PUBLISHER: Grand View Research | PRODUCT CODE: 1375928
PUBLISHER: Grand View Research | PRODUCT CODE: 1375928
The global biomarker clinical phase outsourcing services market size is expected to reach USD 27.17 billion by 2030, registering a CAGR of 20.6%, according to a new report by Grand View Research, Inc.. Increasing diagnostic applications of biomarkers, rapid advancements in OMICS technologies, a rise in research and development (R&D) funding from the government, and the shift toward precision medicine are a few of the factors driving the growth of the market.
The market is fragmented, with several key players having similar technological and processing capabilities. These companies offer various services related to biomarker testing, including assay development, sample analysis, data interpretation, and clinical trial support. This industry is characterized by intense competition driven by factors such as quality assurance, technological advancements, regulatory compliance, and the ability to offer high-value and diverse services.
Biomarkers are at the core of personalized medicine, enabling better patient care and more effective treatments. Hence, the shift towards precision medicine is another significant factor supporting demand for biomarker testing services, thereby augmenting market growth. For instance, in January 2022, Pfizer Inc. and Beam Therapeutics Inc. announced an exclusive four-year research collaboration agreement to develop precision medicines for rare genetic diseases.
The COVID-19 pandemic moderately impacted the market. The initial phase of the COVID-19 pandemic has significantly affected clinical trials due to travel restrictions, including trials involving biomarker testing services. However, the market recovered from the losses due to the rapid development of biomarkers for COVID-19 diagnosis. Biomarker-based tests, such as PCR assays targeting viral RNA and antigen tests detecting viral proteins, have been crucial for identifying and tracking the virus.