Market Research Future (MRFR) reveals that the cancer biomarker market would obtain a growth rate of 15.8% from 2020 to 2027.
Major Drivers and Challenges
Rapidly mounting cases of cancer in the wake of surging prevalence of unhealthy living and bad eating habits will favor the cancer biomarkers market the years ahead. Rise in technological advances facilitate the combination of cancer biomarkers with several novel medications for faster and more accurate diagnosis along with improved treatments. The strong influence of the western culture in the emerging counties, exhaustive research based on cancer biomarkers, and the FDA encouraging the development of biomarkers also add to the market worth. These biomarkers facilitate better speed and precision of diagnosis, which also helps foster their demand. Significant investments by private firms and the government in extensive cancer-related research/clinical trials, and the focus on developing highly specific drugs will further benefit the worldwide market.
Furthermore, the heightened number of government initiatives focused on cutting down the high healthcare costs through personalized medicines, for elevated focus on faster detection and prevention will also enhance the market share. Other than that, the escalating number of distributors, manufacturers and service providers of cancer biomarkers will give rise to lucrative opportunities in the coming years.
Majority of the companies adopt strategic measures including acquisitions, mergers, product innovation, and awareness campaigns that boost brand awareness. For instance, in April 2021, Amgen developed Biomarker Assist, which is a campaign to assist more patients affected by metastatic non-small cell lung cancer to get easier access to biomarker testing.
MRFR has listed a few important cancer biomarker developers active in the worldwide market, including Abbott Laboratories (U.S.), Bristol-Myers Squibb (U.S.), Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), Becton Dickinson (U.S.), GlaxoSmithKline plc. (U.S.), PerkinElmer, Inc. (U.S.), Bio-Rad Laboratories (U.S.), Novartis AG (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Eli Lilly and Company (U.S.), Illumina Inc. (U.S.), QIAGEN N.V (U.S.), F. Hoffmann-La Roche AG (Switzerland), and more.
Major types of Cancer Biomarkers Market are genetic biomarker, protein biomarker, and more. The highest position has been taken by the genetic biomarker segment, which will continue to lead the market all through the given period. This segment is backed by the rising advances in technologies used for mutation detection, and the surge in innovations in high-throughput technologies. With major companies launching technologically developed products, the accuracy and speed of genetic biomarker for diagnosis applications has improved significantly, giving a solid push to the segment.
Key applications of cancer biomarkers are cancer prognostic, therapeutic, as well as diagnostic. The diagnostic-based segments can be imaging along with non- Imaging.
Top end-users listed are diagnostic tool companies, pharmaceutical and biotechnology companies, clinical laboratories, healthcare big data companies, and more.
North America is the most successful market for cancer biomarkers, in terms of expansion, since the region has a highly developed pharmaceutical and healthcare sectors. The solid demand for cancer biomarkers in the United States is the result of the blossoming elderly patient populace and the resultant increase in the need for faster detection and treatment. The huge prevalence of cancer also fuels the market growth rate in the region.
Asia Pacific will potentially be the fastest developing market in the next few years, as a result of the substantial contributions from rapidly emerging nations like Australia, India, South Korea, Japan, and China. The region shall present attractive opportunities in the following years, as the number of contract research organizations continues to mount. Meanwhile, the low spending required to conduct clinical trials in the region facilitates business growth too. Widespread deployment of advanced medical imaging systems, rising healthcare expenditure and the massive rise of R&D scope with respect to cancer biomarkers could be a key growth inducer in the ensuing years.
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