The Global Cancer Biomarker Market is expected to grow at a CAGR of 15.8% during the forecast period, 2017-2023.
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.
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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.)
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.
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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.
The report Global Cancer Biomarker Market by Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the market and industry performance. The report gives a clear picture of the current market scenario which includes past and estimated future market size with respect to value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information about and strategies used by top key players in the industry. The report also gives a broad study of the different market segments and regions.
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