Cancer is a health condition in which abnormal cells in the body grow uncontrollably and destroy body tissues. These extra cells often form a mass of tissue called a tumor. A biomarker is a measurable indicator of the presence or severity of a disease or condition. Cancer molecular biomarkers indicate the presence of cancer in the body and also monitor how the patients are responding to the treatment. As per reports, the cancer biomarkers global market is likely to grow from US$ 14.3 billion in 2019 to US$ 24.8 billion in 2024.
Technological advancement and increasing research and development activities are important factors driving the global cancer molecular biomarkers market. There has also been an increase in funding from many government and non-government organizations around the world. Increasing incidences of cancer, rise in healthcare expenditure, growing demand for non-invasive technology and streamlined drug delivery process are also likely to fuel the market for these biomarkers.
Cancer biomarkers play an important role in diagnosing different types of cancer. Therefore, the demand for these biomarkers is significantly high. However, fluctuating prices of the final products are affecting the demand to a considerable extent. High installation and maintenance costs of equipment used for monitoring the presence of cancer cells in the body are hindering the growth rate. Nevertheless, the increasing use of biomarkers for accurate diagnosis of the disease is expected to fuel the global cancer molecular biomarkers market.
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Global Market Key Players:
Astellas Pharma US
The global cancer molecular biomarkers market is segmented into types, applications, and diagnostics.
Based on types, the market is divided into genetic method, protein method and imaging. The protein method is expected to record the highest CAGR over the forecast period.
Based on applications, the market is divided into pharmaceutical companies, medical laboratory, clinics and hospitals. The clinical applications segment is likely to grow at the highest rate by 2025 due to an increase in the use of tumor profiling techniques.
Based on diagnostics, the market is segmented into immunoassays, genetic and genomic markers, immunohistochemical test, flow cytometry, proteomics, stem cell markers, pharmacogenomics, monoclonal antibodies, DNA microarrays and IVD multivariate index arrays.
The five main regions considered for analyzing the global cancer molecular biomarkers market are North America (The United States, Canada and Mexico), Europe (Italy, France, Germany, UK, Spain, Russia and rest of the region), Asia-Pacific (India, South Korea, Australia, China, Japan, Indonesia and rest of the region), Central and South America (Brazil, Argentina, Columbia and rest of the region), and the Middle East and Africa (UAE, Turkey, Egypt, Saudi Arabia and South Africa).
North America leads the global market of molecular biomarkers that help detect cancer cells in the body. Technological advancements, growing IT industry, increasing incidences of cancer, better healthcare infrastructure, and increased spending from government and private healthcare organizations are driving the market in this region. Europe also occupies a significant position in the global market. The Asia-Pacific region is expected to grow at a notable rate over the forecast period. Increasing research and development activities in this region, growing awareness about cancer biomarkers and improved healthcare infrastructure are the main factors.
The global cancer profiling market is expected to grow at a CAGR of 10.5% from 2019-2024. From US$7.5 billion in 2019, the market is likely to reach US$ 12.4 billion by 2024.
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