The global cancer biomarkers market is experiencing significant growth, driven by the rising prevalence of cancer, advancements in technology, and the increasing adoption of personalized medicine. As the demand for early and accurate cancer diagnosis escalates, the market is poised for substantial expansion in the coming years.
The global cancer biomarkers market size was valued at USD 18.94 billion in 2018 and is expected to grow to USD 97.42 billion by 2032, registering a compound annual growth rate (CAGR) of 12.4% over the forecast period.
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Top Companies in the Cancer Biomarkers Market
Leading players in the cancer biomarkers industry include:
- F. Hoffmann-La Roche Ltd.
- Abbott
- Thermo Fisher Scientific
- Bio-Rad Laboratories, Inc.
- CENTOGENE N.V.
- Axon Medchem
- Sino Biological Inc.
- R&D System
- BioVision Inc.
- Myriad RBM
- Other players
Key Industry Developments
- March 2021: Roche announced that it received approval from the US Food and Drug Administration for the VENTANA ALK (D5F3) CDx Assay as a companion diagnostic. This assay is the only FDA-approved test for LORBRENA and aids in identifying patients with this cancer biomarker for more effective treatment.
Market Drivers and Restraints
Market Drivers:
- Rising Prevalence of Cancer: The increasing global incidence of cancer is a significant factor propelling market growth. For instance, in 2018, an estimated 18.0 million people were diagnosed with cancer worldwide.
- Advancements in Technology: Technological advancements in genomics and proteomics have facilitated the development of novel biomarkers, enhancing early detection and personalized treatment approaches.
- Adoption of Personalized Medicine: The shift towards personalized medicine in cancer treatment is fueling the demand for cancer biomarkers, as they play a crucial role in diagnosis, prognosis, and therapy selection.
- Research Collaborations: Collaborations between research institutions and key market players aim to develop biomarkers for disease diagnosis, further driving market growth.
Market Restraints:
- Lack of Reimbursement Policies: The absence of reimbursement policies for biomarker testing in emerging and developed countries limits the demand for these biomarkers globally.
- High Cost of Diagnosis: The high cost associated with cancer diagnosis and treatment in emerging countries restricts the number of patients undergoing biomarker testing.
Market Segments
By Cancer Type:
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Others
Breast cancer is expected to be the leading segment with respect to cancer type in this market during the forecast period, owing to its high prevalence and the increasing awareness about breast cancer diagnosis.
By Biomarker Type:
- PSA
- HER-2
- EGFR
- KRAS
- Others
By End User:
- Pharmaceutical & Biotechnology Companies
- Diagnostics & Research Laboratories
- Hospitals & Specialty Clinics
- Other
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Market Regional Insights
North America: North America dominated the global market in 2018, driven by the presence of key market players, advanced healthcare infrastructure, and significant investment in research and development.
Asia Pacific: The Asia Pacific region is expected to experience the highest growth during the forecast period, fueled by the increasing prevalence of cancer, government funding for product development, and growing awareness of cancer biomarkers among healthcare professionals and the public.
Future Market Scope
The cancer biomarkers market is poised for robust growth, with technological advancements and strategic collaborations playing a pivotal role. The integration of next-generation sequencing (NGS), liquid biopsy, and artificial intelligence (AI) into biomarker research is accelerating innovation in the field. Despite challenges such as high discovery costs and regulatory hurdles, the market holds immense potential, especially in emerging economies where healthcare infrastructure is expanding and demand for improved diagnostic tools is growing.
Conclusion
The global cancer biomarkers market is on a trajectory of significant growth, fueled by the rising prevalence of cancer, technological innovations, and the shift towards personalized medicine. As the demand for early and accurate cancer diagnosis escalates, the market is set to offer improved and accessible diagnostic solutions for patients worldwide.
Frequently Asked Questions (FAQ’s)
- What is the market size of Cancer Biomarkers Market?
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- Who are the major players in the Cancer Biomarkers Market?
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