PD L1 Biomarker Testing Market: Increasing prevalence of lung cancer across the globe to drive the market
Global PD L1 Biomarker Testing Market – Overview
The Covid-19 pandemic has had a profound effect on the overall development of the global PD L1 biomarker testing market. The key players in the market are shifting their focus on developing essential treatments and technologies. During the pandemic, the demand for testing plunged considerably, slowing down the market growth. However, it is expected that the market will pick up where it left off once things slowly start moving back to some kind of normalcy.
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Global PD L1 Biomarker Testing Market – Notable Developments
The competitive landscape of the global PD L1 biomarker testing market is a fragmented one. This fragmentation is because of the presence of several key players operating in the market space. The companies in the global market are focusing on developing new and innovative products that will cater to the different demands from the end users. In addition to this they are focusing on conventional growth strategies such as mergers and acquisitions to expand their businesses. Some of the key players in the global market for PD L1 biomarker testing are F. Hoffmann-La Roche Ltd, Agilent Technologies, Inc., NeoGenomics Laboratories, Inc, HalioDx and Abcam plc. among others.
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Some of the prominent developments in the global PD L1 biomarker market are given below:
- In December 2018, NeoGenomics Inc. announced that the company has decided to take over Genoptix Inc. The acquisition has helped NeoGenomics to improve its oncology diagnostic services.
- In January 2019, Abcam Plc acquired Calico Biolabs with an objective to expand its custom monoclonal production service capabilities.
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Global PD L1 Biomarker Testing Market – Drivers and Restraints
There is a myriad of factors affecting the overall development of the global PD L1 biomarker testing market. One of the key driving factors for the market growth has been the increasing prevalence of lung cancer across the globe. In recent years, consumption of tobacco and smoking has massively picked up worldwide, particularly among the younger generation. Moreover, the constant degradation of air, presence of carcinogens in the environment, and pollution have contributed in the prevailing lung cancer, and thus the growth of the PD L1 biomarker testing market. There are other lifestyle and eating habits that might also help in the development of the global market in the coming years of the forecast period ranging from 2020 to 2030.
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The market is expected to witness a strong growth in the near future as end users are becoming increasingly reliant on the testing. In recent years, there has been a growing awareness among people about early detection and diagnosis of lung cancer, and more people are undergoing such tests. This too is expected to help the market in the coming years of the forecast period.
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Global PD L1 Biomarker Testing Market – Geographical Outlook
In terms of geographical segmentation, there are five key regions of the global PD L1 biomarker testing market. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, presently, the global PD L1 biomarker testing market is being dominated by the regional segment of North America. The regional segment accounts for nearly half of the overall valuation of the global market. Increasing prevalence of lung cancer across the regions is projected to be the biggest driving factor for the growth of the PD L1 biomarker testing in North America. In addition to this, a matured and developed healthcare infrastructure in the region has also helped in driving the overall development of the market. In the US alone, there are over 100,000 new cases of melanoma are projected in 2020. Such high numbers offer a lucrative growth opportunity for the market in the North America region.
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