Los Angeles, April 19, 2022 (GLOBE NEWSWIRE) -- The global cancer biomarkers market size was reached at US$ 10.69 billion in 2021. Rising cancer incidences all over the world are one of the major factors driving the global cancer biomarkers market. Cancer is the leading cause of mortality worldwide, according to the World Health Organization (WHO), with an estimated 10 million deaths projected by 2020, accounting for about one in every six deaths.
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Lung cancer, breast cancer, rectum cancer, and prostate cancer are the four most common malignancies and because of those illnesses, the creation of cancer biomarkers has become a market requirement. On the other hand, factors such as unregulated government rules and reimbursement requirements, as well as the high cost of medication development, are impeding the worldwide cancer biomarkers market's growth.
| Report Scope | Details |
| Market Size in 2021 | USD 10.69 Billion |
| CAGR | 13% from 2021 to 2030 |
| Revenue Forecast by 2028 | USD 24.98 Billion |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., QIAGEN N.V., Illumina Inc., Bio-Rad Laboratories Inc., Abbott Laboratories, Exact Sciences, Meso Scale Diagnostics LLC, Seegene Technologies Inc., Siemens Healthineers |
Report Highlights
- On the basis of type, breast cancer segment holds the largest market share in the global cancer biomarkers market. The growing prevalence of breast cancer among working women is driving the segment growth over the projected period.
- On the basis of biomolecule, genetic biomarkers segment holds the largest market share in the global cancer biomarkers market. The genetic biomarkers are widely employed for the treatment of cancer.
- On the basis of application, diagnostics segment holds the largest market share in the global cancer biomarkers market. During the projected period, the factors such as the expanding development of cancer biomarkers based on oncology tests with high efficiency are driving the segment growth.
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Regional Snapshot
North America is the largest segment for cancer biomarkers market in terms of region. The U.S. is dominating the cancer biomarkers market in the North America region. In the cancer biomarkers market, North America has a high number of market players. The U.S. government is actively spending in research and development in order to develop new products. Furthermore, the adoption of innovative and advanced technologies is propelling the cancer biomarkers market in the North American region.
Asia-Pacific region is the fastest growing region in the cancer biomarkers market.The increased prevalence of cancer is driving the market for cancer biomarkers in the Asia-Pacific region. Furthermore, the government is constantly sponsoring research and development operations for new items. As a result, increased awareness of cancer biomarkers is fueling market growth in the Asia-Pacific region.
Market Dynamics
Drivers
Growing incidences of cancer
The cases of cancer disease are growing at a rapid pace. The biomarkers are used predominantly for the treatment of cancer. As per statistics provided by World Cancer Research Fund International, in 2018 around 18 million people were suffering from cancer. Moreover, lung cancer and breast cancer are life threatening cancers. As a result, growing incidences of cancer is driving the growth of the global cancer biomarkers market during the forecast period.
Restraints
Lack of reimbursement policies
The government in underdeveloped and developing countries does not provide favorable reimbursement policies. The need for reimbursement policies is growing due to surge in the number of cancer patients. In addition, these nations lack for proper resources for the development of cancer biomarkers. The financial conditions are not favorable in these regions. The developed countries’ government help these countries to develop novel products. In addition, they also fund healthcare sector in these regions. Thus, lack of reimbursement policies is restricting the growth of the global cancer biomarkers market.
Opportunities
Growing technological developments
The technological advancements are helping to develop cancer biomarkers with advanced features. The innovation in technologies is also assisting in finding new ways to ways for dealing with cancer diseases. The latest technologies are addressing new problems that healthcare sector is facing since few years. With the help of innovative technologies, new devices and gadgets are being developed and manufactured that help in the treatment of cancer. Thus, growing technological developments is creating lucrative opportunities for the growth of the global cancer biomarkers market over the forecast period.
Challenges
High cost for treatment and diagnosis
The developing and underdeveloped countries cannot afford for the treatment and diagnosis of cancer. The treatment is very costly as devices used for the cancer treatment are deployed with latest and advanced technologies. This factor adds up to the final cost of treatment and diagnosis. As a result, high cost of treatment and diagnosis is a major challenge for the expansion of the global cancer biomarkers market.
Related Reports
- Cancer Registry Software Market Research Report 2022 – 2030
- Cancer Biopsy Market Research Report 2021 – 2030
- Cancer/Oncology Drugs Market Research Report 2021 – 2030
Recent Developments
- Agilent Technologies Inc. announced the commencement of the Biomarker Pathologist Training Program in November 2020, which is a global project designed to help pathologists evaluate biomarkers accurately. Formerly, the program was only offered in Europe and North America.
- Oncotype DX Ar-V7 nucleus detect test was introduced by Genomic Healthcare Inc., in March 2018. The AR-V7 protein is a biomarker that can be used to predict and diagnose cancer.
- Roche announced in March 2021 that the VENTANA ALK CDx Assay had been approved as a companion diagnostic by the FDA.
Market Segmentation
By Type
- Breast Cancer
- Prostate Cancer
- Colorectal Cancer
- Cervical Cancer
- Liver Cancer
- Lung Cancer
- Others
By Biomolecule
- Genetic Biomarkers
- Epigenetic Biomarkers
- Metabolic Biomarkers
- Proteomic Biomarkers
- Others
By Application
- Drug Discovery and Development
- Diagnostics
- Personalized Medicine
- Others
By Profiling Technology
- Omic Technologies
- Imaging Technologies
- Immunoassays
- Cytogenetics-based Tests
By End User
- Hospitals
- Academic and Cancer Research Institutes
- Ambulatory Surgical Centres
- Diagnostic Laboratories
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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