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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Key Market Takeaways:
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