What is the biomarker market?
The global cancer biomarkers market size is expected to reach $26,979.50 million by 2027, registering a CAGR of 11.8% from 2020 to 2027, in terms of value.
The global cancer biomarker market has witnessed an unprecedented growth in past few years. Rise in importance of biological and targeted drug therapies, technological developments, and surgein prevalence of various types of cancers contribute toward the cancer biomarker market growth. Moreover, cancer biomarkers are commonly used, as they are more reliable and accurate than other diagnostic techniques. The market is expected to grow at a significant pace during the forecast period.The market is estimated to gain momentum in developing regions of Asia-Pacific and Latin America. Factors such as rapid urbanization, increase in geriatric population and undiagnosed patients, surge in the adoption of remote patient monitoring devices, rise in disposable income, and surge inawareness about the benefits of cancer biomarkers are expected to boost the market growth in these regions.
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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.
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.
The genetic biomarkers segment to dominate during the estimated period-
Based on biomolecule, the genetic biomarkers segment contributed to nearly half of the global cancer biomarkers market revenue in 2019, and is anticipated to lead the trail till 2027. This is due to its accuracy and precision while detecting cancer and monitoring the effectiveness of the treatment. Simultaneously, the glycol-biomarkers segment would portray the fastest CAGR of 12.5% by 2027. Increase in awareness about the roles of glycosylation and other post translational modifications in cancer biology fuels the segment growth.
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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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