Cancer biomarkers market growth is attributed to the rise in concern for targeted cancer therapies coupled with better companion diagnostic tests for cancer. In many cases, biomarker tests confirm the existence of diseases that can be treated at an early progression stage. In others, the biomarkers can act as a ‐surrogate end point‐ which would help to decide whether a specific therapy is working or not. He further added, Biomarkers are an attractive part of cancer therapy, and novel agents & drugs are prescribed based on a specific target population after understanding the mutation as well as the response rate, which is anticipated to create huge opportunities for the growth of cancer biomarkers industry.
Cancer Biomarkers Market Report, published by Allied Market Research, forecasts that the global market is projected to reach $15,737 million by 2022 from $6,521 in 2015, growing at a CAGR of 13% from 2016 to 2022.
Global Cancer biomarkers market is broadly segmented based on profiling technology, biomolecules, cancer type, application, and geography. By profiling technology, the cancer biomarker industry is segmented into omic technologies, imaging technologies, immunoassays, and cytogenetics based tests. Omic technologies segment occupies the largest cancer biomarker market size. Based on biomolecules, the cancer biomarker industry is segmented into genetic biomarkers, protein biomarkers, and glycoprotein biomarkers. Genetic biomarkers occupies the largest cancer biomarker market share. The various cancer type include breast cancer, lung cancer, prostate cancer, colorectal cancer, stomach cancer, and others; among which breast cancer accounts for the largest cancer biomarker market size. Based on application, the market can be segmented into diagnostics, drug discovery and development, prognostics, risk assessment, and others. Prognostics segments occupies the largest cancer biomarker market share.
Get the PDF brochure of this market study: https://www.alliedmarketresearch.com/request-sample/1443
Geographically, the global cancer biomarkers market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is the leading revenue generating region, due to high incidence rate of cancer, growth in awareness towards cancer and higher cancer biomarker testing, whereas Asia-Pacific is growing at the fastest CAGR due to increasing disposable incomes, increasing awareness, and rising affordability for advanced cancer treatments.
The need for cancer biomarkers is expected to increase globally during the forecast period majorly due to the alarming prevalence of cancer cases. However, reluctance in adoption of new technologies, high cost of biomarker techniques, and low detection rate are anticipated to restrain the market growth. Moreover, increasing positive effects of the drivers is likely to reveal new market opportunities for the key players.
Major companies have adopted collaboration and partnership as their key development strategy. The key players of the cancer biomarkers industry include F.Hoffmann-La Roche Ltd., Abbott Laboratories, GlaxoSmithKline plc, Novartis AG, Merck & Co., Inc., Bristol-Myers Squibb, Eli Lilly and Company, Pfizer, Inc., Qiagen N.V. and Genomic Health, Inc. The other players in the value chain include: bioMérieux, Astellas Pharma Inc., Myriad Genetics, Epigenomics and Radient Pharmaceuticals.