Cancer Biomarker Market Size, Trends and Growth Analysis By Types (Protein Biomarker, Genetic Biomarker), By Applications (Diagnostic, Prognostic, Therapeutic), By End Users (Pharmaceutical and Biotechnology Companies, Diagnostic Companies) – Forecast till 2023
Cancer Biomarker Market Highlights
The global cancer biomarker market size is poised to grow at a CAGR of 15.8% during the review period (2017-2023). Development in this market is driven by increasing cancer prevalence, increased investment in oncology research, technical innovation, expanded usage of cancer biomarkers in drug discovery & production, and funding for biomarker production by the Food and Drug Administration (FDA). Factors including the adaptation of western lifestyles are also driving the cancer biomarker market.
Cancer treatment is mainly responsible for health care expenses globally, and this is one of the main limiting forces on the global demand for biomarkers for cancer. Most people who have cancer are unable to afford care. Refund complications and the need for urgent processing are also limiting this sector. Also, the low success rate of biomarkers in clinical trials is the key factor hindering the demand for cancer biomarkers. The production of cancer biomarkers is associated with high costs and low cost-benefit ratios, making it one of the main constraints of the cancer biomarkers market.
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Cancer Biomarker Market Segmentation
The global cancer biomarker market is segmented based on types, applications, and end-users.
Based on types, the global cancer biomarker market is segmented into protein biomarker, genetic biomarker, and others
Based on the application, the cancer biomarker market is segmented into diagnostic, prognostic, and therapeutic. The diagnostic sub-segment is further classified into imaging and non- Imaging.
Based on end-users, the cancer biomarker market is segmented into pharmaceutical and biotechnology companies, diagnostic tool companies, healthcare it/big data companies, clinical laboratories.
Cancer Biomarker Market Regional Analysis
The global cancer biomarker market is analyzed based on America, Europe, Asia Pacific, and the Middle East & Africa.
Because of the growing prevalence of cancer and massive investment considering cancer detection and diagnosis, the cancer biomarker market in North America is projected to have the most significant share by 2023. Due to the rising demand for investment in research and development, the United States is the predominant sector, boosting cancer prevalence rate and vital area considering medical tourism. The increased government funding for the research and development of biomarkers, augmented demand for precision medicine, and the approval of advanced technology for biomarker discovery are mainly due to a significant share of this geographic category, and Increased use of biomarkers by pharmaceutical firms in that area of drug research and production.
Europe contains the most considerable demand for cancer biomarkers, a demand fuelled by the escalating number of clinical trials and the availability of research funds. New diagnostic techniques and technologies are rapidly in demand across European countries such as France, Germany, and the UK.
On the other hand, due to the availability of qualified professionals such as technicians and diagnostic specialists, the Asia Pacific cancer biomarker market is predicted to be the fastest-growing region. In countries like China and India, the increasing population, Growing public and private sector investment in cancer detection and care, and growing cancer prevalence in the Asia Pacific region, are the primary factors for the growth and development of the Asia Pacific cancer biomarker industry. The increase in medical tourism, taking into account the diagnosis and treatment of cancer, also impacts the development of the Asia Pacific cancer biomarkers industry.
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On the other hand, owing to the low numbers of cancer patients in the region and the inadequate supply of investments, along with the availability of medical services, the Middle East and Africa have the least market share. But the Africa region expects healthy growth in the immediate future due to the emergence of an immense business expansion opportunity.
Cancer Biomarker Market Competitive Dashboard
Some of key the players in the cancer biomarker market are Illumina Inc. (US), F. Hoffmann-La Roche AG (Switzerland), Becton Dickinson (US), Abbott Laboratories (US), PerkinElmer, Inc. (US), Bristol-Myers Squibb (US), Bio-Rad Laboratories (US), Eli Lilly and Company (US), GlaxoSmithKline plc. (US), Pfizer Inc. (US), QIAGEN NV (US), Novartis AG (Switzerland), Merck & Co., Inc. (US), Thermo Fisher Scientific Inc. (US), among others.
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