The Global Cancer Biomarkers Market is estimated to grow at a CAGR of 11.8% during the forecast period 2020-2027. As per the detailed market study, the global cancer biomarkers industry was valued at $10,944.08 million in the year 2019 and is anticipated to reach $26,979.50 million by the end of the year 2027.
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The market is flourished with various types of biomarkers such as nucleic acids, antibodies, peptides and proteins. Biomarkers for cancer indications have been studies and are being used for surrogate endpoints, personalized medicines, prognostics and diagnostics.
Major factors attributing towards the growth of the global cancer biomarkers market are rising prevalence of cancers such as lung, prostate and breast cancer across the world and increasing research in cancer biomarkers. Cancer biomarkers have major deployment in cancer care as well as utilization in diagnosis of cancer, monitoring the treatment response in cancer patient, risk assessment and cancer research. Rising prevalence of cancer has significantly contributed in the adoption of cancer biomarkers for the diagnosis of cancer. According to the World Health Organizations, cancer is one of the leading causes of mortality and morbidity globally. According to the American Cancer Society by 2030, the global burden of cancer is anticipated to increase by approximately 21.7 million new cancer cases and 13 million cancer deaths. Thus, the rising prevalence of cancer is expected to increase the demand for cancer biomarkers.
Additionally, technological advancements and surge in importance of biological & targeted drug therapies among other factors contribute towards the market growth. However, unregulated government regulations and reimbursement policies, threat of failure related with cancer treatment and high cost of drug development hinders the market growth. On contrary, increasing growth in cancer research and significant demand of cancer diagnostics are anticipated to offer lucrative opportunities for the market players operating in the global cancer biomarkers market. Various government organizations are focused on research and development in cancer biomarkers. For instance, according to the National Centre for Biotechnology Information (NCBI), in 2016, National Centre for Biotechnology Information (NCBI) was under research for serum biomarker panels for diagnosis of gastric cancer. The research included ten serum markers which were assessed by using the enzyme-linked immunosorbent assay Luminex system used for the purpose of gastric cancer diagnosis and analysis of the relation between metastases and prognosis. Also, in 2017, National Centre for Biotechnology Information was under research to detect blood-based biomarkers in metastatic breast cancer. The emphasis of investigating these biomarkers was to develop a new findings or technique of new biomarkers which can have prognostic or predictive value as usually studies focus on the identification phase.
Segmentation Overview of the Global Cancer Biomarkers Market
The global cancer biomarkers market is categorized on the basis of various market segments that include profiling technology, biomolecule, cancer type and application. These major market segments are further categorized into various sub-segments to study the market in detail considering market determinants and geographical dynamics.
The Profiling Technology Segment of the Global Cancer Biomarkers Market is Sub-Segmented into:
The Biomolecule Segment of the Global Cancer Biomarkers Market is Sub-Segmented into:
The Cancer Type Segment of the Global Cancer Biomarkers Market is Sub-Segmented into:
The Application Segment of the Global Cancer Biomarkers Market is Sub-Segmented into:
Competitive Insights of the Global Cancer Biomarkers Market
Thermo Fisher Scientific, Inc., Siemens AG, Qiagen N.V., PerkinElmer, Inc., Merck KGaA, F.Hoffmann-La Roche Ltd., Exact Sciences Corporation, Bristol-Myers Squibb Company, Bio-Rad Laboratories, Inc. and Abbott Laboratories are some major players included in the research study of the global cancer biomarkers market.
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