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Biomarkers are used in all areas of medicine to predict, diagnose, characterize, or to treat a disease. A biomarker represents a biological molecule that is used efficiently and precisely to evaluate pharmacologic responses. Biomarker testing is used prominently in drug discovery and treatment of cancer. Validation of a biomarker is essential in delivery of high-quality research data necessary for effective use of biomarkers. Once a biomarker is validated, it is then used in drug development for disease identification or disease treatment. NeoGenomics, Inc. in 2017 announced the expansion of Immuno-Oncology profiling tests that includes microsatellite instability (MSI) testing and tumor mutation burden (TMB).
Increasing prevalence of the chronic diseases is leading to higher demand for the biomarkers. This factor is responsible for driving the growth of the global biomarkers validation and testing market. Additionally, increased investment in the drug discovery and development and high input in the research activities on the development of the diagnostics markers are some of the major factors driving the growth of the global biomarkers validation and testing market.
However, numerous challenges faced by pharmaceutical company researchers in biomarker validation and testing is the factor restraining the growth of the global biomarkers validation and testing market. In addition, high-cost of biomarker validation immuno-assays is likely to have negative impact on the growth of the global market.
Key Market Driver -
Increasing R&D for drug discovery and development
Key Market Restraint -
Challenges faced in biomarker validation and testing
By technique, the market is segmented into biomarker immunoassays, flow cytometry and others. Based on applications, the market is segmented into oncology, drug discovery & development and others. Based on end-users, the Biomarkers Validation and Testing Market is segmented into pharmaceutical & biotechnology companies, research institutes & CRO’s and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global biomarkers validation and testing market report include LGC Limited, SGS SA, BiomarkerBay B. V, Intertek Group plc, Eurofins Central Laboratory, AnyGenes, NeoGenomics Laboratories, Inc., GP-Bio Inc, Covance Inc., and others.
Geographically the global biomarker validation and testing market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among the regions, North America accounted for the largest share of the global biomarkers validation and testing market in 2018. The leading position is attributable to the high investments in research and development of the biomarkers, increasing prevalence of cancer, and adoption of personalized medicine by patient pool. Asia Pacific region is anticipated grow at a higher CAGR owing to rise in cancer diagnostic test by patients, need for accurate diagnostics and validation of assays for drug development and discovery as well as strong government backup and funding to launch novel drugs in the market. Latin America and Middle East & Africa are expected to have slower market growth owing to less R&D investments and lack of awareness for technological advancements.
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