Biomarker Discovery Outsourcing Services Market Size/Share to be Worth USD 70.44 Billion By 2032, at 20.8% CAGR: Polaris Market Research

NEW YORK, Dec. 12, 2023 /PRNewswire/ -- A latest research report [110+] pages with 360-Degree visibility, titled "Biomarker Discovery Outsourcing Services Market Share, Size, Trends, Industry Analysis Report, By Type; By Therapeutic Area (Oncology, Neurology, Cardiology, Autoimmune Diseases, Others); By Discovery Phase; By End-use; By Region, And Segment Forecasts, 2023 - 2032" published by Polaris Market Research in its research repository.

The global biomarker discovery outsourcing services market size/share is predicted to grow from USD 10.66 Billion in 2022 to USD 70.44 Billion in 2032. It is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 20.8% from 2023 to 2032, according to the latest report by Polaris Market Research.

What are Biomarker Discovery Outsourcing Services? How Big is Biomarker Discovery Outsourcing Services Market Size/Share?

• A Quick Review

A biomarker, also referred to as a biological marker, is a measurable indicator that records what's happening in a cell or an organism at any given time. Biomarkers help assess and predict health states in individuals or across large demographics so that apt therapeutic interventions can be planned. They can be used alone or in combination to monitor the health or disease state of individuals. A wide range of biomarkers are available on the market today, with every biological system having its specific biomarker.

Biomarkers help in disease identification, monitoring disease progression, and understanding how specific drugs exert an effect in terms of efficacy and safety. Biomarker discovery services act as an effective tool to help identify new biomarkers. Also, they have the potential to identify novel drug targets in the initial stages. The growing prevalence of chronic diseases like cardiovascular diseases, diabetes, and cancer is having a significant impact on the biomarker discovery outsourcing services market growth.

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Who Offers Biomarker Discovery Outsourcing Services?

• Laboratory Corporation of America Holdings
• Charles River Laboratories.
• Eurofins Scientific
• Celerion
• ICON plc
• Parexel International (MA) Corporation
• Proteome Sciences
• GHO Capital
• Thermo Fisher Scientific Inc.
• Evotec

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Important Highlights from the Report

• The demand for biomarker discovery outsourcing services has increased substantially as the need for accurate and timely diagnosis continues to rise.
• Growing focus on personalized medicine is poised to drive market growth.
• The biomarker discovery outsourcing services market segmentation is primarily based on type, therapeutic area, discovery phase, end use, and region.
• North America dominated the market for biomarker discovery outsourcing services in 2022.

Market's Prime Determinants of Growth, Trends, and Opportunities

Growth Drivers

Increasing focus on personalized medicine: Growing emphasis on providing personalized medications and targeted therapies is having a favorable impact on the demand for biomarker discovery outsourcing services. Traditional approaches to medicines are limited when it comes to their efficacy and safety. The limitations of traditional approaches have led to a surge in interest in customizing medications that suit the specific needs of patients. This, in turn, drives the development of tailored treatment strategies and impacts the biomarker discovery outsourcing services market demand favorably.

Rising prominence of targeted therapies: Targeted therapies are created to target molecules or pathways linked with specific diseases. The growing prevalence of targeted therapies intensifies the requirement for biomarker discovery services. Besides, biomarkers play a vital role in identifying the apt patient populations for targeted therapies. As the pharma sector continues investing in the creation of more precise drugs, the need for biomarker discovery outsourcing services is anticipated to rise.

Trends and Opportunities

Expanding drug development pipeline: The expanding drug development pipeline is having a positive impact on the biomarker discovery outsourcing services market size. Biomarkers are crucial in the drug development process as they help identify and validate drug targets. Also, they're important for stratifying patients in clinical trials. As a result, biomarker discovery services have become indispensable for pharmaceutical firms.

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Segmental Analysis

• Oncology Segment Accounted for the Largest Market Share

The oncology segment held the largest share of the market. This is primarily because cancer is a major health issue that leads to extensive morbidity and mortality. The growing prevalence of various cancer types, such as breast, lung, and prostate cancer, has resulted in substantial investments and research activities in oncology biomarkers. Identifying genomic biomarkers, including genetic mutations such as KRAS and EGFR, has been vital in oncology. Technological advances such as next-gen sequencing have allowed for the precise identification of these biomarkers.

• Surrogate Endpoints Segment Holds the Largest Share

By type, the surrogate endpoints segment accounted for the highest biomarker discovery outsourcing services market share in clinical trials. Clinical trials aimed at achieving critical results, such as disease progression or patient survival, often need extensive time and resources. Surrogate endpoints provide a potential solution by offering early insights into the effectiveness of the treatment. This reduces the time of trials and drives the growth of the segment.

• Biomarker Identification Segment Witnessed the Largest Share

Biomarkers have a wide range of applications in the medicinal world. They're primarily used in disease diagnosis and prognosis. Also, they find applications in drug development and therapeutic regimen monitoring. Outsourcing the discovery of biomarkers tends to be an affordable and time-efficient solution as compared to in-house endeavors. Biomarker discovery outsourcing services market key players can leverage advanced technologies and talent without the need for substantial capital investments.

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Biomarker Discovery Outsourcing Services Market: Report Scope

Regional Insights

Which Region Leads the Market for Biomarker Discovery Outsourcing Services?

North America: North America emerged as the fastest-growing region in the market. The region's dominance in the industry can be attributed to several factors, including the presence of advanced healthcare infrastructure and the availability of advanced technologies. Furthermore, the booming biotechnology industry and regulatory proficiency offer significant support for biomarker research activities in the region.

Asia Pacific: The biomarker discovery outsourcing services market in Asia Pacific region is projected to grow at a rapid rate. Emerging market for biotechnology and pharmaceuticals makes Asia Pacific an attractive option for the outsourcing of biomarker discovery activities. Besides, the advent of new biomarkers is projected to fuel the market growth over the forecast period.

Browse the Detail Report "Biomarker Discovery Outsourcing Services Market Share, Size, Trends, Industry Analysis Report, By Type; By Therapeutic Area (Oncology, Neurology, Cardiology, Autoimmune Diseases, Others); By Discovery Phase; By End-use; By Region, And Segment Forecasts, 2023 - 2032" with in-depth TOC:
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The Report Answers Questions Such As:

1. How big is biomarker discovery outsourcing services market size and share?

Ans: The global biomarker discovery outsourcing services market was valued at USD 10.66 billion in 2022 and is expected to grow to USD 70.44 billion, at a CAGR of 20.8% during the forecast period.

2. Which is the key segment in biomarker discovery outsourcing services industry?

Ans: Biomarker identification segment accounted for the largest market share owing to its wide range of applications.

3. Which region expected the fastest growth for biomarker discovery outsourcing services?

Ans: Asia Pacific is expected to have the fastest growth owing to the emerging market for biotechnology and pharmaceuticals in the region.

4. Who are the top players in the biomarker discovery outsourcing services market?

Ans: The key market players include Laboratory Corporation of America, Charles River Laboratories, Eurofins Scientific, Celerion, ICON, Parexel, and Proteome Sciences

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SOURCE Polaris Market Research