Cancer Biomarkers Market Demand 2022-2030: Rise in Number of Cancer Patients Has Led to Rise in Investments from Government to Establish Specialized Hospitals
The global cancer biomarker market size is expected to reach USD 118.08 Billion in 2030 and register a revenue CAGR of 17.6% over the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth of cancer biomarker is due to various factors such as technological advancements and increasing use of personalized medicine. However, high capital investments and low benefit-cost ratio are certain restraints that can affect market revenue growth.
Biomarkers plays a crucial role in identifying the presence of cancer within the body. It also helps in identifying the intensity to which cancer has spread within the body. A biomarker is a biological molecule found in blood, other body fluids, or tissues and signals a normal or abnormal process, or of a condition or disease. Increasing R&D in laboratories has led to introduction of new biomarkers for identifying specific cancers. Rise in number of cancer patients across the globe has led to a demand for better diagnostic techniques. If a patient is diagnosed early and has been confirmed with cancer, then it becomes easy for doctors to treat him or her well. Biomarkers help in detecting cancer at an early stage via different profiling technologies. Rise in awareness programs for early diagnosis of cancer has also led to increase in demand of profiling technologies.
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Biomarkers help in identifying the presence of tumor cells within the body with a high efficacy rate instead of going through large number of tests. During diagnosis, if biomarker is used for identifying the cancer then it can reduce the cost of testing. Low cost, easily accessibility and quick results are certain benefits of using biomarkers for diagnosing cancer, which is expected to drive market revenue growth.
Some Key Highlights from the Report
- By biomolecule type, proteomic segment accounted for the largest revenue share in 2020. Proteomics field has seen immense development over the past few years. Technological advancements in the field have facilitated enhancement of sample multiplexing ability, identification of protein interactions and sensitivity. Proteomic biomarker technologies have the potential to analyze multiple proteins, and such technologies include mass spectrometry and protein microarray.
- By application, prognostics segment accounted for largest market revenue share in 2020. Biomarkers in cancer treatment can be used for disease prognosis which takes place after an individual has been diagnosed with cancer. Biomarkers can be useful in determining the aggressiveness of an identified cancer as well as its likelihood of responding to a given treatment. Prognostic biomarker include elevated levels of metallopeptidase inhibitor 1(TIMP1), a marker associated with more aggressive forms of multiple myeloma and many more. Prognosis helps in complete removal of cancer cells within the body, and thus such an application is expected to drive the segment revenue growth.
- Cancer Biomarker Market in North America accounted for largest revenue share in 2020. The region has an extremely advanced healthcare sector, which engages itself in continuous R&D activities for innovative product launches. The region serves as the headquarters for a plethora of key players operating in the market. Countries in this region have high incidence rate of cancer, consequently leading to an escalating demand for novel as well as effective therapeutic modalities.
- Cancer biomarkers market in the Asia Pacific region is expected to register a faster revenue CAGR during the forecast period due to rapid healthcare infrastructural developments, increasing technological developments and expansion of the R&D activities in the region. Countries such as India and China have untapped potential, which is further expected to drive the developments in the regional market.
- In January 2022, Thermo Fisher Scientific Inc. and PeproTech Inc. announced that Thermo Fisher Scientific had completed its acquisition of PeproTech. PeproTech is a privately held provider of bioscience reagents known as recombinant proteins, including cytokines and growth factors. Recombinant proteins are used in the development and manufacturing of cell and gene therapies as well as in broader cell culture applications, especially for use in cellular research models.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Abbott Laboratories Ltd., Celera Corporation, Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., GE Healthcare Systems, Becton, Dickson & Company, Quest Diagnostics Inc., Genomic Health, Inc., and Hologic Inc.
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Cancer Biomarkers Market Segmentation:
Cancer Type Outlook (Revenue, USD Billion; 2019–2030)
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
Type Outlook (Revenue, USD Billion; 2019–2030)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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