SEATTLE, May 13, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global biomarker research services market was valued at US$ 5,897.7 million in 2017 and is projected to exhibit a CAGR of 13.5% over the forecast period (2018–2026).
Key Trends and Analysis of the Global Biomarker Research Services Market:
Key players in the market are focused on development of novel biomarkers. Development and approval of novel products is expected to support the market growth. For instance, in 2017, Nordic Bioscience received CE marking for its PRO-C3 assay. The marking signifies that the measurement of PRO-C3 is of high quality and controlled in appropriate manner. Measurement of PRO-C3 involves measuring of active fibroblasts producing type III collagen and may be used in different important settings to support fibrosis research.
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Moreover, key players in the market employ advanced technologies for research and development of biomarkers. In the recent past, there has been a significant evolution of the technologies used for the development of biomarkers. Commonly used technologies in biomarker discovery include, genomic technology, proteomic technology, and epigenomic technology. Growth of the biomarker research services segment is expected to be driven by increasing use of biomarkers in diagnosis of various disease. Hence, high prevalence of diseases such as cancer is expected to increase demand for biomarker research services.
Key players in the market are engaged in strategic partnerships and collaborations to increase access to companion diagnostics. For instance, in February 2019, QIAGEN N.V. announced a master service agreement with LabCorp to accelerate access of cancer patients to QIAGEN’s companion diagnostic products following regulatory approvals of drugs and associated tests. Increasing focus of major pharmaceutical players on companion diagnostic and precision medicines is expected to drastically drive demand for companion diagnostics (CDx) research services, which in turn, is expected to support the market growth over the forecast period. Contract research organizations such as Covance (acquired by LabCorp in 2015) are actively involved in supporting CDx development efforts of leading pharmaceutical and biotechnology organizations.
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https://www.coherentmarketinsights.com/market-insight/biomarker-research-services-market-2612
Key Market Takeaways:
- A CAGR of 13.5% is expected during the forecast period (2018–2026), owing to increasing adoption of biomarkers in diagnostics as well as therapeutics (as companion diagnostic) to improve medical outcomes
- Several biomarkers are under development, which is expected to aid growth of global biomarker research services market over the forecast period
- North America region is expected to hold dominant position over the forecast period, owing to presence of leading contract research organizations such as Charles River Laboratories, Laboratory Corporation of America Holdings, and others
- Some of the 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.