Bulletin
Investor Alert

April 12, 2021, 8:34 a.m. EDT

Biomarker Research Services Market share forecast to witness considerable growth to 2027

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

Apr 12, 2021 (Market Insight Reports) -- Utilization of biomarkers is increasing in all areas of Medicine to help predict and characterize disease. The increasing focus on biomarkers is expected to significantly drive demand for biomarkers research services in development and validation of new biomarkers. Biomarker research services are provided by various contract research organizations for discovery, development, validation, and testing of biomarkers. Different companies provide different types of research services to their clients, however, most common types of services include discovery of a candidate biomarker, qualification, verification, research assay optimization, biomarker validation, and commercialization. Research institutes, pharmaceutical organizations, and biotechnology companies partner and collaborate with biomarker research service providers for development, validation, and commercialization of biomarkers, as well as companion diagnostics. Companion diagnostic is a diagnostic test used with a therapeutic drug to determine the drug's applicability in a specific person. Companion diagnostics are developed based on companion biomarkers, biomarkers that prospectively help predict response or severe toxicity of a therapeutic drug.

Request Sample Copy of Research Report @ https://www.coherentmarketinsights.com/insight/request-sample/2612

Increasing diagnostic applications of biomarkers are expected to boost global biomarker research services market growth over the forecast period

The use of biomarkers in diagnostics is increasing due to certain features of biomarkers, which include rapid detection of specific diseases. Biomarkers are used in a wide variety of neurological diseases, metabolic disorders, immune deregulation, and oncology. These help with detection of diseases such as cancer and Alzheimer's. Biomarkers are further used to detect Hemolytic disease of the newborn, Huntington disease, hereditary Hemochromatosis, and cystic fibrosis. In February 2018, the U.S. Food and Drug Administration (FDA) granted marketing authorization to Banyan Biomarkers, Inc. for the first diagnostic blood test for traumatic brain injury, named Banyan BTI. Such innovations that target different indications are expected to increase demand for biomarkers. Therefore, increasing use of biomarkers in diagnosis of various diseases is expected to propel growth of the global biomarker research services market. Moreover, pharmaceuticals as well as biotechnology companies are still lacking biomarker research capabilities for which they will need to employ services of contract research organizations.

The global biomarker research services market was valued at US$ 5,897.7 million in 2017, and it is expected to register a CAGR of 13.5% over the forecast period (2018-2026).

High prevalence of chronic diseases is expected to boost growth of the global biomarker research services market over the forecast period

High prevalence of cancer, cardiovascular disease (CVD), and neurological diseases is expected to increase demand for biomarkers for diagnosis and treatment of these diseases. This is expected to lead to high demand for biomarker research services, thereby boosting the market growth over the forecast period. For instance, according to the World Health Organization (WHO), in February 2018, cancer was the second-leading cause of death worldwide, accounting for 8.8 million deaths. According to data published by the American Heart Association, in 2018, CVD which was listed as the underlying cause of death, accounted for an estimated 836,546 deaths in the U.S. which is around 1 in every 3 deaths. Moreover, around 2,300 deaths are registered in the U.S due to cardiovascular diseases each day, with an average of 1 death in every 38 seconds. Furthermore, increasing application and approval of companion diagnostics is expected to spur manufacturers to invest in research and development of companion diagnostics. For instance, in April 2019, Qiagen N.V. announced the U.S. launch of the therascreen FGFR RGQ RT-PCR Kit (therascreen FGFR Kit) as a companion diagnostic to help guide the use of the newly approved FGFR kinase inhibitor, BALVERSA (erdafitinib), developed by Janssen Biotech, Inc. (Janssen).

However, development of biomarkers requires high investments due to cumbersome biomarker validation and testing processes which is expected to hamper the global biomarker research services market growth.

Purchase Report Here @ https://www.coherentmarketinsights.com/insight/buy-now/2612

Some major players operating in the global biomarker research services market include Noble Life Sciences, Inc., Reprocell Corporation, Coriell Institute, BioIVT, ICON Plc., SRI International, Inc., Charles River Laboratories, Inc., Nordic Bioscience A/S, Proteome Sciences Plc., and Covance Inc. (Laboratory Corporation of America Holdings, Inc.).

About Coherent Market Insights

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us

Mr. Shah
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

COMTEX_384301592/2599/2021-04-12T08:33:56

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.