Luton, Bedfordshire, United Kingdom, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Cancer Biomarkers Market.
In the changed post COVID-19 business landscape, the Cancer Biomarkers Market is expected to grow at USD 48.58 billion from 2023 to 2029, accelerating at a CAGR of 17.5%.
Market Overview:
The market is being fuelled by the growing use of advanced robotics in ASCs, the growing number of surgical procedures performed globally, and the benefits of MIS over open surgical approaches. Biomarkers play 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 is crucial for personalised medicine. As a result, participants in the cancer biomarkers market should expect upcoming development prospects in the field of customised medicine.
Furthermore, the rising importance of biological and targeted medicinal therapies, technical improvements, and the precision and reliability of cancer biomarkers all contribute to the market’s growth. Furthermore, increased government and public-private sector investments in cancer diagnostics R&D have a favourable impact on the industry. The cancer biomarkers industry is hampered by expensive drug development costs, the risk of failure associated with cancer treatment, and unregulated government laws and reimbursement schemes. On the other hand, the cancer biomarkers market is expected to benefit from advances in cancer research and a substantial unmet need for cancer diagnostics. Biomarkers play a critical role in risk assessment, early diagnosis, and effective treatment monitoring; therefore, the market is likely to grow as the prevalence of many lifestyle diseases rises.
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What factors can affect the timing of Cancer Biomarkers?
Medical device manufacturers face a highly unpredictable regulatory environment. As a result, corporations are investing more in clinical trials, the approval process is taking longer, and more funding is needed for in-depth post-marketing surveillance investigations. It also raises the potential of product recalls, particularly when companies lack the financial resources to conduct extra research in order to meet FDA data requirements. The market for less invasive surgical devices is also hampered by these delays in authorization. Small manufacturers are likewise restricted from entering the market as a result of such regulatory adjustments. Furthermore, there is fierce competition among market participants. Only huge corporations can afford significant capital expenditures as well as high R&D and manufacturing costs. New entrants will be unable to enter the market as a result of this.
Regional Outlook
North America’s supremacy can be ascribed to a larger adoption of modern technologies such as next-generation sequencing, as well as an increase in the number of research studies proving the efficacy of biomarkers in drug discovery and development, as well as cancer detection. Due to the increased usage of biomarker-based tests for cancer detection and the deployment of technologically sophisticated instruments by laboratories in the area, Asia Pacific is expected to rise at a considerable CAGR over the forecast period.
Industry Growth Drivers
Increasing technological advances in cancer biomarker development
Advances in array and proteomics technology have addressed the challenges of identifying and understanding the functions and interactions of various proteins. These technological advances have greatly simplified the process of discovering and developing new cancer biomarkers.
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Market Positioning of Key Vendors
Major companies active in the global Cancer Biomarkers industry include Abbott, DiagnoCure Inc., Thermo Fisher Scientific Inc, Illumina, Inc, QIAGEN, F. Hoffmann-La Roche Ltd, Agilent Technologies, Inc, Quest Diagnostics Incorporated, Merck KGaA, Hologic, Inc., BD., GlaxoSmithKline plc., Novartis AG, Bristol-Myers Squibb Company, Eli Lilly and Company, Pfizer, Inc., Genomic Health, Inc, bioMérieux SA, Astellas Pharma Inc. and Myriad Genetics. The presence of established industry players is characterized by mergers and acquisitions, joint ventures, expansion of production capacity, extensive distribution and branding decisions to improve market share and regional footprint. Also, they are involved in ongoing research and development activities to develop new products and focus on expanding the product portfolio. This is expected to increase competition and pose a potential threat to new entrants.
Browse the full “Cancer Biomarkers Market by Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, and Others), Biomarker Type (PSA, HER-2, EGFR, KRAS, and Others), End User (Pharmaceutical & Biotechnology Companies, Diagnostics & Research Laboratories, Hospitals & Specialty Clinics, and Others) and by Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Global trends and forecast from 2023 to 2029” Report at https://exactitudeconsultancy.com/reports/10897/cancer-biomarkers-market/
Key Market Segments: Cancer Biomarkers Market
Cancer Biomarkers Market by Cancer Type, 2022-2029, (USD Million)
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
Cancer Biomarkers Market by Biomarker Type, 2022-2029, (USD Million)
- PSA
- Her-2
- EGFR
- KRAS
Cancer Biomarkers Market by End User, 2022-2029, (USD Million)
- Pharmaceutical & Biotechnology Companies
- Diagnostics & Research Laboratories
- Hospitals & Specialty Clinics
Cancer Biomarkers Market by Region, 2022-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Important Countries in All Regions Are Covered.
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Recent Industry Developments:
Abbott is a globally diversified healthcare company with a central purpose to help people live their healthiest possible lives. We offer a broad portfolio of market-leading products that align with favourable long-term healthcare trends in both developed and developing markets.
DiagnoCure Inc., a biopharmaceutical company, develops diagnostic tests, therapeutic vaccines, and therapies in the fields of genitourinary and breast cancers. The Company markets its products internationally.
Report Scope:
| Report Attribute | Details |
| Market Size in 2022 | USD 11.38 billion |
| Projected Market Size in 2029 | USD 48.58 billion |
| CAGR Growth Rate | 17.5% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2029 |
| Key Market Players | Abbott, DiagnoCure Inc., Thermo Fisher Scientific Inc, Illumina, Inc, QIAGEN, F. Hoffmann-La Roche Ltd, Agilent Technologies, Inc, Quest Diagnostics Incorporated, Merck KGaA, Hologic, Inc., BD., GlaxoSmithKline plc., Novartis AG, Bristol-Myers Squibb Company, Eli Lilly and Company, Pfizer, Inc., Genomic Health, Inc, bioMérieux SA, Astellas Pharma Inc. and Myriad Genetics, Inc, and others. |
| Key Segment | by Cancer Type, by Biomarker Type, by End User, by Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Cold Storage market analysis.
- The competitive environment of current and potential participants in the Cold Storage market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyses the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/10897/cancer-biomarkers-market/#request-a-sample
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