The growth of the global cancer biomarkers market is due to surge in adoption of cancer biomarkers primarily for prognostics and diagnostics applications across the globe
The global cancer biomarkers market was valued at $10,944.08 million in 2019 and is expected to reach $26,979.50 million by 2027, registering a CAGR of 11.8% from 2020 to 2027. Cancer biomarkers are traceable substances or molecules that indicate the existence of cancerous cells in the body. Presence of these biomarkers in tissues, urine, serum, blood, and other body fluids that indicate an abnormal process or a disease.The prevention of cancer by diagnosing and analyzing various cancer biomarkers using different diagnostic techniques is a profound approach to obtain rapid results for treatment.As biomarkers are used for diagnostics, prognostics, personalized medicines, and surrogate endpoints, identification of different types of biomarkers is an integral part of various industries such as healthcare and pharmaceuticals.
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Prevalence of various types of cancers such as breast, prostate, and lung cancer, development of biological & targeted drug therapies, and reliability of cancer biomarkers fuel the growth of the global cancer biomarkers market. On the other hand, high cost of drug development, threat of failure associated with cancer treatment, and unregulated government regulations & reimbursement policies impede the growth to some extent. However, high-end technological advancements are expected to create multiple opportunities in the industry.
COVID-19 scenario-
- Prevention of cancer by analyzing various cancer biomarkers using different diagnostic methods is an effective approach to obtain quick results for the treatment.So, although a number of industries have been badly affected by the pandemic, the medical diagnostics industry has, quite naturally, not confronted the impacts on a severe note.
- However, the global lockdown has led to postponement of the procedures and accordingly, there’s been a short-term decline in the revenue rate in cancer biomarkers market. But, it’s expected that the market would experience massive gains through the end of the pandemic.
The market for cancer biomarkers is primarily driven by rise in prevalence of cancer cases, growing importance of biological & targeted drug therapies, technological advancements, and accuracy & reliability of cancer biomarkers for cancer detection. Moreover, rise in investments from government, public & private sector for biomarker research and technological advancements for cancer diagnostics have a positive impact on the market. However, high cost of drug development, threat of failure, and unregulated government regulations & reimbursement policies could restrain the market. Yet, the impact of these limitations is anticipated to reduce due to substantial surge in cancer diagnosis as well as increased focus towards advanced treatment protocols.
North America accounted for the majority of the global cancer biomarkers market share in 2019, and is anticipated remain dominant during the forecast period. This is attributed to the urge in use of cancer biomarkers and high incidence rate of cancer in the region. However, Asia-Pacific is anticipated to grow at the fastest rate during the forecast period, owing to the rise in incidence rate of cancer in countries such as China, Japan, and India andrise inawareness and affordability for advanced cancer treatments.
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Frontrunners in the industry-
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific, Inc.
- Bristol-Myers Squibb Company
- Exact Sciences Corporation
- F.Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Qiagen N.V.
- Merck KGaA
- PerkinElmer, Inc.
- Siemens AG
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