Cancer Biomarkers Market Size to Hit USD 32.9 Billion by 2030

According to Nova one advisor, the global Cancer Biomarkers market was valued at USD 12.4 billion in 2022  and it is expected to hit around USD 32.9 billion by 2030 with a CAGR of 19.7% during the forecast period 2022 to 2030.

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The cancer biomarkers are used in the diagnosis and treatment of cancer. One of the prominent factors driving the growth of the global cancer biomarkers market is rising incidences of cancer all around the world. According to the World Health Organization (WHO), cancer is the biggest cause of death worldwide, with approximately 10 million fatalities expected in 2020, for almost one in every six deaths. The most frequent cancers are lung cancer, breast cancer, rectum cancer, and prostate cancer. Due to all these cancers, the development of cancer biomarkers has become necessity in the market.

Another factor driving the growth of the global cancer biomarkers market is rising geriatric population. The old people are more prone to life threatening disorders such as cancer. Thus, these people require utmost care and quick treatment against such diseases. In addition, the technological advancements are also creating growth prospects for the expansion of the global cancer biomarkers market. Thus, the adoption of innovative technologies is helping to develop novel cancer biomarkers in the global market.

Furthermore, the government from developing and developed nations is highly investing in the research and development projects for the development of cancer biomarkers. Moreover, market players from private and public sectors are collaborating with each other for the development of cancer biomarkers. All of these aforementioned factors are creating lucrative opportunities for the growth and development of the global cancer biomarkers market over the projected period.

Report Scope of the Cancer Biomarkers Market

COVID-19 Impact on Global Cancer Biomarkers Market

It was originally thought novel coronavirus (covid-19, sars-cov-2) was primarily a respiratory disorder, but as larger numbers of patients contracted the virus, it quickly became clear it had many physiological manifestations. The impact of covid-19 goes well beyond the lungs to impact the cardiovascular system and cause complications in the kidneys, brain, and other organs. Critical patients often require care from a multidisciplinary care team. Furthermore, COVID patients with comorbidities were more likely to have severe symptoms requiring hospitalization. Still, patients with pre-existing cardiovascular diseases suffer the highest mortality rate of all COVID patients.

In some cases, COVID causes acute heart failure, myocarditis, shock, and thromboembolism, and the drugs being used to treat the virus can compound cardiac issues by causing arrhythmias. However, there has been a greater than 50% drop in the number of patients presenting to cardiology and those diagnosed with myocardial infarction. All areas of cardiology service provision sustained significant reductions, including outpatient clinics, investigations, procedures, and cardiology community services such as heart failure and cardiac rehabilitation.

The implications of decreased testing are of great concern for many stakeholders, including physicians, hospitals, laboratories, pharmaceutical companies, and, most importantly, patients. Diagnosis and cancer biomarker testing is the earliest indicators of treatment, which can include new targeted therapies with the potential to improve patient results; they should not be delayed. Routine screening for breast, ovarian and colorectal cancer also needs to be done timely as they constitute effective preventive and early detection measures. The pandemic has significantly and negatively altered how cancer patients are being diagnosed and treated in the near term.

Market Dynamics

Driver: Rising technological advancements In the development of cancer biomarkers

The advancements in arrays and proteomics technologies have addressed the challenges in identifying and understanding the functions and interactions of various proteins. These technological advancements have simplified the process of discovery & development of novel cancer biomarkers to a great extent.

Opportunity: Personalized medicine

Personalized medicine identifies the most beneficial treatment path for individual patients. Cancer biomarkers play a very important role in certain aspects of personalized medicine. Consumables used in cancer biomarker testing enable the identification of these diseases. Cancer biomarker diagnostic products are also used as companion diagnostics for several investigational therapies. Thus, the field of personalized medicine is expected to offer potential growth opportunities for players operating in the cancer biomarkers market.

Restraint: Technical issues related to sample collection and storage

sample collection is one of the key issues for service providers, followed by access to these samples. Stringent quality control of these samples is required, and they need to be stored under the right conditions to avoid any loss. Also, different samples are required for risk detection, screening, diagnosis, and monitoring processes.

Challenge: Challenges associated with cancer biomarker validation

The cancer biomarker validation process includes evaluating assays or measuring performance characteristics such as sensitivity, specificity, and reproducibility. Validation is critical for establishing cancer biomarkers as reliable tools to support development, medical care, and biopharma investment decisions.

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Region Insights

North America dominated the cancer biomarkers market in 2021. The U.S. dominated the cancer biomarkers market in North America region. The North America region has existence of large number of market players operating in cancer biomarkers market. The U.S. government is heavily investing in research and development activities for the development of novel products. In addition, adoption of innovative and advanced technologies is driving the growth of the cancer biomarkers market in North America region.

Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. The cancer biomarkers market in Asia-Pacific region is being driven by growing prevalence of cancer. In addition, the government is constantly funding development activities for developing new products. Thus, rising awareness of cancer biomarkers is also boosting the growth of the market in Asia-Pacific region.

Some of the prominent players in the Cancer Biomarkers Market include: F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific, Inc. (US), QIAGEN N.V. (Netherlands), Illumina, Inc. (US), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), bioMérieux SA (US), Becton, Dickinson and Company (US), Merck Millipore (US), Agilent Technologies (US), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Hologic, Inc. (US), Quest Diagnostics (US), Centogene N.V. (Germany), PerkinElmer, Inc.      (US), Siemens Healthineers (Germany), Exact Sciences (US), R&D Systems, Inc. (US), BioVision, Inc. (US), Olink (Sweden), Asuragen, Inc. (US), Meso Scale Diagnostics, LLC (US), Invivoscribe, Inc. (US), Seegene Technologies, Inc. (South Korea).

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Cancer Biomarkers market

By Biomarkers Type

• Protein Biomarkers
• Genetic Biomarkers
• Other Cancer Biomarkers

By Cancer Type

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Melanoma
• Leukemia
• Thyroid Cancer
• Bladder Cancer
• Non-Hodgkin's Lymphoma
• Kidney Cancer
• Other Cancer Types

By Profiling Technologies

• Omics Technologies
• Imaging Technologies
• Immunoassay
• Bioinformatics
• Cytogenetics

By Application

• Diagnostics
• Research & Development
• Prognostics
• Risk Assessment
• Other Applications

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Cancer Biomarkers industry analysis from 2022 to 2030 to identify the prevailing Cancer Biomarkers industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Cancer Biomarkers industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Cancer Biomarkers industry trends, key players, market segments, application areas, and market growth strategies.

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