Allied Market Research published a report, titled, “Cancer Biomarkers Market by Profiling Technology (Omic Technologies, Imaging Technologies, Immunoassays, and Cytogenetics Based Tests), Biomolecules (Genetic Biomarkers, Protein Biomarkers, Glycoprotein Biomarkers), Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Stomach Cancer), Application (Diagnostics, Drug Discovery and Development, Prognostics, Risk Assessment) – Global Opportunity Analysis and Industry Forecast, 2014–2022.” The report states that the global cancer biomarkers market is expected to garner $15.73 billion by 2022, from $6.52 billion in 2015, registering a CAGR of 13% from 2016 to 2022. The omic technologies segment contributed to more than half of the total market share in terms of revenue in 2015 and would continue to dominate throughout the forecast period. Europe and Asia-Pacific collaboratively constituted for more than half of the total market share in 2015.
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.
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Increase in prevalence of cases of cancer, technological advancements, rise in emphasis on biological & targeted drug therapies, and accuracy & reliability for cancer detection drive the growth in the market. However, expensive drug development costs and unregulated government policies restrict the growth in the market. On the other hand, increase in investments in government and public & private sector create new pathways in the market.
The report offers a detailed analysis of the global cancer biomarkers market based on profiling technology, application, cancer type, biomolecules, and geography. Based on applications, diagnostics held the major share of the market in 2015 and will maintain its lead throughout the forecast period, registering a CAGR of 14% during the forecast period.
On the basis of profiling technology, omic technology would grow at the highest rate, with a CAGR of 12% from 2016 to 2022. This is due to this technology being the most prominent and traditional method for biomarker detection.
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In 2015, genetic biomarkers contributed to the highest share in terms of revenue and would register a CAGR of 13% throughout the forecast period. This is due to increase of usage of genetic biomarkers in detection of gene mutations and gene expressions.
North America accounted for the highest market share in terms of revenue in the market, owing to the biomarker discoveries taking place due to technological advancements. Furthermore, increase in awareness regarding cancer and availability of better treatment options drive the market growth.
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.
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