USD 12.6 Bn Cancer Biomarkers Market to Grow at a CAGR of 9.9% During 2022 to 2031 - Global Analysis by Transparency Market Research

Wilmington, Delaware, United States, April 26, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, tThe global cancer biomarkers market size stood at USD 12.6 Bn in 2021. The market value is likely to surpass USD 31.4 Bn by 2031 and expand at a CAGR of 9.9% between 2022 and 2031.

The early detection of cancer and customization of cancer therapy both rely heavily on cancer biomarkers. The global market for cancer biomarkers is anticipated to be driven by the growing incidence of different forms of cancer and invention of cancer biomarkers using new technologies. The aging population is also an important factor driving market demand for cancer biomarkers.

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Market Scope:

Growing use of HER2 and CEA biomarkers for the identification of malignancies including ovarian cancer, thyroid cancer, and small cell lung cancer is anticipated to propel the global market. Major players are concentrating on research and development activities in the field of biomarkers to gain a competitive edge in the global industry.

Data enumerated by World Health Organization (WHO) states that cancer claimed approximately 10 million lives in the year 2020, or 1 in every 6 deaths. Among the most prevalent cancers are those of prostate, rectum, colon, breast, and lung. Research findings published in the Journal of Ovarian Research states that it is presently the fifth most common cause of fatality for women worldwide. Over 70% of cancer incidences are diagnosed at an advanced stage. The most effective and accurate test for detecting ovarian and endometrial malignancies is considered to be the human epididymis protein 4 (HE4) biomarker test.

Key Findings of Market Report

• Based on type, the protein segment accounted for a significant share of the global market in 2021. The segment is expected to retain its dominance in the global cancer biomarkers market throughout the forecast period. This is explained by the increased use of protein biomarkers in studies on cancer therapy. The most popular forms of biomarkers for precise identification of different types of malignancies are protein-based indicators.
• In terms of type of cancer, the breast cancer segment is projected to present lucrative business opportunities in the global industry in the near future. Biomarkers are frequently used to diagnose breast cancer. The segment is anticipated to be driven by an upward trend in the number of breast cancer patients worldwide.
• Based on profiling technology, the omics segment dominated the global market in 2021 and is anticipated to expand at a high CAGR during the forecast period from 2022 to 2031. Applying omics technology in the early detection of cancer is very effective. Additionally, innovative breakthroughs in cancer biomarker profiling technologies are anticipated to favor the adoption and use of these markers.
  

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Global Cancer Biomarkers Market: Growth Drivers

• High prevalence of cancer is a major factor driving the cancer biomarkers market. As per the findings of the World Health Organization (WHO), cancer is one of the leading causes of mortality worldwide, followed by cardiac disorders. Increase in cancer incidence is attributed to rise in smoking, unhealthy eating habits, and rise in pollution levels. In low- and lower-middle-income countries, cancer-causing infections including hepatitis and human papillomavirus (HPV) account for around 30% of the total cancer cases.
• Several pharmaceutical firms are presently funding studies to develop new biomarkers for cancer detection and therapy. This is anticipated to fuel market growth in the near future. Consistent introduction of novel cancer biomarker-related products and diagnostics is also anticipated to favor business growth worldwide.

Global Cancer Biomarkers Market: Regional Landscape

• In 2021, North America held more than 30% market share of the total cancer biomarkers industry and is expected to retain its leading position throughout the forecast period. Rise in number of cancer patients in Canada and the U.S. and initiatives to conduct research and development in this field is anticipated to drive the market in North America.
  

Global Cancer Biomarkers Market: Key Players

• Bristol-Myers Squibb Company
• F. Hoffmann-LA Roche Ltd
• Agilent Technologies Inc.
• Exact Sciences Corporation
• Thermo Fisher Scientific, Inc.
• Bio-Rad Laboratories

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Global Cancer Biomarkers Market: Segmentation

Type

• Protein
• Genetic
• Others
  

Type of Cancer

• Lung
• Breast
• Leukemia
• Melanoma
• Colorectal
• Prostate
• Ovarian
• Liver
• Others
  

Profiling Technology

• Omics
• Imaging
• Immunoassay
• Bioinformatics
• Others
  

Application

• Diagnostics
• R&D
• Prognostics
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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