PD-L1 Biomarker Testing Market is projected to reach a valuation of US$ 597.9 Million in 2022
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 9.4% between 2022 and 2032.
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.
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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.
- 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.
“Market players are directing their efforts towards improving the accessibility of these products and are marking them cost-effective to ensure wide-scale adoption,” remarks FMI analyst.
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.
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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.
- In January 2019, Abcam Plc acquired Calico Biolabs with an objective to expand its custom monoclonal production service capabilities.
- In December 2018, NeoGenomics, Inc. acquired Genoptix, Inc. to improve its oncology diagnostic services.
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.
To Know More About PD-L1 Biomarkers Market
A new market research report published by Future Market Insights (FMI) on the global PD-L1 biomarkers market offers an executive-level blueprint of the market. It offers insights into demand trends and provides analysis of opportunities over the forecast period, 2022-2032. The report examines the market through four different segments – product, indication, end-use, and region. The report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply and product adoption across several end-use industries.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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