DUBLIN–(BUSINESS WIRE)–The “Global Cancer Biomarkers Market Size, Share & Industry Trends Analysis Report By Profiling Technologies, By Application, By Type, By Cancer Type, By Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Cancer Biomarkers Market size is expected to reach $34.3 billion by 2028, rising at a market growth of 16.8% CAGR during the forecast period.
Cancer biomarkers are chemicals or molecules that can be traced and indicate the presence of malignant cells in the body. Cancer prevention involves diagnosing and proteins evaluating multiple cancer biomarkers using various diagnostic procedures in order to obtain timely treatment outcomes.
Biomarkers include peptides, proteins, antibodies, and nucleic acids, among others. The presence of these biomarkers in tissues, urine, serum, blood, and other body fluids indicates the presence of a disease or an aberrant process. Various cancer biomarkers have been investigated and are employed as diagnostic, prognostic, personalized therapy, and surrogate endpoint biomarkers. Various businesses, like healthcare and pharmaceuticals, rely on the detection of various types of biomarkers.
One of the major factors expected to boost the cancer biomarkers Market growth is research collaborations between various institutes and key industry players with the goal of developing biomarkers for disease diagnosis. For example, in May 2019, Biotech Support Group (BSG) and Leiden University Medical Center (LUMC) announced a research collaboration with the goal of developing stromal conditioning biomarkers in cancer (protein biomarkers).
The greater incidence of cancer globally, as well as the higher acceptance of cancer treatments in developing regions, the paradigm shift in healthcare from disease diagnosis to risk assessment or early diagnosis, and the increasing use of biomarkers in drug development, are all factors driving the Market growth. Cancer is the second biggest cause of mortality worldwide, as per the World Health Organization (WHO) 2018 report, with an estimated 9.6 million deaths in 2018. Cancer is responsible for around 1 in every 6 deaths worldwide. 70% of these deaths occur in low and middle income countries. Biomarkers play a critical role in risk assessment, early diagnosis, and effective treatment monitoring; therefore, the Market is likely to grow as the prevalence of many lifestyle illnesses rises.
Market driving Factors:
Personalized medicine for cancer treatment
One of the primary factors expected to drive demand for cancer biomarkers is a paradigm shift toward personalized medicine for cancer therapy due to a lack of conventional diagnosis and treatment. Biomarkers are also becoming more important in personalized medicine, with applications in diagnosis, prognosis, and the selection of targeted therapy. Collaborations between various key industry companies and research institutes with the goal of developing novel cancer biomarkers for personalized treatment are also expected to boost Market expansion over the forecast period.
The growing incidence of cancer
Companion diagnostics, tailored medications, and other disease diagnostics, such as disease risk assessment and drug research and development, all rely heavily on cancer biomarkers. One of the primary reasons likely to boost cancer biomarkers Market growth during the upcoming years is the increased utilization of biomarkers in disease diagnosis. The rising global prevalence of cancer is driving the need for early disease detection, which is propelling the cancer biomarker Market forward. According to the National Cancer Institute, 1,735,350 new cancer cases were reported in the United States in 2018.
Marketing Restraining Factor:
Shortage of reimbursement policies for biomarker testing
Despite the rising global incidence of cancer and the increasing number of patients requiring diagnostic tests, the lack of reimbursement regulations for biomarker tests in emerging and industrialized nations is one issue restricting demand for these biomarkers. One of the most important concerns for service providers is sample collection, which is followed by sample access. These samples must be subjected to stringent quality control, and they must be maintained in the proper conditions to avoid loss. Various samples are also necessary for risk detection, screening, diagnosis, and monitoring.
Profiling Technologies Outlook
Based on Profiling Technologies, the Market is segmented into Omics Technologies, Imaging Technologies, Immunoassay, Bioinformatics, and Cytogenetics. The imaging technologies segment garnered a significant revenue share in the cancer biomarker Market in 2021. Imaging biomarkers (IBs) are important for the treatment of patients suffering from cancer. Clinical TNM stage, objective response, and left ventricular ejection fraction are all IBs utilized in cancer on a daily basis.
Scope of the Study
Market Segments Covered in the Report:
By Profiling Technologies
- Omics Technologies
- Imaging Technologies
- Immunoassay
- Bioinformatics
- Cytogenetics
By Application
- Diagnostics
- Research & amp; Development
- Prognostics
- Risk Assessment
- Others
By Type
- Protein
- Genetic
- Others
By Cancer Type
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Thyroid Cancer
- Melanoma & amp; Leukemia
- Kidney & amp; Bladder Cancer
- Non-Hodgkin’s Lymphoma
- Prostate Cancer
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
- BioMerieux S.A.
- F. Hoffmann-La Roche Ltd.
- Becton, Dickinson and Company
- Abbott Laboratories
- Thermo Fisher Scientific, Inc.
- Illumina, Inc.
- Bio-Rad Laboratories, Inc.
- Qiagen N.V.
- Agilent Technologies, Inc.
- Merck & amp; Co., Inc.
For more information about this report visit https://www.researchandmarkets.com/r/6rtdk6
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