New York, May 15, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Global Cancer Biomarkers Market was valued at USD 15.68 billion in 2023 and is anticipated to generate an estimated revenue of USD 53.36 billion by 2032, with a CAGR of 14.60% from 2024 to 2032.
Cancer biomarkers are biological molecules fabricated by the body or tumor in a person with cancer. Biomarkers testing assists identify changes in the tumor. Biomarkers can be DNA, RNA, protein, or metabolomic profiles that are particular to the tumor. The rapidly rising demand for cancer biomarkers market can be attributed to the testing involving genomic testing to observe a DNA sequence; DNA and RNA seek gene amalgamations or tests to calculate RNA or protein levels. Biomarkers can be utilized for estimating a person's probability of advancing cancer, deciding a person's probability of cancer intermittence, forecasting the probability that the therapy will function for a particular patient, and observing an illness's progression to decide if the therapy is operative.
Moreover, the market growth can be attributed to escalating instances of hostilities covering the globe and the growing concentration on the advancement of earmarked therapies. The escalating pervasiveness of malice globally, with cancer being the subsequent spearheading price the foremost cause of death in the US ensuing cardiovascular illnesses. Especially breast, prostate, and lung spite have witnessed a sharp rise in the frequency rate, with more than 1,600 people assessed to be impacted by these cancers in the US yearly.
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Fundamental Statistics from the Report:
- The global market for cancer biomarkers was valued at USD 15.68 billion in 2023.
- The market is expected to grow at a 14.60% compound annual growth rate (CAGR) during the forecast period of 2024-2032.
- The cancer biomarkers market size is anticipated to grow to 53.36 billion by 2032.
Key Findings from the Report:
- The market for cancer biomarkers is expanding due to the growing population and escalating life eagerness with aging populations prompting escalated healthcare requirements and pharmaceutical intake due to the escalating pervasiveness of detrimental illnesses.
- The market is primarily segmented on the basis of type, biomolecule, application, and region.
- North America dominated the market with the largest cancer biomarkers market share in 2022.
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Cancer Biomarkers Market Key Players:
- Abbott Laboratories
- Agilent Technologies
- Affymetrix
- Becton
- Hologic
- Illumina
- Merck
- QIAGEN
Important Market Developments:
Growth Drivers:
- One of the prominent factors driving the growth of the cancer biomarkers market is the growing consciousness among patients and healthcare experts about the significance of premature cancer diagnosis. Premature discernment of cancer is important as it permits periodic mediation and cure, which has notably enhanced patient results and escalated the possibilities of fortunate recuperation.
- The growing demand for customized medicines for cancer cure is pushing for escalated demand. Tailor-made medicine intends to customize treatment plans depending on a person's distinct genetic makeup, way of life, and other elements.
Trends:
The forecast period will witness substantial growth in cancer biomarkers market demand, mainly due to targeted therapies' intention to offer more productive and tailor-made treatment alternatives for patients, decreasing the inherent ramifications linked with traditional chemotherapy.
Regional Insights:
North America: The cancer biomarkers market in North America is expected to increase due to the escalated acquisition of inventive technologies and entrenched research and development framework concentrating on contemporary diagnostic commodities.
Asia Pacific: This region is emerging as the fastest growing due to the growing pervasiveness of cancer in the region, which pushes the requirement for enhanced diagnostics and cure alternatives.
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Segmentation Overview:
By Type Outlook:
- Breast cancer
- Prostate cancer
- Colorectal cancer
- Cervical cancer
- Liver cancer
- Lung cancer
- Others
By Biomolecule Outlook:
- Genetic Biomarkers
- Epigenetic Biomarkers
- Metabolic Biomarkers
- Proteomic Biomarkers
- Others
By Application Outlook:
- Drug discovery and Development
- Diagnostics
- Personalized medicine
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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