Cancer Biomarker Market Synopsis:
Cancer is one of the leading causes of death across the globe. The early stage cancer is diagnosed with the help of biomarkers that are molecules, proteins, or processes indicating the presence of cancerous cells and biological state of tumors in the body.
As per the report that has been published by Market Research Future (MRFR), the global cancer biomarkers market is anticipated to expand remarkably at a noteworthy CAGR of 15.8% during the forecast period of 2017-2023.
Market Drivers and Restraints:
Rise in prevalence of cancer and extensive research in biomarkers by various research institutes are some of the major factors driving the growth of the global cancer biomarkers market. Extensive application of cancer biomarkers for diagnosis and identification of early-stage cancer, risk assessment, prognosis and treatment predictions, monitoring treatment response and others are fueling the growth of the global cancer biomarkers market.
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The increasing use of biomarkers in cancer research for development of effective new drugs and increasing application of cancer biomarkers in the area of surrogate endpoints are positively impacting the growth of the global cancer biomarkers market. Proliferation in government initiatives and funding for development of novel cancer diagnostic techniques is acting as one of the major drivers for the expansion of the global cancer biomarkers market.
Increasing adoption of advanced technology for research and development of highly effective drugs and accurate diagnosis of cancer are anticipated to fuel the growth of the global cancer biomarkers market. However, high cost of development and validation of biomarkers, reluctance in adoption of advanced technology and low detection rate are likely to act as restraints on the growth of the global cancer biomarkers market.
The players in the global cancer biomarkers market are increasing the research and development funding for introducing new biomarkers that would help in accurate diagnosis and development of new drugs for treating cancer. The recent discoveries and developments are strengthening the competition among the players and simultaneously fueling the growth of the global cancer biomarkers market.
In July 2018, researchers from University of Delhi and National Institute for Cancer Prevention and Research, Noida (India), have identified two proteins, survivin and STAT3, as potential biomarkers for gastric cancer progression.
The key players in the global cancer biomarkers market that are profiled in the report published by MRFR 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.) and others.
The Global Cancer Biomarkers Market is segmented on the basis of types, application and end-users. Based on type, the cancer biomarkers market is segmented into protein biomarkers, genetic biomarkers and others. Based on application, the cancer biomarkers market is segmented into diagnostic, prognostic and therapeutic. The diagnostic segmented is sub-segmented into imaging and non-imaging. Based on end-users, the cancer biomarkers market is segmented into pharmaceutical and biotechnology companies, diagnostic tool companies, healthcare it/big data companies, clinical laboratories.
The global cancer biomarkers market is regionally segmented into North America, South America, Europe, Asia Pacific and the Middle East and Africa. The North America region is anticipated to account for the largest sharein the global cancer biomarkers market owing to the high prevalence of cancer and rapid advancement in the field of cancer biomarkers for development of new drugs and efficient diagnostic procedures in this region.
Increasing number of clinical trials and rise in government funding for discovery and development of new biomarkers are leading to the significant growth of the cancer biomarkers market in the Europe region. Whereas, the market in the Asia Pacific region is anticipated to project fastest growth in the global cancer biomarkers market during the forecast period. The cancer biomarkers market in this region is majorly driven by high investments in cancer diagnosis and treatment by public and private sectors and increasing prevalence of cancer. The cancer biomarkers market in the Middle East and Africa region is projecting slow growth owing to the less penetration of advanced diagnostics and treatment facilities and lack of awareness in the underdeveloped areas of this region.
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