Cancer Biomarkers Market 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 Prominent 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.
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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.
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.
Market Segmentation:
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.
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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.
Geographically, The Market, by region, has been segmented into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific.
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