As the prevalence of lung cancer, melanoma, and renal cell carcinoma continues to soar worldwide, the adoption of PD-L1 biomarker testing is expected to grow at a healthy pace in the years to come, says Future Market Insights (FMI) in its new market study. Moreover, the report forecasts that the global PD-L1 biomarker testing market will grow in value at a stellar CAGR of 13.1% between 2020 and 2030.
The report opines that the outbreak of COVID-19 is likely to create short-term fluctuations on the supply side due to pandemic-related issues such as workforce shortages and disruptions of delivery networks. Similarly, a steep decline in the number of tests has been observed during the pandemic, and this is expected to further decelerate the demand for PD-L1 biomarker testing.
The report primarily attributes the growth of the market to the increasing incidence of cancers, especially lung and skin, coupled with the development of advanced diagnostic kits and assays.
Likewise, rising awareness regarding the availability of testing methodology such as immunohistochemistry-based assays and Enzyme-linked Immunoassay (ELISA) based detection will continue to impel the adoption of PD-L1 biomarkers in the forthcoming years.
To remain ‘ahead’ of your competitors, request for a sample @ https://www.futuremarketinsights.com/reports/sample/REP-GB-5897
Key Takeaways
- The global PD-L1 biomarkers testing market is expected to surge past valuation of US$ 2.05 Bn by the end of the forecast period.
- PD-L1 SP142 assay kits will remain the most popular products among end-users, capturing nearly half of the market value, owing to high efficiency in detecting cancer tumors.
- Non-small cell lung cancer and melanoma are cumulatively expected to hold more than 50% of the total market value on the back of the soaring prevalence of these diseases.
- By end-use, PD-lL1 biomarker testing finds the majority of applications in hospitals, which is expected to account for over 60% of market value.
- North America will spearhead the regional landscape through the forecast period, accounting for more than 50% of the global market value.
- Europe is poised to remain the second most lucrative region, holding nearly 1/3rd of market value.
COVID-19 Impact on PD-L1 Biomarker Testing Market
The COVID-19 pandemic has created disruptions across the healthcare technology landscape and has resulted in a shifting preference among manufacturers towards essential technologies and treatments. Furthermore, although PD-L1 biomarker testing is used to test severe diseases such as cancer, a reduced number of screenings is adversely impacting the demand for testing.
For instance, according to trends observed by Cancer Research Network, screening rates of melanoma plummeted by approximately 50% in the UK in the past few months. Likewise, in the US, the number of tests conducted to detect non-small cell lung cancer fell by 30% in March as compared to February. As patients reschedule or skip regular screenings, this is creating a downtrend in demand for PL-D1 biomarker testing.
However, considering the severity of these diseases, the need for testing will swiftly arise in the future, ensuring that the market’s growth trajectory remains intact.
Who is Winning?
Key players operating in the market are focusing on enhancing existing product designs and developing novel products with increased accuracy. Moreover, traditional growth strategies such as acquisitions and mergers have been identified as strategies adopted by players to strengthen their foothold in the competitive landscape.
FMI’s report includes profiles of some of the most prominent names in the market including F. Hoffmann-La Roche Ltd, Agilent Technologies, Inc., NeoGenomics Laboratories, Inc, HalioDx and Abcam plc. among others.
For critical insights, request for PDF Brochure – https://www.futuremarketinsights.com/reports/brochure/rep-gb-5897
Why Future Market Insights?
• Comprehensive analysis on evolving purchase pattern across different geographies
• Detailed insights of market segments and sub-segments for historical as well as forecast period
• A competitive analysis of prominent players and emerging players in the keyword market
• Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years
Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario
About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact Us:
Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com