The companies adopted collaboration and partnership as their prime strategy to keep pace with the changing demands of consumers and strengthen their market position. The key players for this market 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.
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. Omic technologies segment accounted for more than half of the revenue share in 2015 and is expected to maintain its dominance during the forecast period. Europe and Asia-Pacific together accounted for more than half of the market share in 2015.
The market for cancer biomarkers is primarily driven by rise in prevalence of cancer cases, growing importance of biological & targeted drug therapies, technological advancements, and accuracy & reliability of cancer biomarkers for cancer detection. Moreover, rise in investments from government, public & private sector for biomarker research and technological advancements for cancer diagnostics have a positive impact on the market. However, high cost of drug development, threat of failure, and unregulated government regulations & reimbursement policies could restrain the market. Yet, the impact of these limitations is anticipated to reduce due to substantial surge in cancer diagnosis as well as increased focus towards advanced treatment protocols.
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In terms of applications, diagnostics accounted for major share of the global cancer biomarkers market in 2015, and is projected to maintain this trend throughout the forecast period growing at a CAGR of 14%.
In terms of profiling technology, omic technology is the most popular and conventional method for biomarker detection and is projected to grow at a CAGR of 12%. However, immunoassays segment is anticipated to experience higher adoption rate, majorly due to the increase in use of flow cytometry, and is expected to grow at a CAGR of 18% during the forecast period.
In the year 2015, genetic biomarkers accounted for highest revenue share and is expected to grow at a CAGR of 13% during the forecast period. The use of genetic biomarkers for detecting gene mutations and gene expressions is expected to drive the growth of the biomolecule. However, use of glyco biomarkers due to better identification of cancerous gene is further expected to increase the segment growth which is expected to grow by 14% during the forecast period.
Key Findings of the Cancer Biomarkers Market:
- Immunoassays are projected to be the fastest growing segment, growing at a CAGR of 18% during the forecast period.
• Omic technologies is anticipated to be the highest revenue generating segment followed by imaging technologies during 20162022.
• In the year 2015, genetic biomarkers was the leading segment and is projected to grow at a CAGR of 13%.
• Use of protein biomarkers was highest in North America, covering approximately 37% of the global market share in 2015. - Europe accounted for approximately one-third of the global cancer biomarkers market in 2015.
Asia-Pacific is estimated to be the fastest growing region in cancer biomarkers market, growing at a CAGR of 14%.
• Mexico is projected to be the fastest growing country in the North America region growing at a CAGR of 13% during the forecast period.
• China and Japan were the leading markets for cancer biomarkers in the Asia-Pacific region covering three-fifth of the total market in 2015.
North America dominated the global cancer biomarkers market. This is primarily attributed to the biomarker discoveries resulting from technological advancements. Moreover, rise in awareness about cancer as well as availability of better treatment facilities has also fueled the market growth. Europe and Asia-Pacific together accounted for around half of the market in 2015.
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