Cancer Biomarker Market Research Report: 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 Overview
The global Cancer Biomarker Market according to MRFR, is expected to grow at a CAGR of 15.8% during the forecast period, 2017-2023. Significant scientific advances have occurred in recent years in fields such as diagnostic imaging, immunoassays, omics, and bioinformatics. In addition, several diagnostic imaging organizations are concentrating on developing equipment that is more cost-effective and technologically advanced, provides better patient security, and is easy to use. Growing awareness between patients and healthcare professionals regarding the importance of early diagnosis of malignancies and growing demand for precision medication is projected to generate strong growth opportunities for the next decade for this cancer biomarker industry. In addition, developments in high-throughput genomic technologies facilitate the discovery and review of key gene mutations and polymorphisms, thus broadening the reach of available genomic biomarkers.
In addition, growing regulatory approval of new drugs and cancer biomarker-related diagnostics is expected to increase the rate of adoption. Advances in high-throughput genomic technology frequently enable mutations and polymorphisms in key genes to be identified and interpreted, thereby widening the scope of genomic biomarkers accessible.
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Over the years, the popularity of personalized medicine has increased due to the limitations of traditional diagnosis and treatment. The importance of biomarkers is also growing in the field of precision medicine, with applications for diagnosis, prognosis and collection of personalized therapies. In terms of measuring disease prevalence and exposure to treatment, continuous development and identification of biomarkers unique to a condition and individual patients is critical for precision medicine. In addition, detailed recording, specimen storage, and retrieval tools are needed for proper sample handling and management. The growth of the overall need for cancer biomarkers is likely to delay these issues.
Cancer Biomarker Market Segmental Analysis
On the basis of types, the cancer biomarkers market is segmented into protein biomarker, genetic biomarker and others. Genetic biomarkers have held a large market share because of their widespread use, high reliability rate, and simplified analysis.
The cancer biomarkers market is segmented into diagnostic, prognostic and therapeutic, on the basis of application. Diagnostics was the main revenue-generating market application for factors such as the increasing development of biomarker-based oncology tests based on high specificity and sensitivity.
On the basis of end users, the cancer biomarkers market is segmented into pharmaceutical and biotechnology companies, diagnostic tool companies, healthcare it/big data companies, clinical laboratories.
Cancer Biomarker Market Regional Analysis
The cancer biomarker market in North America is expected to hold the largest share by 2025 because of the high cancer prevalence and huge investments in the detection and diagnosis of cancer. The United States is the dominating market due to the growing demand for investment in research and development, rising cancer prevalence rates and the main medical tourism region. Increased government support for the discovery and development of biomarkers, increased demand for personalized medicine, the adoption of advanced omics technology for the discovery of biomarkers are mainly attributed to a large proportion of this geographical segment, and increased use of biomarkers in drug discovery and development by pharmaceutical companies in that region.
Europe has the largest market for biomarkers for cancer, a market driven by the increasing number of clinical trials and the availability of research funds. High adoption of innovative technology, the presence of key pharmaceutical companies, established R&D infrastructure related to the development of novel diagnostic products and increased demand for specific & early diagnostics are the key factors for the aforementioned dominance.
On the other hand, the Asia Pacific market is expected to be the fastest growing region because of the availability of skilled professionals, such as technicians and diagnostic specialists. The main drivers of the development and expansion of the Asia-Pacific market for cancer biomarkers are the growing population of countries such as China and India, the increasing public and private sector investment in cancer diagnosis and treatment, and the growing prevalence of cancer in the Asia-Pacific region. In the Asia Pacific region, the growth of the market for cancer biomarkers is also affected by the increase in medical tourism with regard to cancer diagnosis and treatment.
On the other hand, the Middle East and Africa hold the least market share because of the low prevalence of cancers in the region and the limited availability of funds and the availability of medical facilities. However, the African region expects to see healthy growth in the near future due to the presence of enormous opportunities for market development.
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Cancer Biomarker Market Competitive Landscape
Hoffmann-La Roche AG (Switzerland), Becton Dickinson (U.S.), Abbott Laboratories (U.S.), PerkinElmer, Inc. (U.S.), Bristol-Myers Squibb (U.S.), Bio-Rad Laboratories (U.S.), Eli Lilly and Company (U.S.), Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), GlaxoSmithKline plc. (U.S.), QIAGEN N.V (U.S.), Novartis AG (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Illumina Inc. (U.S.).
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