Cancer Biomarkers Market Strong Growth at a CAGR of 11.8% and Revenue to Hit USD 26,979.50 Mn by 2027
How big is the cancer biomarkers market?
The global cancer biomarkers market size is expected to reach $26,979.50 million by 2027, registering a CAGR of 11.8% from 2020 to 2027.
Key Takeaways:
The cancer biomarkers market is experiencing significant growth due to advancements in genomic and proteomic technologies, increasing prevalence of cancer, and the need for personalized medicine.
Biomarkers play a crucial role in cancer diagnosis, prognosis, treatment selection, and monitoring of therapeutic response.
The market is driven by the increasing demand for non-invasive and early detection methods for cancer, as well as the development of targeted therapies.
Liquid biopsy-based biomarkers are gaining traction as they offer minimally invasive testing and can provide real-time information about tumor progression and treatment response.
Genetic biomarkers, such as mutations or gene expression patterns, are widely used in cancer research and clinical practice to identify specific cancer types and guide treatment decisions.
Proteomic biomarkers, such as circulating tumor cells (CTCs) and proteins in blood or tissue samples, are being explored for their potential in cancer diagnosis, monitoring, and prediction of treatment response.
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Prevalence of various types of cancers such as breast, prostate, and lung cancer, development of biological & targeted drug therapies, and reliability of cancer biomarkers fuel the growth of the global cancer biomarkers market. On the other hand, high cost of drug development, threat of failure associated with cancer treatment, and unregulated government regulations & reimbursement policies impede the growth to some extent. However, high-end technological advancements are expected to create multiple opportunities in the industry.
Market Drivers:
- Rising Cancer Incidence: The increasing global incidence of cancer is a primary driver of the cancer biomarkers market. As the prevalence of various types of cancer continues to rise, the demand for accurate and early diagnostic tools to detect and monitor these conditions also increases.
- Advancements in Technology: Technological innovations in genomics, proteomics, molecular biology, and other fields have led to the identification and characterization of a wide range of biomarkers associated with different types of cancer. These advancements have greatly improved the sensitivity, specificity, and reliability of biomarker-based diagnostic tests.
Market Segmentation:
Biomarker Type:
- Proteomic Biomarkers: These biomarkers are based on protein expression and play a crucial role in various cancer types.
- Genomic Biomarkers: These biomarkers are linked to specific genetic mutations or alterations, providing insights into the genetic basis of cancer.
- Epigenetic Biomarkers: These biomarkers involve modifications to DNA that can influence gene expression and are associated with cancer development and progression.
Cancer Type:
- Breast Cancer Biomarkers: Biomarkers specific to breast cancer diagnosis, prognosis, and treatment selection.
- Lung Cancer Biomarkers: Biomarkers associated with different subtypes of lung cancer, aiding in personalized treatment approaches.
- Colorectal Cancer Biomarkers: Biomarkers relevant to colorectal cancer diagnosis and prognosis.
- Prostate Cancer Biomarkers: Biomarkers used for detection, risk assessment, and treatment guidance in prostate cancer.
- Ovarian Cancer Biomarkers: Biomarkers for the early detection and monitoring of ovarian cancer.
- Hematological Cancer Biomarkers: Biomarkers for blood-related cancers like leukemia, lymphoma, and myeloma.
Application:
- Diagnostics: Biomarkers used for early cancer detection, accurate diagnosis, and risk assessment.
- Prognostics: Biomarkers indicating the likely course of the disease and patient outcomes.
- Predictive Biomarkers: Biomarkers predicting the response to a specific treatment or therapy.
- Monitoring and Surveillance: Biomarkers used to monitor disease progression and treatment response over time.
- Screening: Biomarkers employed in population-based screening programs to identify individuals at risk.
End User:
- Hospitals and Clinics: Healthcare facilities where biomarker tests are performed and patient care is provided.
- Diagnostic Laboratories: Specialized laboratories that conduct biomarker testing and analysis.
- Research Institutions: Organizations involved in biomarker discovery, validation, and development.
- Pharmaceutical Companies: Companies engaged in biomarker-driven drug development and companion diagnostics.
- Biotechnology Companies: Firms working on innovative biomarker-based technologies and therapies.
Geography:
- North America: Including the United States and Canada.
- Europe: Encompassing various countries within the European Union and beyond.
- Asia-Pacific: Covering countries like China, India, Japan, and others.
- Latin America: Including countries in Central and South America.
- Middle East and Africa: Encompassing various countries in these regions.
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Regional Growth Dynamics:
North America and Europe are the most lucrative markets due to increase in prevalence of various cancer cases, growth in awareness toward cancer, higher cancer biomarker testing, well-established reimbursement policies, and high disposable income. The North America cancer biomarker market generated $3,988.02 million revenue in 2019, and is estimated to garner an approximate revenue of $8,733.26 million by 2027, at an estimated CAGR of 10.1%.
Competitive Landscape:
- F. Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific, Inc.
- Illumina, Inc.
- QIAGEN N.V.
- Abbott Laboratories
- Bio-Rad Laboratories, Inc.
- Agilent Technologies, Inc.
- Siemens Healthineers AG
- Merck KGaA
- Myriad Genetics, Inc.
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