Cancer Biomarkers Market is Expected to Reach $42.0 billion | MarketsandMarkets™

Chicago, May 16, 2024 (GLOBE NEWSWIRE) -- Cancer Biomarkers market in terms of revenue was estimated to be worth $24.5 billion in 2024 and is poised to reach $42.0 billion by 2029, growing at a CAGR of 11.3% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.

This market is expected to grow due in large part to factors including rising worldwide cancer incidence, growing research on cancer biomarkers, growing usage of biomarkers in drug discovery and development, and technical improvements.

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Cancer Biomarkers Market Scope:

Report Coverage	Details
Market Revenue in 2024	$24.5 billion
Estimated Value by 2029	$42.0 billion
Growth Rate	Poised to grow at a CAGR of 11.3%
Market Size Available for	2022–2029
Forecast Period	2024–2029
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Profiling technology, cancer type, product type, application, enduser, and region
Geographies Covered	North America, Europe, Asia Pacific, Latin America, the Middle East & Africa and GCC Countries
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Personalized medicine
Key Market Driver	Rising technological advancements in the development of cancer biomarkers

The market for cancer biomarkers has been divided into two segments based on profiling methods: omics technologies and imaging technologies. Market share for cancer biomarkers in 2023 was dominated by the omics technology category, as omics technologies have high-throughput nature, accuracy and wide usability for biomarker discovery and diagnosis.

Breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, leukemia, thyroid cancer, bladder cancer, non-hodgkin's lymphoma, kidney cancer, and other cancer types are the different categories into which the cancer biomarkers market is divided. High rise in cases of breast cancer globally, awareness and need for early diagnosis and detection of breast cancer are the major factors for growth of this segment in 2023.

The cancer biomarker market is divided into consumables, instruments, and bioinformatics software segments based on the kind of product. Technological improvements in diagnostic instruments with accuracy and precision in cancer biomarker development and discovery, need of instruments in diagnosis are the key factors contributing to high market share of instruments segment.

Based on application, the cancer biomarkers market has been segmented into diagnostics, research & development, prognostics, risk assessment, and other applications. Due primarily to rising cancer incidence rates globally and growing usage of cancer biomarkers in drug research and development, the diagnostics sector held the highest share of the global market for cancer biomarkers in 2023.

Based on end user, the cancer biomarker market is segmented into diagnostic laboratories, Biopharmaceutical Companies & CROs, research and academic institutes and other end-users. In 2023, the diagnostic laboratories segment accounted for a larger share of the cancer biomarkers market. The large share of this end-user segment can be attributed to the growing number of clinical laboratories conducting cancer biomarker -based diagnostics tests globally and the rising incidence of cancers.

Six key regions comprise the global market for cancer biomarkers: North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and GCC countries. North America is the largest regional market for cancer biomarkers. The huge share of North America in this market is primarily due to rising government support for the development of biomarker, growing demand for personalized medicine, rising adoption of omics technologies along with growth in cancer incidence.

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Prominent Players of Cancer Biomarkers Market

• F. Hoffmann-La Roche Ltd. (Switzerland)
• Thermo Fisher Scientific Inc.  (US)
• QIAGEN (Netherlands)
• Illumina Inc. (US)
• Bio-Rad Laboratories Inc. (US)
• Abbott Laboratories (US)
• bioMérieux 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)
• BioGenex (India)
• 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)
• INOVIQ Ltd. (Australia)
• and Among others

This report categorizes the cancer biomarker market into the following segments and subsegments:

By Profiling Technology

• Omics Technologies
  • Proteomics
  • Genomics
  • Other Omics Technologies
• Imaging Technologies
• Ultrasound Imaging
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Positron Emission Tomography (PET)
• Mammography

By Cancer Type

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Melanoma
• Leukemia
• Thyroid Cancer
• Bladder Cancer
• Non-Hodgkin's Lymphoma
• Kidney Cancer
• Other Cancer Types       

By Product

• Instrument
• Consumables
• Bioinformatics Software

By Application

• Diagnostics
• Research & Development
• Prognostics
• Risk Assessment
• Other Applications

By Enduser

• Diagnostic Laboratories
• Biopharmaceutical Companies & CROs
• Research and Academic Institutes
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East Africa
• GCC Countries

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Key Market Stakeholders:

• Senior Management
• End User
• Finance/Procurement Department
• R&D Department

Report Objectives:

• To define, describe, segment, and forecast the global cancer biomarker market by profiling technology, cancer type, product type, application, enduser, and region.
• To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall cancer biomarker market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific and Rest of the World (Latin America, the Middle East & Africa and GCC Countries)
• To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
• To track and analyze company developments such as product launches & approvals, partnerships, acquisitions, agreements, and other developments
• To benchmark players within the market using the proprietary Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product excellence

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