The cancer biomarkers market is estimated to be valued at US$ 380.84 Bn in 2023 and is expected to exhibit a CAGR of 14. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer biomarkers are biological molecules found in blood, urine, other body fluids or tissues that are indicators of normal or abnormal biological processes, pathogenic processes, or pharmacological responses to therapeutic interventions. Cancer biomarkers play a vital role in cancer diagnosis, prognosis, targeted therapy and monitoring treatment effectiveness or recurrence of the disease. The major end users of cancer biomarkers are hospitals & diagnostic laboratories, research institutes, and academic institutes.
Market Dynamics:
The growing demand for non-invasive and minimally-invasive procedures is expected to boost the cancer biomarkers market growth over the forecast period. Non-invasive cancer detection procedures such as liquid biopsies using cancer biomarkers offer safe, painless and convenient options than traditional tissue biopsy. Additionally, increasing focus of pharmaceutical companies on development and commercialization of targeted therapies for cancer treatment using biomarkers for patient selection is also expected to fuel the market growth. Determining the presence of certain biomarkers helps doctors administer personalized treatment options tailored to each patient’s tumor biomarkers or genetic profile. Furthermore, increasing prevalence of cancer cases globally is another major factor that is projected to propel the market growth. According to the World Health Organization, cancer is estimated to become the first or second leading cause of death before 2030 in developed and developing countries, respectively. However, lack of awareness about biomarkers in developing countries and measurement challenges may hamper the market growth.
SWOT Analysis
Strength: Cancer biomarkers help detect cancer at an early stage. They aid in accurate diagnosis and prognosis of cancer subtypes. Biomarker tests enable personalized cancer treatment and monitoring of treatment response.
Weakness: Biomarker discovery and validation is a complex and costly process. False positive or false negative biomarker test results can negatively impact patients.
Opportunity: Growing geriatric population and increasing cancer incidence globally offer opportunities for market growth. Investments in biomarker research will facilitate developing novel biomarkers for precision oncology.
Threats: Stringent regulatory guidelines for biomarker approval delays market entry. High capital requirements and reimbursement issues pose challenges.
Key Takeaways:
The global Cancer Biomarkers Market Share is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing incidence of cancer globally. Growing demand for personalized medicine and companion diagnostics will also contribute to market expansion.
The US dominates the cancer biomarkers market owing to advanced healthcare infrastructure, large R&D investments and adoption of new biomarker tests. Europe closely follows due to government support for biomarker-driven clinical trials. Asia Pacific exhibits fastest growth due to rising healthcare spending, growing cancer burden and increasing focus on precision medicine in countries like China and India.
Key players operating in the Cancer Biomarkers market are bioMérieux, Inc., INOVIQ, Bio-Rad Laboratories, Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare Private Limited. These players are involved in new product launches, partnerships, and acquisitions to strengthen their market position.
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