Cancer Biomarkers Market Size Projected to Reach US$ 32.09 Billion by 2030

According to Report, the global cancer biomarkers market size is projected to reach around US$ 32.09 billion by 2030 from valued at US$ 10.69 billion in 2021 and expanding growth at a CAGR of 13% from 2022 to 2030.

Demand for cancer biomarkers remains strong in 2021. Some sales insight revealing the strong growth of cancer biomarkers during the past few years are listed below:

• Around 19.3 million new cancer cases and 10 million cancer deaths were reported in 2020, globally
• A rise of 47% in new cancer cases is expected from 2020 to 2040, globally
• Approximately, 2.3 million women were affected with breast cancer across the globe in 2020
• Lungs cancer caused 1.8 million global deaths in 2020
• About 1.93 million new cases of colorectal cancer were reported in 2020
• Around 2.20 million new lungs cancer cases were reported in 2020

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Leading Regions Market Review

Global Cancer Biomarkers Market Captured by North America

The North America cancer biomarkers market is largely dominated and driven by the US. According to the American Cancer Society, in 2021, around 1.9 million new cancer cases were reported in US and around 608,570 cancer deaths were estimated. The rising prevalence of cancer in US is expected to foster the growth of the cancer biomarkers market. The rising consumption of processed food, increasing prevalence of smoking, and growing consumption of various carcinogenic products in US in the past years has led to the increased prevalence of cancer in US, which is a major factor behind the dominance of US in the global cancer biomarkers market.

Furthermore, the presence of huge number of market players in North America have significantly contributed to the growth of the North America cancer biomarkers market. The government support and investments in the research and development has encouraged the development of novel technologies and products to cater to the cancer patients in North America. The rapidly growing cancer patients in North America is expected to retain the position of North America in the global cancer biomarkers market during the forecast period.

What are the key trends in the Global Cancer Biomarkers Market?

The rising advancements in the technology in the development of innovative products is expected to fuel the growth of the cancer biomarkers market. The advancements in the proteomics and arrays technologies has played a crucial role in addressing the challenges in identifying the interactions and functions of the proteins. The technological advancements is simplifying the process of development and discovery of advanced cancer biomarkers. Furthermore, the growing popularity of personalized medicines is further expected to create lucrative growth opportunities for the market players. In certain aspects of personalized medicines, the cancer biomarkers plays an important role. Therefore, the rising popularity of personalized medicine and rising technological advancements are expected to be the driving factors of the cancer biomarkers market in the forthcoming future.

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What are the key challenges in the Global Cancer Biomarkers Market?

The collection of samples and access to those samples are the major issues for the service providers. Stringent process of quality control of samples and the need for storing the sample in right condition is very much necessary to prevent any loss. Further, various sample are needed for screening, diagnosis, risk detection, and monitoring process. Moreover, there are certain challenges linked with the validation of the cancer biomarker.

The validation process of cancer biomarkers involves evaluating assays and measuring the characteristics of performance like specificity, reproducibility, and sensitivity. Validation is a crucial process that supports the development, medical care, and pharma investment decision. The aforementioned factors are the major challenges faced by the market players in the cancer biomarkers market.

Asia Pacific Forecast the Strongest Growth During the Forecast Year (2022-2030)

The rising adoption of the biomarker based tests for the diagnosis of cancer and the rising adoption of advanced instruments by the laboratories in Asia Pacific is expected to boost the growth of the cancer biomarkers market. The rising prevalence of cancer among the population owing to various factors such as increasing prevalence of smoking and rising consumption of processed food, tobacco, and alcohol is fueling the incidences of cancer in the region. The growing demand for the early diagnosis of cancer in the region is significantly boosting the demand for the cancer biomarkers in Asia Pacific, thereby driving the growth of the cancer biomarkers market.

Some of the key players in the market include:

• F. Hoffmann-La Roche Ltd.
• Thermo Fisher Scientific Inc.
• QIAGEN N.V.
• Illumina Inc.
• Bio-Rad Laboratories Inc.
• Abbott Laboratories
• Exact Sciences
• Meso Scale Diagnostics LLC
• Seegene Technologies Inc.
• Siemens Healthineers

Market Segmentations:

By Type

• Breast Cancer
• Prostate Cancer
• Colorectal Cancer
• Cervical Cancer
• Liver Cancer
• Lung Cancer
• Others

By Biomolecule

• Genetic Biomarkers
• Epigenetic Biomarkers
• Metabolic Biomarkers
• Proteomic Biomarkers
• Others

By Application

• Drug Discovery and Development
• Diagnostics
• Personalized Medicine
• Others

By Profiling Technology

• Omic Technologies
• Imaging Technologies
• Immunoassays
• Cytogenetics-based Tests

By End User

• Hospitals
• Academic and Cancer Research Institutes
• Ambulatory Surgical Centres
• Diagnostic Laboratories

Regional Segmentations:

• North America (U.S. and Canada)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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