Cancer Biomarkers Market Growth And Key Industry Players 2018 Analysis And Forecasts To 2025
The global cancer biomarkers market size was valued at USD 10.27 Billion in 2016 and is expected to reach USD 26.80 Billion in 2025, growing at a CAGR of over 11.35% over the forecast period. Increasing demand for cancer detection techniques and requirement of high-speed non-invasive diagnosis using genomics and proteomics are expected to drive the growth of the market over the forecast period.
Market Outlook:
A biological molecule which is found in blood, other body fluids or tissues indicating the normalcy or abnormality of any biological process, or of a disease/condition etc. is called a biomarker. Cancer biomarkers are molecules, substances or processes indicating the presence of cancers in body. Biomarkers are either secreted by the cancer tissues themselves or are produced as a response to cancer by other cells in the body. They are present in urine, blood, tumor tissue, stool, other tissues or bodily fluids. Myriad of pharmaceutical and biotech companies employ biomarkers during their drug discovery and developmental process. This helps company’s strategic alliances for sharing technology for biomarker applications during large-stage clinical trials which is fueling the growth of the market.
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Biomarkers are utilized for follow-up surveillance and early detection of probable recurrent disease in patients who undergo curative surgery for cancer. Besides, incessant advancements in cancer diagnosis employ molecular biomarkers for routine diagnostic tests. Thus, application of cancer biomarkers in a wide range of detection techniques is estimated to impact the market positively.
Major players:
Abbott Laboratories
Affymetrix Inc.
Illumina
QIAGEN N.V
Agilent Technologies
Thermo Fisher Scientific Inc.
Merck & Co. Inc.
Becton
Dickinson and Company
Hologic
Rampant cases of cancer across the globe has motivated governments of various countries to focus on investing in developing preventive and early intervention techniques for cancer. Moreover, national healthcare departments are continuously researching on cancer aiming to develop a treatment. Thus, government’s support and innovation and development in the area of cancer diagnosis with biomarker is anticipated to fuel the market growth. However, the steep cost of various cancer diagnostic tests, initial high capital investments, poorly suited reimbursement and regulatory systems and technical setbacks related to sample collection are constraining the growth of this market.
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In 2017, breast cancer accounted for the largest market share in the cancer type segment
On the basis of cancer type, the cancer biomarker is classified into breast, multiple myeloma, melanoma, thyroid, liver, prostate, lung, leukemia, colorectal, central nervous system (CNS), bladder, gastric, kidney, and other cancers, such as cervical, non-Hodgkin’s lymphoma, pharynx, pancreatic, oral cavity, stomach and ovarian cancers.
Breast cancer is anticipated to account for the maximum share in the global cancer biomarkers market. Increased focus of key companies on developing novel diagnostic assays is an essential driver for the market growth. Globally, numerous initiatives are being organized for increasing the awareness of breast cancer ensuring early detection of the condition, thereby adding to the number of diagnostic scans. This factor is anticipated to drive market growth of this segment.
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