Cancer Biomarkers Market Analysis
The Cancer Biomarkers Market size is projected to grow at a healthy CAGR by 2023, reveals the new Market Research Future (MRFR) report. Cancer biomarkers, simply put, are processes or substances that are indicative of the prevalence of cancer in the human body. Imaging, glycomic, proteomic, epigenetic, and genetic biomarkers can be utilized for the diagnosis, prognosis, as well as epidemiology of cancer.
Numerous factors are adding to the global cancer biomarkers market growth. Such factors, according to the recent MRFR report, include the development of specific drugs, investments through private and government funds in research that is cancer-related, improved precision as well as speed of diagnosis, encouragement by the FDA for biomarker development, extensive research and development of cancer biomarkers, and adoption of western lifestyles especially in developing regions. The increasing usage of biomarkers in tumor profiling and the rising prevalence of cancer is also adding to the cancer tumor profiling market growth.
On the contrary, favourable reimbursement and regulatory scenario are factors that may limit the global cancer biomarkers market growth over the forecast period.
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Cancer Biomarker Market Segmentation
The scope of the report includes an inclusive segmental analysis of the global cancer biomarkers market based on end users, applications, and types.
By type, the cancer biomarkers market is segmented into genetic biomarkers, protein biomarkers, and others. Of these, protein biomarkers will lead the market over the forecast period.
By application, the cancer biomarkers market has been segmented into therapeutic, prognostic, and diagnostic. Diagnostic is again segmented into non-imaging and imaging. Of these, diagnostic will dominate the market over the forecast period.
By end users, the cancer biomarkers market is segmented into clinical laboratories, healthcare IT/big data companies, diagnostic tool companies, and pharmaceutical & biotechnology companies.
Cancer Biomarkers Market Regional Analysis
By region, the global cancer biomarkers market covers the growth opportunities and recent trends across Europe, the Americas, the Middle East & Africa (MEA), and the Asia Pacific (APAC). Of these, North America will dominate the market over the forecast period for the huge investments made on cancer detection and diagnosis and rising prevalence of cancer. The US is the key contributor in the region for growing medical tourism, growing cases of cancer, and increasing demand for investment in R&D. Besides, increasing use of biomarkers both in drug discovery as well as development by the region’s leading pharmaceutical companies, the use of omics technology for biomarker discovery, demand for personalized medicine, and increasing support from the government for the discovery as well as the development of biomarkers are also adding market growth.
The cancer biomarker market in Europe is predicted to hold the second-largest share over the forecast period for the sufficient accessibility of funds for research and the rising number of clinical trials. The UK, France, and Germany are the key contributors in this region for the growing demand for advanced diagnostic devices and tools in these countries.
The cancer biomarker market in the APAC region is predicted to grow at a quick pace over the forecast period for the accessibility of skilled experts such as diagnostic specialists and technicians. The increasing population in India, as well as China, increase in medical tourism, taking into consideration the diagnosis and treatment of cancer, rising prevalence of cancer, and increasing investments by private and public sectors in diagnosis & treatment of cancer are also adding market growth.
The cancer biomarker market in the MEA will have a small share during the forecast period for limited accessibility of medical facilities and funds and a low incidence of cancer. The market in the Middle East has a big share for the presence of developed countries in the region, such as Saudi Arabia, Oman, Qatar, and Kuwait. Meanwhile, owing to huge opportunities for market development, the market in Africa is predicted to have healthy growth.
Cancer Biomarkers Market Key Players
Eminent players profiled in the cancer biomarker market report include Illumina Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Novartis AG (Switzerland), QIAGEN N.V (U.S.), GlaxoSmithKline plc. (U.S.), Pfizer Inc. (U.S.), Merck & Co., Inc. (U.S.), Eli Lilly and Company (U.S.), Bio-Rad Laboratories (U.S.), Bristol-Myers Squibb (U.S.), PerkinElmer, Inc. (U.S.), Abbott Laboratories (U.S.), Becton Dickinson (U.S.), and F. Hoffmann-La Roche AG (Switzerland).
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Cancer Biomarkers Industry News
Researchers at Wageningen University and the University of Twente have created a nanosensor that can detect biomarkers for cancer accurately in a wide range of concentrations ranging from 10 particles/microliter up to 1 million/microliter.
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