Pune, India, June 26, 2019 (GLOBE NEWSWIRE) -- Summary
According to a report found on the Wise Guy Reports (WGR), the global cancer biomarker market is anticipated to register a profitable CAGR of 15.8% during the forecast period of 2017-2023. Due to the growing need for early detection of cancer, the cancer biomarker market is projected to reach a lucrative valuation of USD 29,923.5 million by 2023.
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Market Insights
The growing incidences of cancer are urging the need for adopting its preventive measures, which is likely to influence the global cancer biomarker market growth positively. The ability of cancer biomarker to detect the scope of development of cancer helps in its early detection thereby, preventing the disease. Besides, cancer biomarker also helps predict the possibility of recurrence in cancer patients. These factors are popularizing cancer biomarker as a potential diagnostic substance which can impel the global cancer biomarker market growth. The ability of cancer biomarkers to assess the type and severity of cancer and also, determine the optimal therapeutic dose of anticancer drugs is augmenting its rate of adoption by the oncologists, that help them decide a suitable treatment regime for patients. These significant applications of cancer biomarkers in the prognosis of cancer are anticipated to amplifying the cancer biomarker market expansion. Monitoring treatment response and risk management are crucial parts of the research and developmental activities. The increase in the use of cancer biomarkers to execute such robust experimental activities aids in launching more effective products that are likely to propel the cancer biomarker market growth. The demand for modified cancer biomarkers is prompting investment for R&D activities, bolstered by technical upgradations, presence of numerous maker players, and hike in healthcare expenditure are other factors anticipated to spur the global cancer biomarker market growth in the review period.
Market Segmentation
To obtain a comprehensive understanding of the cancer biomarker market, it has been segmented on the basis of type, application, end-user, and region.
The Protein Biomarker Segment to Continue to Hold the Largest Market Share Due to Its Higher Efficacy
Based on the type, the cancer biomarker market has been segmented into protein biomarker, genetic biomarker, and others. The segmental analysis of the market predicts that the protein biomarker segment that held the largest market share of 41.8% in 2016, is likely to maintain its hegemony over the evaluation period. The ability of protein biomarker to provide real-time information on the physiological changes in cancer patients is a major factor expected to escalate the protein biomarker market growth.
The Diagnostic Segment to Grasp 45.7% Share of the Cancer Biomarker Market During 2017-2023
Based on the application, the cancer biomarker market has been segmented into diagnostic, prognostic, and therapeutics. The diagnostic segment has been further classified into imaging and non-imaging. The diagnostic segment is estimated of securing a CAGR of 16.2% over the forecast period and hold 45.7% of the market share by 2023. The growing need for preventing cancer is a causative factor that is envisaged to prompt the diagnostic segment expansion.
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The End-Use Segment to Exhibit an Impressive Growth During the Forecast Period
Based on the end-user, the cancer biomarker market has been segmented into diagnostic tool companies, clinical laboratories, pharma & biotech companies, and healthcare IT or big data companies. The increase in number of mergers and acquisitions among market key players are driving the end-user segment that is expected to escalate the global cancer biomarker market growth.
The Asia Pacific Cancer Biomarker Market to Show Rapid Growth
Based on the region, the cancer biomarker market has been segmented into Asia Pacific, the Americas, Europe, and the Middle East Asia and Africa. The Americas that holds the highest cancer biomarker market share is projected to expand further and touch a valuation of USD 11,736.5 million by 2023. In the Asia Pacific region, the cancer biomarker market is forecasted to grow at the fastest pace and garner a 16.5 % CAGR in the review period.
Eminent Market Players
F. Hoffmann-La Roche AG (Switzerland), Eli Lilly and Company (U.S.), Thermo Fisher Scientific Inc (U.S.), Abbott Laboratories (U.S.), Merck & Co., Inc.(U.S.), QIAGEN N.V (Germany), Illumina Inc (U.S.), Pfizer Inc (U.S.), Bristol-Myers Squibb (U.S.), Bio-Rad Laboratories (U.S.), Becton and Dickinson and Company (U.S.), GlaxoSmithKline plc (U.K), Novartis AG (Switzerland), PerkinElmer, Inc (U.S.), and others.
Industry Update
June 2019: Biocept Inc, a leading oncology diagnostics company that specializes in biomarker analysis, announced the launch of Target Selector™, a multi-gene liquid biopsy panel designed for breast cancer.
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