkers, which increases demand for the development and validation of biomarker assays. For detecting biomarkers in cancer disorders, there is an increasing demand for companion diagnostics such as immunohistochemistry kits. For instance, Roche's VENTANA MMR RxDx Panel IHC panel, which is used to identify biomarkers in patients with endometrial cancer, obtained clearance in August 2022. This reinforces the need for the creation of biomarker assays.
Based on the end user, the pharmaceutical and biotechnology companies segment is expected to grow significantly over the forecast period. One of the main factors driving the segment's growth is a rise in the funding provided by the pharmaceutical and biotechnology industries for clinical research. Additionally, pharmaceutical firms are becoming more interested in creating cancer-focused medicines. Due to this, AstraZeneca and Roche partnered in September 2022 to reimagine cancer detection and treatment across the Middle East and North Africa. The alliance aimed to lower obstacles to biomarker testing and increase regional access to precision medications.
Biomarker Testing Services Market- Geographical Insights
North America is expected to dominate the market during the forecast period. The factors supporting the market in the region include the presence of major market players offering biomarker testing services there, an increase in disease burden that causes a rise in laboratory diagnostic testing, the presence of sophisticated healthcare infrastructure, and growing R&D investment by public organizations in the region. For instance, the 2020 study on COVID-19 biomarkers was supported by USD 78,000 from the Canadian government. Finding biomarkers for COVID-19 severity identification was the goal of the study.
Biomarker Testing Services Market- Recent Development:
In June 2022, to increase its biomarker testing capabilities in Japan, Labcorp and BML announced their partnership. The alliance will increase Labcorp's global reach.
Key features of the study:
This proposed research study on the Biomarker Testing Services market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for ` the Biomarker Testing Services market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the Biomarker Testing Services market
The impact of COVID-19 on the Biomarker Testing Services market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Biomarker Testing Services market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Biomarker Testing Services market, we have also included a competitive landscape and key innovator analysis for the Biomarker Testing Services market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Biomarker Testing Services market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Biomarker Testing Services market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL BIOMARKER TESTING SERVICES MARKET KEY PLAYERS
Charles River Laboratories
IQVIA
SGS SA
Bio Agilytix Labs
Labcorp Drug Development
Intertek Group Plc
ICON Plc
Euro fins Scientific
Syneos Health
Thermo Fisher Scientific Inc.
GLOBAL BIOMARKER TESTING SERVICES MARKET, BY SERVICE
Biomarker Assay Development
Flow Cytometry
Others
GLOBAL BIOMARKER TESTING SERVICES MARKET, BY END USER
Pharmaceutical and biotechnology companies
Research Institutes
CRO
GLOBAL BIOMARKER TESTING SERVICES MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA