Surge in number of patients suffering from various types of cancers such as prostate, breast, and lung cancer drives the growth of the global cancer biomarkers market. North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period.
The Global Cancer Biomarkers market generated $10.94 billion in 2019, and is estimated to reach $26.97 billion by 2027, potraying a CAGR of 11.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in number of patients suffering from various types of cancers such as prostate, breast, and lung cancer, rise in number of clinical trials, and high accuracy & reliability drive the growth of the global cancer biomarkers market. However, high cost associated with drug development and fatal effects of cancer drug therapy restrain the market growth. Furthermore, technological advancements in cancer therapy and focus on advanced treatment protocols are expected to create new growth opportunities for the market players.
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- Several major market players have halted the manufacturing of cancer biomarker diagnostic tools amidst the lockdown enforeced by governments during the Covid-19 pandemic.
- The demand for cancer biomarkers is expected to surge during the Covid-19 pandemic to diagnose conditions by identifying early stage cancers (diagnostic) and forecast how aggressive a condition can proceed in order to decide the course of treatment (prognostic). The medical diagnostics industry has not suffered the severe impacts.
The report offers a detailed segmentation of the global cancer biomarkers market based on profiling technology, biomolecule, cancer type, application, and region.
Based on profiling technology, the omic technologies segment accounted for more than half of the total cancer biomarkers market share in 2019, and will maintain its dominance by 2027. However, the immunoassays segment is estimated to portray the highest CAGR of 16.4% during the forecast period.
Based on biomolecule, the genetic biomarkers segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, glyco-biomarkers segment is expected to register the highest CAGR of 12.5% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 15.1% from 2020 to 2027.
Leading market players analyzed in the research include Bio-Rad Laboratories, Abbott Laboratories, Exact Sciences Corporation, Bristol-Myers Squibb Company, Merck KGaA, F.Hoffmann-La Roche Ltd., Qiagen N.V., PerkinElmer, Inc., Thermo Fisher Scientific, Inc., and Siemens AG.
Scope of the Report:
|Market size available for years||2020-2027|
|Base year considered||2020|
|Forecast units||Value (USD)|
|Segments covered||Profiling Technology, Biomolecule, Cancer Type, Application, Region|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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