Cancer Biomarker Market Drivers and Restraints
MRFR or Market Research Future affirms that the cancer biomarker market size could garner a strong CAGR of 15.8% over the evaluation period (2017-2023). We will provide COVID-19 impact analysis with the report, along with all the notable developments following the coronavirus disease outbreak.
Cancer is estimated to be the second most common mortality causing disease in the United States, followed by cardiovascular disorders. Prevalence of prostate, lung and breast malignancies has shot up notably in the past decade, with more than 1,600 people in the US affected every year. It was reported that in 2017, close to 200,000 cases were that of breast cancer in the country along. These numbers have promoted a rise in the awareness level amongst people about cancer and also among healthcare professionals with regard to the significance of early detection or diagnosis of malignancies.
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The mounting preference for personalized medicine happens to be a major growth opportunity in the cancer biomarker market and can lead to further expansion over the coming period. The surge in approvals for novel diagnostics and drugs related to cancer biomarkers has also fostered the adoption rate. Cancer biomarkers market trends that have emerged in recent years include the rising developments in cancer diagnosis such as the utilization of molecular biomarkers during routine diagnostic tests.
New product launch, collaborations between research institutes and players for developing novel biomarkers along with acquisitions and mergers of smaller companies are the top favored strategies among the established market players for sustained growth. For reference, in September 2020, Lantern Pharma collaborated with Fox Chase Cancer Center for the development of a new pancreatic drug candidate called LP-184. LP-184 is an alkylating agent that destroys the DNA present in cancer cells overexpressing a few biomarkers, such as PTGR1 that is associated with cancer cell proliferation.
Cancer Biomarker Market Segmentation
Cancer biomarker market has been dissected in terms of types, applications and end users.
The major types of cancer biomarkers are genetic biomarker, protein biomarker, and more.
The applications listed are prognostic, therapeutic and diagnostic. The diagnostic-wise segments are imaging as well as non- Imaging.
Important end users in the market are healthcare it/big data companies, diagnostic tool companies, pharmaceutical and biotechnology companies, clinical laboratories, healthcare it/big data companies, among others.
Cancer Biomarker Market Regional Outlook
Cancer biomarker market study outlines the regional outlook, with respect to America, APAC or Asia Pacific, MEA or Middle East & Africa and Europe.
The American cancer biomarker market can be the global leader by 2025, in view of the high prominence of various cancer types and the substantial spending on diagnosis and detection of cancer. The top performer in the region is the United States, where funds allocated for research and development are quite significant while the cancer cases are rising at an alarming rate. The cancer biomarker market stellar growth can also be attributed to the strong government aid for development of advanced biomarkers and the surging preference for personalized medicine. The high uptake of modern omic technologies by the pharmaceutical vendors and the subsequent growth of the cancer tumor profiling cancer biomarker market in the region translate to significant future prospects.
The European cancer biomarker market growth is primarily boosted by the escalation in clinical trials, along with the rising funds for extensive researches. The strong demand for advanced diagnostic devices and tools in France, the UK and Germany along with expanding pool of pharmaceutical firms in the region also add to the cancer biomarker market strength.
APAC could be the fastest developing cancer biomarker market in the ensuing years, due to the high number of skilled medical professionals such as diagnostic specialists and technicians. The booming population in China and India, increased spending by private and public sectors on cancer diagnosis as well as treatment coupled with the rising cases of cancer can also bolster the market growth in the region. APAC has emerged as a promising medical tourism destination in recent years, which has accelerated cancer treatment and diagnosis tests to a large extent.
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Cancer Biomarker Market Firms
Some of the most affluent firms operative in the global cancer biomarker industry are Becton Dickinson (U.S.), Abbott Laboratories (U.S.), F. Hoffmann-La Roche AG (Switzerland), Eli Lilly and Company (U.S.), QIAGEN N.V (U.S.), Merck & Co., Inc. (U.S.), Bristol-Myers Squibb (U.S.), PerkinElmer, Inc. (U.S.), Bio-Rad Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), GlaxoSmithKline plc. (U.S.), Illumina Inc. (U.S.), Novartis AG (Switzerland), Pfizer Inc. (U.S.), to mention a few.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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