The cancer biomarkers market was valued at US$ 12,175.69 million in 2018 and it is projected to reach US$ 31,206.00 million in 2027; it is expected to grow at a CAGR of 11.1% from 2019 to 2027.
The cancer biomarkers market was valued at US$ 12,175.69 million in 2018 and it is projected to reach US$ 31,206.00 million in 2027; it is expected to grow at a CAGR of 11.1% from 2019 to 2027.
National Cancer Institute (NCI) defined biomarker as a biological molecule found in blood, or tissues or other body fluids that is a sign of a standard or abnormal process. A biomarker is used to see how well the body responds to a treatment for a disease or condition. Cancer biomarkers are the molecules that aid in the examination as well as the treatment of different types of cancer. These molecules can be evaluated by collecting samples such as stool, tumor tissue, blood, urine, or other tissues or bodily fluids. The growth of the global cancer biomarkers market is attributed to the growing cancer prevalence across the globe, new product launches and FDA approvals, and technological advancements. However, unfavorable regulatory and reimbursement scenario is the major factor hindering the market growth.
New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years. Many cancer biomarkers were positively associated with the severity of coronavirus, as the level of biomarkers were high in cases of all categories. Various cancer biomarkers were elevated in different inflammatory conditions in the lungs. Hence, the market is estimated to witness growth during this pandemic period.
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Cancer biomarkers market Segmentation:
- In terms of biomarker type, the global cancer biomarkers market is segmented into genetic biomarkers, protein biomarkers and other cancer biomarkers. In 2018, the protein biomarker segment held largest share of the market. Also, the same segment is estimated to register the highest CAGR during the forecast period.
- Based on profiling technology, the global cancer biomarkers market is segmented into omics technologies, imaging technologies, immunoassays, cytogenetics, and bioinformaticss. The omics technologies segment held the largest market share in 2018, also the same segment is expected to grow at the fastest CAGR during the forecast period.
- In terms of cancer type, the global cancer biomarkers market is segmented into breast cancer, lung cancer, prostate cancer, leukemia, bladder cancer, and others cancer. In 2018, the other cancer segment held largest share of the market. However, the lung cancer segment is expected to register the highest CAGR during the forecast period.
- In terms of application, the global cancer biomarkers market is segmented into diagnostics, research and development, prognostics, and others cancer. The prognostics segment held the largest share of the market in 2018 and the same segment is estimated to register the highest CAGR during the forecast period.
- The leading companies operating in the cancer biomarkers market include Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., QIAGEN N.V., Illumina, Inc., Myriad Genetics, Inc., Hologic Inc., Quest Diagnostics Incorporated, bioMérieux S.A., and Creative Diagnostics among others. The market has observed various organic as well as inorganic developments during recent years in the cancer biomarkers market. For instance, in May 2019, Roche launched the VENTANA ROS1 (SP384) Rabbit Monoclonal Primary Antibody, an in vitro diagnostic ROS1 immunohistochemistry (IHC) assay. The launch has enabled the company to offer better innovative products in the market.
Growing Cancer Prevalence Across The Globe to Drive Global Cancer Biomarkers Market Growth
Cancer is among the leading cause of death over the globe and is extremely affecting the quality of life. Therefore, cancer will be a burden on society if not diagnosed and operated on time. According to the World Health Organization in 2018, around 9.6 million deaths beyond the globe were due to cancer. Moreover, the National Cancer Institute predicted that in 2018, nearly 1,735,350 new cancer cases would be diagnosed in the US.
Additionally, cancer is found to be prevalent in European countries, as well. In 2016, as per the Cancer Research UK, around 163,444 deaths in the UK were due to cancer.
Furthermore, the Asia Pacific region is also suffering the difficulty of the growing prevalence of cancer. The top 15 nations with Cancer prevalence are Japan, Singapore, Mongolia, India, South Korea, Taiwan, Malaysia, Philippines, Sri Lanka, Thailand, China, Vietnam, Indonesia, Laos, and Cambodia. According to the National Institute of Cancer Prevention and Research (NICPR), in 2018, in India, the total deaths due to cancer were 784,821.
These statistics discover an increase in the demand for advanced cancer diagnostics in different regions across the globe. Hence, propelling the growth of the cancer biomarkers market during the forecast period.
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