Cancer Biomarkers Market

Global Cancer Biomarkers Market

Cancer Biomarkers Market- By Biomarkers Type, Cancer Type, Profiling Technologies, Application and Region.

Market Synopsis:

The Global Cancer Biomarkers Market is valued at USD 14.08 Billion in the year 2022 and is projected to reach a value of USD 50.47 Billion by the year 2030. The Global Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 17.30% over the forecast period.

Cancer Biomarkers are chemicals secreted by tumors or a specific human body reaction that signals the presence of cancer in oncology. Cancer Biomarkers offer early cancer detection and noninvasive diagnosis using a variety of genomics and proteomics technologies. They are used in a variety of settings, including cancer detection, drug development, prognostics, and personalized medicine. Furthermore, the global market is being propelled ahead by the increased need for biomarkers in drug research and development for personalized medicine. Cancer Biomarkers serve a critical role in assessing disease risk and response to therapy, and the constant research and identification of biomarkers specific to the disease and individual patients are crucial for personalized medicine. As a result, participants in the Cancer Biomarkers Market should expect upcoming development prospects in the field of customized medicine.

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Many pharmaceutical companies are currently investing in innovative biomarker research and development for cancer detection and treatment. Many potential contenders are nearing the completion of their development and are expected to provide a significant boost to the market once they are released. However, despite the rising global incidence of cancer and the increasing number of patients requiring diagnostic tests, the lack of reimbursement regulations for biomarker tests in emerging and industrialized nations is one issue restricting global demand for these biomarkers. Another key issue limiting market expansion is the high cost of cancer detection and treatment in emerging countries. This is reducing the number of patients who are tested for biomarkers and increases patient preference.

Market Segmentation:

The Cancer Biomarkers Market is segmented on the basis of Biomarkers Type, Cancer Type, Profiling Technologies, and Application. On the basis of Biomarkers Type, the market is segmented into Protein Biomarkers, Genetic Biomarkers, and Other Cancer Biomarkers. On the basis of Cancer Type, the market is segmented into Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma, Leukemia, Thyroid Cancer, Bladder Cancer, Non-Hodgkin's Lymphoma, Kidney Cancer, and Other Cancer Types. On the basis of Profiling Technologies, the market is segmented into Omics Technologies, Imaging Technologies, Immunoassay, Bioinformatics, and Cytogenetics. On the basis of Application, the market is segmented into Diagnostics, Research & Development, Prognostics, Risk Assessment, and Other Applications.

Based on Application:

Among applications, the diagnostics & research laboratories segment led the Cancer Biomarkers Market. The development of new diagnostic products is one of the primary drivers driving the segment's growth. The rising investment by leading market participants and the growing importance of biomarker tests in medication research and development are two factors boosting demand for Cancer Biomarkers from pharmaceutical and biotechnology companies. The number of tests performed at hospitals for inpatients suffering from various cancers is increasing, which is driving growth in the hospitals & specialty clinics category.

Based on Profiling Technologies:

Due to their efficiency in cancer early detection, the Omics Technologies and Imaging Technologies categories accounted for the largest portion of the total market share in 2021 and are expected to grow at a quick rate in the future. The desire for safe and cost-effective cancer drugs, developments in profiling technology, greater healthcare spending, decreased genome sequencing prices, and demand for better cancer diagnostics and therapeutic procedures are all expected to drive market growth.

North America is Observed to be the Largest Share Holding Region in the Market

North America is projected to acquire the largest market share with a share of 39.10%. The dominance of North America can be attributed to larger adoption of current technology like next-generation sequencing, as well as an increase in the number of research studies demonstrating the efficacy of biomarkers in drug discovery and development, as well as a cancer diagnosis. The ease of US government regulations and the availability of funds from various organizations, such as the National Institute of Health, have enabled researchers to invest more in the use of biomarkers in drug discovery, drug development, detection of specific tumors, monitoring biological response to cancer therapy, and genetic studies for the identification of predisposed cancer candidates.

Competitive Landscape:

Key players operating in the Global Cancer Biomarkers Market include- F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (US), Qiagen N.V. (Netherlands), Illumina Inc. (US), Bio-Rad Laboratories Inc. (US), Abbott Laboratories (US), Bio Mérieux SA (US), Becton-Dickinson and Company (US), Merck Millipore (US), Agilent Technologies (US), Myriad Genetics Inc. (US), Sysmex Corporation (Japan), Hologic Inc. (US), Quest Diagnostics (US), Centogene N.V. (Germany), PerkinElmer Inc. (US), Siemens Healthineers (Germany), Exact Sciences (US), R&D Systems Inc. (US), BioVision Inc. (US), Olink (Sweden), Asuragen Inc. (US), Meso Scale Diagnostics LLC (US), Invivoscribe Inc. (US), Seegene Technologies Inc. (South Korea) and others.

Segmentation of Cancer Biomarkers Market: