New York, United States , Nov. 29, 2022 (GLOBE NEWSWIRE) — The Global Biomarker Research Services Market Size is to grow from USD 5,897 million in 2021 to USD 19,176 million by 2030, at a Compound Annual Growth Rate (CAGR) of 14% during the forecast period. The biomarker research services market share has grown due to the strong demand that has been generated for sophisticated and effective biomarkers as a result of the increasing prevalence of cancer, neurological disorders, and cardiovascular diseases worldwide. Additionally, the market is being boosted by increased attention and the need for early and accurate diagnoses to enable quick and timely therapeutic treatment for a variety of chronic illnesses.
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The biomarker research services segment accounts for the largest market size during the forecast period
Based on the service type, the global biomarker research services market is categorized into Biomarker Research Services and CDx Research Services. The biomarker research services segment accounts for the largest market size during the forecast period. Due to some characteristics of biomarkers, such as their rapid identification of specific diseases, the use of biomarkers research services is growing.
Numerous neurological conditions, metabolic issues, immune system dysregulation, and oncological conditions are treated with biomarkers. These aid in the early diagnosis of illnesses including cancer and Alzheimer’s. In addition, biomarkers are utilized to identify Cystic Fibrosis, Huntington’s disease, inherited Hemochromatosis, and infant hemolytic illness. In instance, the first diagnostic blood test for traumatic brain injury, known as Banyan BTI, was approved for sale by the U.S. Food and Drug Administration (FDA) in February 2018.
The cancer segment to hold a higher CAGR during the forecast period.
Based on the disease indication, the biomarker research services market is categorized into Cardiovascular Disorders, Cancer, Infectious Diseases, Immunological Disorders, Neurological Disorders, and Others. The cancer segment to hold a higher CAGR during the forecast period. The growth in demand for quick and accurate diagnostic technologies, the rising incidence of cancer worldwide, and the unmet need for more specialized, individualized therapy targets for cancer patients all contribute to the growth of the cancer segment.
The market is anticipated to be driven by its application in early cancer detection, prognosis estimation, and treatment response monitoring. According to the American Cancer Society, 1.8 million new cases of the disease were recorded in 2020, and 606,520 people in the country passed away from it.
Browse 72 market data Tables and 63 Figures spread through 200 Pages and in-depth TOC on “Global Biomarker Research Services Market Size, Share, and COVID-19 Impact Analysis, By Service Type (Biomarker Research Services and CDx Research Services), By Disease Indication (Cardiovascular Disorder, Cancer, Infectious Disease, Immunological Disorder, Neurological Disorder, and Others) By End-user (Hospitals, Diagnostic Centers and Specialty Centers), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents.
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On credit portfolios, the COVID-121.9 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and businesses in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programs. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
The hospital’s segment is to hold a higher CAGR during the forecast period.
Based on the end-user, the biomarker research services market is categorized into Hospitals, Diagnostic Centers, and Specialty Centers. The hospital’s segment is to hold a higher CAGR during the forecast period. Hospitals often have an emergency department or trauma center to handle life-threatening circumstances since they treat a wide variety of illnesses and injuries.
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Asia-Pacific to hold a higher CAGR during the forecast period.
The Global Biomarker Research Services Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East, and Africa. North America is estimated to account for the highest market share in 2022. North America is expected to be the largest market.
The major factors propelling the biomarker research services market in North America are an increase in the demand for biomarkers for disease diagnosis, companion diagnostic research for new drug development, and an increase in the prevalence of chronic diseases. In addition, the presence of major players involved in mergers and acquisitions, collaboration with CROs for biomarkers, and an increase in corporate R&D spending.
Some of the Key Developments:
In February 2022, the “Neurofilament as a Fluid Biomarker of Neurodegeneration in Familial Frontotemporal Degeneration (FTD)” project, which was started by the Foundation the National Institutes of Health (FNIH) Biomarkers Consortium, will determine the most effective blood tests to measure a protein that is essential for the early detection of rare neurodegenerative diseases.
In February 2022, With the use of the kit, laboratories with NGS capabilities may do thorough biomarker testing, offer powerful data analysis, and assist oncologists in providing the most efficient and individualized cancer treatments.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Biomarker Research Services Market include F. Hoffmann-La Roche Ltd., Abbott Laboratories, Epigenetics AG, General Electric, Johnson & Johnson Services, Inc., Thermo Fisher Scientific, Inc., Bio-Rad Laboratories and Others.
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