The global biomarker testing services market is expected to register significant growth in the forecast period. The main drivers of the biomarker testing services market are rising diagnostic application of biomarkers; increasing one-test-one patient norm; rising use of personalized precision medicines due to the increase in genetic disorders that require biomarker testing services; and growing awareness about biomarkers and the low cost of clinical trials. Also, biomarker testing reduces the cost, time, and failure of drug development processes. Inclusion of biomarker testing at every phase of the drug development process has shown a large amount of success.
The COVID-19 pandemic has led to an economic slowdown globally and also significantly affected the biomarker testing market as well. Biomarker testing services are rapidly expanding because they enable a high production of novel and innovative drugs and biologic products needed to combat the pandemic. For instance, in March 2021, the FDA approved the emergency use of the Tiger Tech COVID Plus Monitor which is used to determine COVID-19 in asymptomatic individuals by using biomarkers that are used to determine COVID-19 and helps in prevention.
In terms of therapeutic area, the oncology segment is expected to lead the market in the forecast period due to the increase in cancer globally, the rising need for precision medicine in oncology therapies, and accurate diagnostic tools to detect cancer. It is also used in early prognosis, detection, and helps in recording the response of the treatment, which is anticipated to drive the market.
North America is expected to witness the largest market share. This is due to the presence of key market players providing biomarker testing services in this region; rise in disease burden that leads to increase in laboratory diagnostic testing; development in healthcare infrastructure; and R&D investment by market players for the development of novel therapeutics for oncology.
The key market players include BioAgilytix Labs, Eurofins Scientific, SGS SA, Charles River Laboratories, Labcorp Drug Development, PPD, Inc., ICON Plc, IQVIA, Syneos Health, and Intertek Group Plc. They are adopting various strategies like merger and acquisition, collaboration, and expansion. For instance, in June 2022, Labcorp announced a collaboration with BML to expand its biomarker testing facilities in Japan. The partnership will help Labcorp strengthen its global presence.
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