Biomarker Testing Services Market Projected To Raise At USD 1,056.5 Million By 2030

 San Francisco, 23 Aug 2024: The Report Biomarker Testing Services Market Size, Share & Trends Analysis Report By Service (Biomarker Assay Development & Validation, Flow Cytometry), By Type (Molecular Biomarkers, Cellular Biomarkers), By End Use, By Region, And Segment Forecasts, 2024 - 2030

The global biomarker testing services market size is expected to reach USD 1,056.5 million by 2030, registering a CAGR of 8.46% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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.

Access Research Report of Biomarker Testing Services Market @ https://www.grandviewresearch.com/industry-analysis/biomarker-testing-services-market-report

Biomarker Testing Services Market Report Highlights

• The biomarker assay development & validation segment by service was expected to hold the largest share of 45.61% in 2023. 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 45.7% in 2023, owing to the rising investment in R&D by these companies
• North America held the largest share of 46.2% in 2023, The technologically advanced infrastructure for research and the increase in research investment by public organizations are supporting the regional market growth

Biomarker Testing Services Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 648.8 million
Revenue forecast in 2030	USD 1,056.5 million
Growth rate	CAGR of 8.46% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030

List of Key Players of Biomarker Testing Services Market

• Bio Agilytix Labs
• Eurofins Scientific
• SGS SA.
• Charles River Laboratories
• Laboratory Corporation of America Holdings
• Thermo Fisher Scientific Inc. (PPD, Inc.)
• ICON Plc
• IQVIA
• Syneos Health
• Intertek Group Plc

Access Press Release of Biomarker Testing Services Market @ https://www.grandviewresearch.com/press-release/global-biomarker-testing-services-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon