Biomarker Testing Services Market Size, Share & Trends Analysis Report 2022 – Growing Burden of Chronic and Infectious Diseases Supporting Demand – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Biomarker Testing Services Market Size, Share & Trends Analysis Report by Services (Biomarker Assay Development & Validation, Flow Cytometry), by End-user (Research Institutes, CROS), by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.

The global biomarker testing services market size is expected to reach USD 1,399.4 million by 2030, registering a CAGR of 6.9%

Growing investment in pharmaceutical R&D, increasing demand for the precision medicine used for cancer treatment, and growing burden of the infectious and chronic diseases facilitating the demand for the biomarker testing are some of the major factors driving the market’s growth.

There has been a consistent rise in clinical trials during the last 5 years. For instance, according to ClinicalTrials.gov, more than 262,298 trials were registered in 2018, whereas as of September 2022, above 399,518 trials were registered. Clinical trials are expected to improve in the coming years owing to the increase in funding for clinical research. This is expected to boost demand for medicine discovery research activities and thus support demand for biomarker testing in the post-pandemic period.

The FDA approval rate for medicines through the use of biomarkers has improved, over the years. For instance, in 2016, more than 26 trials were approved by the FDA that used biomarkers for medicine testing, whereas, in 2019, 36 trials were approved by the FDA that used biomarkers for medical testing. Clinical trials now require biomarker-related data for medicine approvals, as it provides information about the action of medicine in the body and thus speeds up the medicine approval process. This is expected to improve demand for biomarker testing during the forecast period.

Various biopharmaceutical companies are taking initiatives to improve the diagnosis rate of the cancer patient through biomarker testing. For instance, in April 2021, a biopharmaceutical company, Amgen launched the Biomarker Assist Program. As per this program, patients with metastatic (stage IV) non-small cell lung cancer (NSCLC) were provided biomarker testing, to check the presence of oncogene biomarkers, which help in targeted therapies. Such initiatives by the market players are likely to support the market’s growth.

According to the IQVIA, report on oncology trends, clinical trials for cancer have been increasing for the last 10 years. For instance, in 2011, 1,242 trials were registered for cancer, and as of 2021, 2,335 trials were registered for cancer. The number of clinical trials intended for cancer is expected to rise even further owing to the growing prevalence of the disease.

There is an increasing demand for targeted therapies designed for cancer that use biomarkers for testing the efficacy of the drug in the research. Increased cancer research in the coming years is expected to boost demand for the biomarkers designed for cancer testing and thus support the market in the post-pandemic period.

Biomarker Testing Services Market Report Highlights

• The biomarker assay development & validation segment by service was expected to hold the largest share of 59.8% in 2021. Growing demand for companion diagnostics in the diagnosis of diseases is expected to support demand for the biomarker assay development & validation service
• Based on end-user, the pharmaceutical and biotechnology companies accounted for the largest share of 44.0% in 2021, owing to the rising investment in R&D by these companies
• North America held the largest share of 46.2% in 2021, The technologically advanced infrastructure for research and the increase in research investment by public organizations are supporting the regional market growth

Market Dynamics

Market driver analysis

• Increasing demand for biomarker testing for cancer detection
• Increasing R&D activities
• Growing burden of chronic and infectious diseases supporting demand for biomarker testing

Market restraint analysis

• High capital investments and lengthy timelines for biomarker development

Biomarker Testing Services Market Analysis Tools

• Industry Analysis – Porter’s
• PESTEL Analysis

Major Deals & Strategic Alliances Analysis

• Mergers and Acquisition
• Expansions
• Agreements and Collaborations
• Product and Service Launches

Covid-19 Impact and Reformation Strategy

Competitive Landscape

• Bio Agilytix Labs
• Eurofins Scientific
• Sgs Sa
• Charles River Laboratories
• Laboratory Corporation of America Holding
• Thermo Fisher Scientific, Inc. (Ppd, Inc.)
• Icon plc
• Iqvia, Inc.
• Syneos Health
• Intertek Group plc

For more information about this report visit https://www.researchandmarkets.com/r/duobf4

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