Newark, May 02, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global cancer biomarkers market is expected to grow from USD 15.8 billion in 2021 to USD 48.2 billion by 2030, at a CAGR of 13.2% during the forecast period 2022-2030.
The demand for cancer biomarkers has grown fast in recent years, and it is expected to grow much more throughout the forecast period. This expansion can be attributed to the incidences of cancer and the increased funding in research and development from various government and private organizations.
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However, the high cost of treatment and unfavorable reimbursement policies by the government is hindering the growth of the market. The diagnosis and treatment of cancer are costly compared to other diseases as it includes medical and non-medical costs for diagnosis, treatment, and post-operative care. The rising need for personalized medicines for cancer treatment is a lucrative opportunity for the market’s growth. However, the complicated sample collection procedure is still challenging for the cancer biomarkers market.
To enhance their market position in the global Cancer Biomarkers market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● Thermo Fisher Scientific announced an agreement with Chugai Pharmaceuticals Co. Ltd. Spark Therapeutics, Inc in July 2020. To increases the use of the Oncomine Dx Target test in Japan. The partnership’s main aim was to focus on accelerating the local biomarker testing of NSCLC patients eligible for entrectinib in Japan.
● Thermo Fisher Scientific received approval from the FDA for an NGS-based companion diagnostic to diagnose EGFR Exon20 insertion mutant non-small cell lung cancer tumor tissue.
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Market Growth & Trends
The growth of the cancer biomarkers market is driven by the rising prevalence of disease and increasing R&D programs by institutes and universities. The continuous identification and development of the biomarkers specific to a particular condition or a particular patient are used to develop personalized medicines. Biomarkers are used in calculating disease risk and response to therapy which drives the market growth. According to the Centers for Disease Control and Prevention (CDC), around 27 lakh women and 21 lakh men in the US were diagnosed with breast cancer in 2019, while 40,000 women and 400 men in the US died from breast cancer. Various key market players have done research collaborations to develop biomarkers for the diagnosis of the disease is anticipated to upsurge the market growth.
● In 2021, the Breast Cancer segment dominated the market with the largest market share of 22% and market revenue of 3.4 billion.
The cancer type segment is divided into breast, lung, leukemia, colorectal, melanoma, and others. In 2021, the breast cancer segment dominated the market with the largest market share of 22% and market revenue of 3.4 billion. The rising incidences of breast among geriatric women are increasing the for cancer biomarkers to diagnose demand the disease, in addition to this, the rising awareness regarding breast cancer, its causes, and the long-term effects of the disease on the human body. Several programs conducted by the government for making people aware of breast cancer are also driving the growth of the cancer biomarker market.
● In 2021, Omic Technologies accounted for the largest share of the market, with 36.2% and a market revenue of 5.7 billion.
The technology segment is divided into cytogenetics-based tests, imaging technologies, omic technologies, and immunoassays. In 2021, omic technologies accounted for the largest share of the market, with 36.2% and a market revenue of 5.7 billion. Omic technologies help in the diagnosis of cancer at an early stage. Moreover, the demand for cost-effective and safe drugs for cancer treatment and growth in healthcare expenditure is driving the market growth.
● In 2021, the diagnosis segment accounted for the largest share of the market, with 33% and a market revenue of 5.2 billion.
The application segment is divided into drug discovery and development, diagnostics, risk assessment, prognostics, and other applications. In 2021, the diagnosis segment accounted for the largest share of the market, with 33% and a market revenue of 5.2 billion. The rising incidences of cancer and the need for diagnosing them so that proper treatment can be done are driving the market growth.
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Regional Segment Analysis of the Cancer Biomarkers Market
● North America (US, Canada, Mexico)
● Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global Cancer Biomarkers market, with a market share of around 42.2% and 6.6 billion of the market revenue in 2021. Due to the rising number of cancer patients in countries such as the US, the need for diagnosis is increasing, which can be done effectively with the help of cancer biomarkers. Moreover, people are cautious about their health conditions and focus on the early diagnosis of the disease, which drives the market growth during the forecast period. In addition to this, the key market players are focusing on research and development to treat the disease, which also drives market growth.
Key players operating in the global cancer biomarkers market are:
● Abbott Laboratories
● Bristol-Myers Squibb Company
● Merck KGaA
● Bio-Rad Laboratories
● F.Hoffmann-La Roche Ltd.
● Qiagen NV
● Exact Sciences Corporation
● Thermo Fisher Scientific
● Siemens AG
This study forecasts revenue at global, regional, and country levels from 2022 to 2030. Brainy Insights has segmented the global cancer biomarkers market based on the below-mentioned segments:
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Global Cancer Biomarkers Market by Cancer Type:
Global Cancer Biomarkers Market by Technology:
● Cytogenetics Based Tests
● Imaging Technologies
● Omics Technologies
Global Cancer Biomarkers Market by Application:
● Drug Discovery and Development
● Risk Assessment
About the report:
The global cancer biomarkers market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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