Market Research Future (MRFR) has released a new market research report on the global cancer biomarker market. The global cancer biomarker market is expected to grow at a CAGR of 15.8% over the forecast period from 2017 to 2023, according to the report. The report presents a detailed projection for the global cancer biomarker market’s growth over the forecast period based on statistics revealing the market’s historical trajectory and leading components. The leading segments and key market players int the global cancer biomarker market, as well as the market’s key drivers and restraints, are studied in the report.
Cancer biomarkers are various molecules released during the formation and growth of a cancerous tumor. These molecules can be found in the actual site of the tumor as well as in connective tissues and other tissues where the tumor may have metastasized. These molecules can be detected through various diagnostic tests to detect and study the tumor.
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Cancer biomarkers are a vital means to identifying and recognizing the threat of cancerous tumors, as they provide a foolproof way of determining the tumor’s progress. The demand to develop more accurate and faster methods to detect and identify cancer biomarkers has grown rapidly over the last few years as a result of the growing prevalence of cancer. This is likely to be the major driver for the global cancer biomarker market over the forecast period.
Competitive Analysis:
Leading players in the global cancer biomarker market include F. Hoffman-La Roche AG, Abbott Laboratories, Bristol-Myers Squibb, Eli Lilly and Company, Pfizer Inc., Qiagen NV, Thermo Fisher Scientific Inc., Illumina Inc., Novartis AG, GSK, Merck & Co. Inc., Bio-Rad Laboratories, PerkinElmer Inc., and Becton, Dickinson and Company.
Segmentation:
The global cancer biomarker market is segmented on the basis of type, application, and end user.
On the basis of type, the global cancer biomarker market is segmented into protein biomarkers, genetic biomarkers, and others.
On the basis of application, the cancer biomarker market is segmented into diagnostic, prognostic, and therapeutic. The diagnostic sub-segment is further classified into imaging and non-imaging.
On the basis of end use, the market is segmented into pharmaceutical and biotechnology companies, diagnostic tool companies, healthcare IT/big data companies, and clinical laboratories.
Regional Analysis:
The global cancer biomarker market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
North America and Europe hold the dominant shares in the global cancer biomarker market, with Europe holding the larger share at present and North America expected to hold the largest market share by the end of the forecast period. The healthy presence of a stable cancer research environment, along with the steady government support for cancer research and advanced cellular research, has been the vital market driver for the cancer biomarker market in North America and Europe. The number of clinical trials related to cancer research and other cellular research applicable in cancer biomarker study is growing in these regions, which is likely to remain a major driver for the cancer biomarker market in these regions over the forecast period.
The increasing expenditure caused by cancer is likely to be a major driver for the cancer biomarker market in North America and Europe. Cancer causes about 14 million new cases each year globally, according to the WHO, and the number is likely to grow further over the forecast period, leading to growing efforts in the healthcare sector to eradicate the problem. Cancer treatment is a major part of the overall healthcare expenditure around the world and is likely to remain so over the forecast period, driving the demand from the cancer biomarker market.
Asia Pacific is also likely to exhibit rapid growth in the global cancer biomarker market over the forecast period due to the growing prevalence of cancer in Southeast Asian countries and the increasing efforts being taken by governments as well as private corporations to find effective cures for cancer.
Industry Updates:
In February 2019, Corvus Pharmaceuticals Inc. presented the biomarker and clinical results from its leading oncology research programs.
In January 2019, researchers in Kobe University’s Medical Device Fabrication Engineering Center developed a new highly sensitive method to detect chemicals that carry out intercellular communication in cancers, which could act as an effective biomarker for the disease.
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