Rising Focus on Personalized Medicine to Accelerate Growth of Global Cancer Biomarkers Market at a strong 11.80% CAGR between 2017 and 2025, TMR
The global market for Cancer Biomarkers has been growing at a fast pace, owing to the research and development activities. The developing economies hold promising growth opportunities for the market players, which is likely to accelerate the growth of the market in the near future. According to the market research study by Transparency Market Research, the global cancer biomarkers market is predicted to register a strong 11.80% CAGR between 2017 and 2025.
The major factors that are encouraging the growth of the global cancer biomarkers market have been mentioned below:
The rising incidence of cancer and the growing focus on technological advancements are the key factors that are projected to accelerate the growth of the global cancer biomarkers market in the next few years.
The rising use of cancer biomarkers in drug development and discovery is another major factor, which is estimated to enhance the growth of the cancer biomarkers market in the coming few years.
The increasing focus of key players on the research and development activities is expected to create potential growth opportunities in the next few years, thus accelerate the growth of the overall market in the near future.
In addition to this, the increasing focus on personalized medicine and companion diagnostics are likely to enhance the growth of the cancer biomarkers market across the globe.
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Rising Prevalence of Cancer to Drive North America and Asia Pacific Market
The global market for cancer biomarkers has been categorized on the basis of geography into the Middle East and Africa, Europe, Asia Pacific, North America, and Latin America. Among these segments, North America is anticipated to account for a large share of the global cancer biomarkers and register a healthy growth rate in the next few years.
The strong growth of this region can be attributed to the rising prevalence of cancer and the development of the healthcare services. In addition to this, the growing demand for enhanced diagnostic tests and healthcare services are some of the other key factors that are predicted to accelerate the growth of the North America cancer biomarkers market in the next few years.
Furthermore, the Asia Pacific market for cancer biomarkers is projected to register a healthy growth rate in the next few years. The presence of a large patient pool and the rising awareness among people regarding the maintenance of good health are some of the key factors that are projected to accelerate the growth of the market across Asia Pacific in the next few years
Moreover, the rising geriatric population and the rising disposable income of consumers are further estimated to accelerate the market growth in the near future.
Rising Focus on Research and Development Activities to Enhance Market Growth
The global market for cancer biomarkers is extremely competitive in nature and is projected to witness a stiff competition among the leading players in the next few years. The rising investments for research and development activities and the increasing focus of key players on innovations and advancements are some of the key factors that are projected to enhance the growth of the global cancer biomarkers market in the next few years.
Some of the leading players operating in the cancer biomarkers market across the globe are QIAGEN, Agilent Technologies, bioMérieux SA, F. Hoffmann-La Roche Ltd, Illumina, Inc., Hologic, Inc., Genomic Health, Inc., Merck & Co., Inc., Abbott Laboratories, Thermo Fisher Scientific Inc., and Novartis AG.
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