by The Cancer Biomarkers Market is estimated to be valued at US$ 380.84 Bn or 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 or body tissues that are indicators of normal biological processes, pathogenic processes or pharmacological responses to therapeutic intervention. They help diagnose cancer, enable early detection, aid monitoring of treatment responses and determine risk of cancer recurrence. Common cancer biomarkers include proteins, enzymes, hormones, genes and gene products. They help understand cancer biology and guide clinical decisions.
Market Dynamics:
A key driver for the cancer biomarkers market is the increasing prevalence of cancer worldwide. Globally, there were an estimated 19.3 million new cancer cases and 10.0 million cancer deaths in 2020 according to the International Agency for Research on Cancer (IARC). Early detection enabled by cancer biomarkers improves prognosis and survival rates in several cancers. Furthermore, advances in omics technologies such as genomics, proteomics and metabolomics have increased biomarker discovery. Liquid biopsies that detect circulating tumor cells and cell-free nucleic acids in blood offer a non-invasive alternative to tissue biopsies and are driving demand. Personalized medicine approaches relying on biomarker testing are also fueling market growth. However, high costs associated with biomarker tests, regulatory hurdles and lack of coverage policies slow down adoption.
Segment Analysis
The cancer biomarkers market is dominated by the Genomics segment, which accounts for over 45% of the total market share. This is because genomic biomarkers have gained widespread acceptance in the detection and prognosis of various cancers like breast, lung and prostate. Genomic biomarkers are DNA or RNA molecules that can be analyzed to identify cancers or predict response to therapies. They provide valuable information about cancer onset, progression, recurrence and treatment response.
PEST Analysis
Political: Governments across countries are increasingly funding cancer research which is driving the development and adoption of new biomarkers. Various authorities have also implemented initiatives to spread awareness about cancer prevention and early detection using biomarkers.
Economic: The rising prevalence of cancer and growing healthcare expenditure is raising the demand for effective and early cancer diagnosis using biomarkers. However, the high costs associated with biomarker development may restrain market growth.
Social: Growing awareness about cancer and advancements in treatment options are encouraging people to actively screen for cancer risks using biomarkers. This is positively impacting the market growth.
Technological: Technological advancements are facilitating the development of novel genomic, protein and imaging biomarkers for cancer detection. Advancements in omics technologies like proteomics and genomics are further expanding the cancer biomarkers landscape.
Key Takeaways
The global Cancer Biomarkers Market Share is expected to witness high growth, exhibiting 14% CAGR over the forecast period, due to increasing focus on targeted therapy development and adoption of personalized medicine.
The US dominates the global market owing to the strong presence of biomarker-based cancer diagnostic companies, rising incidence of cancer, developing biomarker-based precision medicine approaches, and growing R&D investments for biomarker discovery.
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.
The global Cancer Biomarkers Market size for 2023 is estimated to be US$ 380.84 Bn. Regional analysis The North American region dominates the global cancer biomarkers market due to rising healthcare expenditures, surging cancer incidence, availability of advanced healthcare facilities and strong presence of leading biomarker-based companies in this region.
Key players The key players operating in the cancer biomarkers market are focusing on new product launches, partnerships, acquisitions and regional expansion to strengthen their market presence. For instance, in September 2022, BD acquired Chameleon Biosciences to strengthen its cancer diagnostics portfolio with novel protein biomarker detection technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
