Biomarkers discovery has become crucial as these play a key role in the early diagnosis of cancer, which increases the survival rates by enabling an early treatment. Clinical trials use metabolomics, imaging, and other innovative technologies to trace oncology biomarkers using proteins and genes. A cancer biomarker is indicative of the presence of cancer in the body. A biomarker can be a molecule secreted by a tumor or a specific response of the body to the presence of cancer.
Cancer Biomarker Market at a CAGR of 15.8% During Forecasted Period, 2017-2023These biomarkers are thus increasing the chances of survival rates of patients and thus driving this market. Enhanced accuracy and speed of diagnosis and boost in government and private funds for biomarker research and drug discovery are also some of the drivers of this market. The growth of this market is backed by the increasing prevalence of cancer, rising investment in oncology research, technological advancement, increasing use of cancer biomarker in drug discovery & development and Food and Drug Administration (FDA) support for the development of biomarker.
Key Players
Some of key the players in the market are F. Hoffmann-La Roche AG (Switzerland), Becton Dickinson (U.S.), Abbott Laboratories (U.S.), PerkinElmer, Inc. (U.S.), Bristol-Myers Squibb (U.S.), Bio-Rad Laboratories (U.S.), Eli Lilly and Company (U.S.), Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), GlaxoSmithKline plc. (U.S.), QIAGEN N.V (U.S.), Novartis AG (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Illumina Inc. (U.S.),
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Segmentation
The global cancer biomarker market is segmented on the basis of types, applications and end users.
· On the basis of types, the market is segmented into protein biomarker, genetic biomarker and others
· On the basis of application, the market is segmented into diagnostic, prognostic and therapeutic. The diagnostic sub-segment is further classified into imaging and non- Imaging.
· On the basis of end users, the market is segmented into pharmaceutical and biotechnology companies, diagnostic tool companies, healthcare it/big data companies, clinical laboratories
Regional Analysis
The global cancer biomarker market consists of four major regions: the Americas, Europe, Asia Pacific, and the Middle East and Africa.
America holds the largest market share in the cancer biomarker market owing to increasing prevalence of cancers in the U.S. and Canada. Growing prevalence of malignancies coupled with increasing focus on development of targeted therapies is a major factor affirming positive growth of this market. North America dominated the regional segment followed closely by Europe. High adoption of innovative technology, presence of key pharmaceutical companies, established R&D infrastructure pertaining to the development of novel diagnostic products and increased demand for specific & early diagnostics are the major factors for aforementioned dominance.
In Europe, Germany, the U.K, and France are the largest contributors to the market owing to the availability of funds for research, and extensive research and development activities in oncology.
In Asia Pacific, India, and China are the fastest developing regions in the market owing to an overall demand for early diagnostic and treatment services, and increasing expenditure on primary care services across Asia Pacific. However, the Asia Pacific region owing to increasing prevalence of cancer, beneficial environment for clinical trials, and increasing government funding for supporting drug development programs is anticipated to witness lucrative CAGR over the forecast period. Moreover, growing focus of pharmaceutical companies over this region coupled with rising awareness for biomarker-based diagnosis is one of the high impact-rendering drivers for growth.
The Middle East & Africa exhibit steady but positive growth owing to low technology penetration in developing regions of Africa, and increasing demand for diagnostics services in developing regions. In the Middle East, the United Arab Emirates accounts for the largest market share for cancer biomarker market.
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Global Cancer Biomarker Market Research Report: By Types (Protein Biomarker, Genetic Biomarker), By Applications (Diagnostic, Prognostic, Therapeutic), By End Users (Pharmaceutical and Biotechnology Companies, Diagnostic Companies) – Forecast till 2027Market HighlightsMarket Research Future (MRFR) analysed the cancer biomarker market 2020 across the assessment period from 2017 to 2023.
According to MRFR findings, the cancer biomarker market can surge at 15.8% CAGR across the review period.Drivers and ConstraintsThe need for early diagnosis in cancer due to its formidable nature is creating he demand for cancer biomarkers to decide on treatment regime by physicians.
Researchers and reputed investors are observed to fund development of advanced diagnostic solutions for cancer, thus application of cancer biomarker in clinical trials is also observed to increase.
Advancements in oncology studied can add to the market rise.
The diagnostics segment can rise at exponential pace in the years to come.
The imaging segment can rise to earn decent revenue for the global cancer biomarker market.Pharmaceutical, diagnostic tool companies, healthcare IT or big data companies, biotechnology companies, and clinical laboratories among others are end-users based segments of the cancer biomarker market.
Market highlightsDevelopment in this market is driven by increasing cancer prevalence, increased investment in oncology research, technical innovation, expanded usage of cancer biomarkers in drug discovery & production, and funding for biomarker production by the Food and Drug Administration (FDA).
Factors including the adaptation of western lifestyles are also driving the cancer biomarker market.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/5378Cancer treatment is mainly responsible for health care expenses globally, and this is one of the main limiting forces on the global demand for biomarkers for cancer.
Refund complications and the need for urgent processing are also limiting this sector.
The production of cancer biomarkers is associated with high costs and low cost-benefit ratios, making it one of the main constraints of the cancer biomarkers market.SegmentationThe global cancer biomarker market is segmented based on types, applications, and end-users.Based on types, the global market is segmented into protein biomarker, genetic biomarker, and othersBased on the application, the market is segmented into diagnostic, prognostic, and therapeutic.
Due to the rising demand for investment in research and development, the United States is the predominant sector, boosting cancer prevalence rate and vital area considering medical tourism.
The increased government funding for the research and development of biomarkers, augmented demand for precision medicine, and the approval of advanced technology for biomarker discovery are mainly due to a significant share of this geographic category, and Increased use of biomarkers by pharmaceutical firms in that area of drug research and production.Europe contains the most considerable demand for cancer biomarkers, a demand fuelled by the escalating number of clinical trials and the availability of research funds.
Global Cancer Biomarker Market is anticipated to reach USD 33.7 billion by 2025.
Biomarkers imply the molecules or substances found in tissues, blood, or the other body fluid; which states the abnormal and normal condition of the body.
On the other hand, there are factors that may hamper the growth of the market including reimbursement issues, need for immediate processing, and high cost of diagnosis.
Cancer Biomarker Market is anticipated to grow at a significant CAGR of 14.3% in the upcoming period as the scope, product types, and its applications are increasing across the globe.Cancer biomarker industry may be explored by type, application, biomolecule type, and geography.
The “Breast Cancer” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 owing to growing consciousness about initial testing and rising base of target populace.The key applications that could be explored in the Cancer Biomarker Market include Personalized medicine, Diagnostics, Drug Discovery and Development, and Others.
The “Diagnostics” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 due to growing development of biomarker-based oncology tests with high sensitivity and specificity.
