According to BlueWeave Consulting, the global Cancer Biomarkers market has reached USD 13.065 Billion in 2019 and estimated to reach USD 29.45 Billion in 2026 and anticipated to grow by CAGR of 12.61% during the forecast period 2020-2026. The market is growing owing to various factors. The growth of the market is propelled by the surging prevalence of cancer, coupled with the rising awareness about the usage of biomarkers at several stages of cancer.
Lack of physical activities, frequent sun & UV exposure, improper diet, and growing consumption of tobacco are some of the essential factors that have attributed to the escalating prevalence of cancer. Around 22% of cancer deaths are caused due to tobacco consumption and are regarded as the principal risk factor for cancer. Moreover, the rising demand for clinical diagnosis in cancer’s early stages and growing geriatric population base further propels the usage rates of cancer biomarkers.
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Surging utilization of the biomarkers in surrogate endpoints & drug targets developments, increasing interest among researchers & students regarding cancer diagnostic researchers, and increasing need for the biomarkers in cancer research are few crucial success factors for the growth of the global cancer biomarkers market. Most epidemiological studies use biomarkers to examine various stages of human disease. It requires careful handling and storage of sensitive biological samples to obtain a great deal of information from small samples and reduce future research costs by using banked samples.
There have been significant technological developments over fields such as diagnostic imaging, immunoassays, omics technologies, and bioinformatics. Using advanced bioinformatics tools, developments in omics technology allow faster acquisition of proteomic, genomic, and metabolomics data and its alliance with clinical trial data. Over the past decade, the omics movement has growing biomarker applications in biomedical research. Additionally, developments in high-throughput genomic technologies facilitate the identification and analysis of key gene mutations and polymorphisms, thereby expanding the spectrum of available genomic biomarkers.
There is a surge in the cases of cancer among the global population, which has boosted the demand for Cancer Biomarkers. As per the World Health Organization, it is anticipated to increase cancer cases over the next two decades further. Cancer is prevalent largely in lower and middle-income nations since they lack suitable healthcare infrastructure to combat the condition effectively. In addition, the cancer cases were higher in men than in women.
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By geography, the global Cancer Biomarkers Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to have the lion’s share in the global cancer biomarkers market during the forecast period, owing to the adoption of advanced technologies, increasing the number of research studies for the development of novel biomarkers. The existence of a large number of pharmaceutical firms, rising funding and investments from public and private organizations, and the growing use of biomarkers in patient stratification and drug development method.
The major market players in the Global Cancer Biomarkers are Thermo Fisher Scientific, Bio-Rad Laboratories, Roche Diagnostics, Qiagen N.V., Illumina, GE Healthcare, Agilent Technologies, Biomérieux SA, Merck & Co., Abbott Laboratories, Becton, Dickinson and Company, Danaher Corporation, Myriad Genetics, Sysmex Corporation, Hologic, Quest Diagnostics, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.
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