Global Biomarker Research Services Market Is Estimated To Witness High Growth Owing To Increasing Incidences Of Cancer And Rising Funds And Grants

 

Biomarker Research Services Market

Overview:

Biomarker research services offer a unique approach to clinical trial support. They can help to optimize the study design and outcome by identifying patient populations that are more likely to respond to treatment or avoid certain adverse events. Biochemical and genetic changes within tumors affect the way a drug will treat it. Therefore, the ability to detect these markers and quantify them is crucial during cancer drug discovery. Biomarker research is used throughout the drug development process to guide and influence the selection of therapeutic agents and monitor their efficacy and safety. During the discovery phase, biomarker assays help determine the mechanism of action, validate drug targets, and measure therapeutic responses. Later, biomarker analysis services are used to screen and evaluate patient populations during clinical trials and post-marketing studies.

Market Dynamics:

Increasing product launches are estimated to augment growth of the global biomarker research services market during the forecast period. For instance, a genomic and therapeutic company, OncoDNA, launched the OncoDEEP kit in February 2022. This kit offers a complete workflow solution enabling laboratories with NGS capabilities to conduct comprehensive biomarker testing. Moreover, rising capital investments are anticipated to restrain growth of the global biomarker research services market during the forecast period.

Impact of COVID-19:

COVID-19 had an adverse impact on the growth of many sectors. Many businesses were shut down during the pandemic. Manufacturing activities of many sectors were hated. However, the healthcare sector was most severely affected by the pandemic. The pandemic had a positive impact on the global biomarker research services market. As the number of COVID-19 cases increased, there was a huge development of biomarker technologies. As biomarkers are essential in clinical decision making in the treatment of numerous infectious diseases. There was a huge demand for biomarker research services. Thus, the pandemic boosted the growth of the global biomarker research services market.

Key Takeaways:

 

The global biomarker research services market is expected to witness robust growth, exhibiting CAGR of 13.5 % over the forecast period, due to increasing adoption of growth strategies by key players. For instance, Labcorp declared their collaboration with BML in June 2022, for expanding their biomarker testing facilities in Japan. This partnership will also help in strengthening their presence globally.

North America is anticipated to witness robust growth in the global biomarker research services market during the forecast period, due to growing advanced healthcare infrastructure and growing research and developmental activities.

Key players active in the global biomarker research services market are Intertek Group Plc, Bio Agilytix Labs, Syneos Health, Euro fins Scientific, IQVIA, SGS SA, ICON Plc, Charles River Laboratories, Thermo Fisher Scientific Inc., and Labcorp Drug Development.