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Biomarker Research Services Market Perspective by Comprehensive Analysis Growth Prediction to 2026 With Top Players Noble Life Sciences, Inc., Reprocell Corporation, Coriell Institute, BioIVT, ICON Plc., SRI International

05-21-2019 01:33 PM CET | Health & Medicine

Press release from: Coherent Market Insights - Biotechnology

Biomarker Research Services

Biomarker Research Services

The global biomarker research services market size was valued at US$ 5,897.7 million in 2017, and is expected to witness a robust CAGR of 13.5% over the forecast period (2018–2026). Biomarkers are widely used in development of drugs. One of the primary processes through which biomarkers are accepted for use in drug development, is the drug approval process.

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The biomarker is included in the regulatory submission process for drug approval such as Investigational New Drug (IND), Biologics License Disease Indications (BLA), or New Drug Disease Indication (NDA), and are then accepted for use in that specific drug development program. Another process through which biomarkers are accepted for use in drug development is the Biomarker Qualification Program (BQP), which qualifies a biomarker for a particular context of use (COU), independent of a drug approval submission. This pathway is intended for biomarkers that are used in multiple drug development programs. Qualified biomarkers have the potential to offer valuable information that may help during drug development.

Market Dynamics

Factors such as increasing initiatives for development of precision medicine, increasing prevalence of chronic diseases, and increasing demand for development of companion diagnostics, is supporting the growth of global biomarker research services market. For instance, in 2017, National Institutes of Health launched Precision Medicine Initiative (PMI) with an investment of US$ 215 million to accelerate biomedical research and offer clinicians new tools to select therapies that can be used in a more individualized approach with patients. Moreover, potential of biomarkers in disease diagnosis, and in companion diagnostics is expected to boost global biomarker research services market growth. Organizations such as Covance, Inc., Charles River, and others are actively involved in providing biomarker research services.

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

The use of biomarkers for 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, 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 global biomarker research services market growth.

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

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.)

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

High prevalence of diseases such as cancer, cardiovascular diseases, and neurological diseases is expected to increase demand of biomarkers for diagnosis and treatment of these diseases. This, in turn, is expected to lead to high demand for biomarker research services, thereby boosting the market growth over the forecast period. For instance, according to World Health Organization (WHO), in February 2018, cancer was the second-leading cause of death worldwide, accounting for 8.8 million deaths. According to the data published by American Heart Association, in 2018, cardiovascular diseases, listed as the underlying cause of death, accounted for around 836,546 deaths in the U.S. which is around 1 in every 3 deaths in the U.S.

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.

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