Global Biomarker Clinical Phase Outsourcing Services Market projected to grow to USD 46.5 billion by 2033 with CAGR of 20.02%
From GlobeNewswire: 2024-06-20 22:00:00
The Global Biomarker Clinical Phase Outsourcing Services Market is projected to grow from USD 7.5 billion in 2023 to USD 46.5 billion by 2033, with a CAGR of 20.02%. Biomarkers in drug development support clinical trials stages, improving disease understanding and treatment efficacy. Strong demand for cancer biomarkers, government funding, and technological advancements are driving market growth. However, high costs and lack of standardization restrain the market.
The use of surrogate endpoints in biomarker clinical phase outsourcing services reduces time and cost of clinical trials, accelerating drug development. Oncology dominates the market due to the increasing use of biomarkers in cancer trials for efficient treatment discovery. Biotechnology companies are expected to grow the fastest during the forecast period, fueling market growth.
North America holds the largest market share, with the US leading in biomarker outsourcing services. The Asia-Pacific region is expected to grow the fastest, driven by supportive regulatory reforms and cost-effective clinical research alternatives. Major vendors in the market include Laboratory Corporation of America Holdings, Fujirebio lnc., and Charles River Laboratories.
In June 2023, Labcorp launched a liquid biopsy test called Labcorp Plasma Focus to aid in targeted therapy selection for patients with advanced solid tumors. The global biomarker clinical phase outsourcing services market is segmented based on biomarker types, therapeutic areas, end-users, and regions. Revenue forecasted from 2020-2033. Browse related reports on the global empty capsules market, skin rash treatment market, mineral supplements market, and nasal spray market.
Read more at GlobeNewswire: Global Biomarker Clinical Phase Outsourcing Services Market