Cancer Biomarkers Market size is estimated to reach $25.2 billion by 2027, growing at a CAGR of 11.7% during the forecast period 2022-2027. Biomarkers fall under the category of biological molecules or genes which have their presence in blood and other body fluids. These naturally occurring characteristics are discovered using bioinformatics and play a significant role in finding and understanding diseases and their behaviors. For example, blood pressure, platelets count are biomarkers as they help in the diagnosis of leukemia. Moreover, predictive, and prognostic biomarkers assist doctors in the prescription of personalized medicines to patients which means patients don’t have to go through gratuitous treatments and medications. The cancer biomarkers market outlook is exceptionally enchanting as the prevalence of various types of cancer has heightened in recent years. Rapid growth in biomarkers-associated technologies is helping in the epidemiology of health complications like cancer. The growing prevalence of cancer worldwide, and proliferating health consciousness among people are factors set to drive the growth of the Cancer Biomarkers Industry for the period 2022-2027.
Cancer Biomarkers Market Segment Analysis – By Application
The Cancer Biomarkers Market based on the application type can be further segmented into Personalized/Modified medicine, Diagnosis, Novel Drug Research, and development. The diagnosis and personalized medicines segment held the largest share in 2021. The growth is owing to augmenting the prevalence of cancer around the globe which has broadened peoples’ cognizance. Around 40-50% of cancers can be cured with ease if diagnosed at an early stage. Any sort of delay in diagnosis could be life-threatening and patients must bear the colossal cost of treatments. Moreover, this segment is estimated to be the fastest-growing segment with a CAGR of 12.4% over the forecast period 2022-2027. This growth is owing to the effectiveness of diagnostics techniques and personalized medicines in the treatment and recovery of patients. Personalized medicines aren’t part of hit-and-trial treatments. They are patient-specific therefore emphasize on prevention of disease. Moreover, they exempt a patient from the side effects of unnecessary treatments.
Cancer Biomarkers Market Segment Analysis – By Cancer Type
The Cancer Biomarkers Market based on cancer type can be further segmented into Colorectal Cancer, Lung Cancer, Prostate cancer, Breast Cancer, Stomach Cancer, Throat Cancer, and others. The breast cancer segment held the largest share in 2021. Breast cancer’s occurrence is more common than other forms such as prostate and stomach. Last year it claimed over 600,000 lives. Furthermore, it is more popular among the female population than men because female breast cells are always visible to estrogen and progesterone growth hormones. On another hand, frequent incidences of obesity in females have their fair share in the intensification of breast cancer cases. However, the magnitude of obesity prevalence varies from nation to nation. However, the lung cancer segment is estimated to be the fastest-growing segment with a CAGR of 12.7% over the forecast period 2022-2027. This growth is owing to an upsurge in trends of smoking and drinking alcohol among adults as well as teenagers. On another hand, worsening air quality in many countries like India, China, the US due to rapid industrialization and the growing automobile industry is another leading cause of lung cancer.
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Cancer Biomarkers Market Segment Analysis – By Geography
The Cancer Biomarkers Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 41% of the overall market in 2021. The growth in this segment is owing to well-established healthcare infrastructure. The US and Canada are home to world-class research laboratories and hospitals such as Mayo clinic. Mayo Clinic was recently labeled as the world’s best hospital by a magazine Newsweek. Due to lower wait times, American cancer patients have higher survival rates than the rest of the world. Moreover, due to high salary offers the US always remains the first choice for professionals from around the world. Likewise, the high per capita income and living standards of Americans allow them to undergo various therapies and treatments. Furthermore, the US spends around $11,560 per person on Medi-care and has a healthcare budget of around $4 trillion which further stems from the R&D activities.
However, the Asia-Pacific segment is expected to offer lucrative growth opportunities to marketers. This growth is owing to the escalation in the number of geriatrics, innumerable flow of riches for the progress of healthcare facilities. Besides, the pollution situation in Asian nations like India, China, Pakistan is worsening day after day. Several Indian and Chinese cities have the worst air quality which is another leading cause of cancer prevalence.
Cancer Biomarkers Market Drivers
Soaring cancer cases worldwide is Anticipated to Boost Product Demand
The widespread prevalence of cancer is a major driver for the aforementioned market. According to a World Health Organization report, after heart problems, cancer is the biggest reason for deaths around the globe. Last year it claimed more than 10 million lives. Ascribing to an upsurge in smoking trends, pollution levels, poor ingestion habits the cancer is prevailing at high speed. In 2021 around 235,760 lung cancer cases were reported in the US. Moreover, every year over 130,000 people lose their lives due to lung cancer in the US. Not just in the US, its spread has been augmented in other parts of the world as the smoking percentage has reached around 19% worldwide.
Augmenting healthcare spending and disposable income of people is Expected to Boost Product Demand
Growing healthcare spending can be a big driver in the growth of the cancer biomarker market. Considering the soaring prevalence of health complications and virus attacks governments have started enlarging flows of hard cash in research work and other developments. For instance, currently, the US spends around 16% of GDP on the healthcare sector and the number is anticipated to surge in foreseeable future. Besides, with sky-rocketing exports of many developing countries, their GDP per capita income is also elevating. With a 10% hike, Bangladesh’s per capita income touched $2,227 in the financial year 2020-21. Therefore, with the expansion in disposable income, it becomes easy for people to spend on healthcare.
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Cancer Biomarkers Market Challenges
The exorbitant cost of cancer diagnostic and treatment is Anticipated to Hamper Market Growth
Cancer treatments can cost a fortune which is the biggest challenge in front of cancer biomarkers. With growing success rates of cancer drugs, their prices are elevating also. The cost of cancer medications on monthly basis may cross $100,000 which the majority of the population can not afford to pay. Forget about poor and middle-class people even the rich struggles to fund the expenses of such extortionate treatments. The cost of medications can be 10-12 times what many people earn in a month. Consequently, it poses a serious setback in the growth of the respective market.
Cancer Biomarkers Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Cancer Biomarkers Market. Key companies of this market are
Abbott Laboratories
Biomerieux
Thermo Fisher Scientific
Quest Diagnostics
Dickinson and Company
Roche Diagnostics
Agilent Technologies
Illumina
Qiagen
Affymetrix Inc.
Recent Developments
In January 2022, the University of Oxford has published in Clinical Cancer Research that a new type of blood test can be used to detect a range of cancers and whether these cancers have evenly spread throughout the body. The study had a sample size of 300 patients, with non-specific but concerning symptoms of cancer such as fatigue and weight loss. The following were recruited through the Oxfordshire Suspected Cancer Pathway. Results show that cancer was correctly detected in 19 out of every 20 patients with cancer using this test. In those with cancer, metastatic disease was identified with an overall accuracy of 94%.
In January 2022, Mainz Biomed N.V., a molecular genetics diagnostic company specializing in the early detection of cancer, announced today it has entered into a Technology Rights Agreement with Socpra Sciences Santé Et Humaines S.E.C. (“TTS”) to access a portfolio of novel mRNA biomarkers for potential future integration into ColoAlert, the Company’s highly efficacious, and easy-to-use detection test for colorectal cancer (“CRC”).
In January 2022, Nucleix has announced advancements in the early lung cancer detection program. Nucleix, a liquid biopsy company revolutionizing cancer treatment by detecting the disease earlier, announced recent advances in its EpiCheck® Next Generation Sequencing (NGS) platform and lung cancer detection program for early-stage disease. The company also recently secured an additional $22 million in funding, as an extension to the previously announced $55 million financings, bringing the total capital raised in 2021 to $77 million, to rapidly advance the next generation of its highly sensitive lung cancer product and drive a multi-center prospective trial for clinical validation.
Key Takeaways
Geographically, the North America Cancer Biomarkers Market accounted for the highest revenue share in 2021. However, Asia-pacific is poised to dominate the market over the period 2022-2027.
Breakthroughs in diagnostic techniques are said to be a preeminent driver driving the growth of the Cancer Biomarkers Market. Obstructed research and development activities due to the COVID-19, extortionate cost of such treatments is said to reduce the market growth.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Cancer Biomarkers Market report.
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