The intense need for in-depth understanding of the “Cancer Biomarker Market -Forecast to 2023″ coupled with its high growth potential necessitated the development of this report by Market Research Future. The report specifically focuses on the key industry development trends and forces that shapes the market, but not limited to only commercial nature, but which encompasses a broad range such as social, technological and others. The global cancer biomarker market is expected to grow at a CAGR of 15.8% during the forecast period, 2017-2023.
MarketResearchFuture.com adds “Cancer Biomarker Market -2018 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database.
Biomarkers discovery has become crucial as these play a key role in the early diagnosis of cancer, which increases the survival rates by enabling an early treatment. Clinical trials use metabolomics, imaging, and other innovative technologies to trace oncology biomarkers using proteins and genes.
A cancer biomarker is indicative of the presence of cancer in the body. A biomarker can be a molecule secreted by a tumor or a specific response of the body to the presence of cancer. These biomarkers are thus increasing the chances of survival rates of patients and thus driving this market. Enhanced accuracy and speed of diagnosis and boost in government and private funds for biomarker research and drug discovery are also some of the drivers of this market.
The growth of this market is backed by the increasing prevalence of cancer, rising investment in oncology research, technological advancement, increasing use of cancer biomarker in drug discovery & development and Food and Drug Administration (FDA) support for the development of biomarker.
The cancer biomarker market is primarily driven by factors including adoption of western lifestyles in the developing regions, extensive research of cancer biomarkers, encouragement for biomarker development by FDA, improved precision and speed of diagnosis, high investment through government and private funds in cancer-related research, and development of highly specific drugs. The global population has witnessed an alarming surge in cancer, with about 14 million new cancer cases reported each year. According to WHO, it is anticipated to further increase over the next two decades by 70% with 22 million new cancer cases in 2012.
Cancer treatment is primarily responsible of health care costs in the world and thus is one of the key restraining factor in the global cancer biomarkers market. Many patients who are suffering from cancer cannot afford its treatment. Therefore, reimbursement issues and the need for immediate processing are restraining this market. Moreover, the success rate of clinical trials are low of biomarkers is the major factor hindering the cancer biomarker market. There are high investments and low benefit-cost ratio associated with the development of cancer biomarkers which is making it one of the major restraints of cancer biomarkers market.
Some of key the players in the market are F. Hoffmann-La Roche AG (Switzerland), Becton Dickinson (U.S.), Abbott Laboratories (U.S.), PerkinElmer, Inc. (U.S.), Bristol-Myers Squibb (U.S.), Bio-Rad Laboratories (U.S.), Eli Lilly and Company (U.S.), Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), GlaxoSmithKline plc. (U.S.), QIAGEN N.V (U.S.), Novartis AG (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Illumina Inc. (U.S.)
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The global cancer biomarker market consists of four major regions: the Americas, Europe, Asia Pacific, and the Middle East and Africa.
America holds the largest market share in the cancer biomarker market owing to increasing prevalence of cancers in the U.S. and Canada. Growing prevalence of malignancies coupled with increasing focus on development of targeted therapies is a major factor affirming positive growth of this market. North America dominated the regional segment followed closely by Europe. High adoption of innovative technology, presence of key pharmaceutical companies, established R&D infrastructure pertaining to the development of novel diagnostic products and increased demand for specific & early diagnostics are the major factors for aforementioned dominance.
In Europe, Germany, the U.K, and France are the largest contributors to the market owing to the availability of funds for research, and extensive research and development activities in oncology.
In Asia Pacific, India, and China are the fastest developing regions in the market owing to an overall demand for early diagnostic and treatment services, and increasing expenditure on primary care services across Asia Pacific. However, the Asia Pacific region owing to increasing prevalence of cancer, beneficial environment for clinical trials, and increasing government funding for supporting drug development programs is anticipated to witness lucrative CAGR over the forecast period. Moreover, growing focus of pharmaceutical companies over this region coupled with rising awareness for biomarker-based diagnosis is one of the high impact-rendering drivers for growth.
The Middle East & Africa exhibit steady but positive growth owing to low technology penetration in developing regions of Africa, and increasing demand for diagnostics services in developing regions. In the Middle East, the United Arab Emirates accounts for the largest market share for cancer biomarker market.
- Pharmaceutical Companies
- Government and private research companies
- Research and Development (R&D) Companies
- Drug Manufacturers and Suppliers
- Medical Research Laboratories
The global cancer biomarker market is segmented on the basis of types, applications and end users.
On the basis of types, the market is segmented into protein biomarker, genetic biomarker and others
On the basis of application, the market is segmented into diagnostic, prognostic and therapeutic. The diagnostic sub-segment is further classified into imaging and non- Imaging.
On the basis of end users, the market is segmented into pharmaceutical and biotechnology companies, diagnostic tool companies, healthcare it/big data companies, clinical laboratories
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