The increasing prevalence of cancer, rising government support for research on cancer biomarkers, growing use of biomarkers in drug discovery and development, and increasing use of biomarker tests for diagnostic purposes are the major factors that are driving the growth of this market.
Market Size -
According to research report the global cancer biomarkers market to reach USD 20.4 billion by 2022. and is estimated to grow at a CAGR of 12.2% during the forecast period. The APAC region is projected to register the highest CAGR during the forecast period. The APAC market for cancer biomarkers has witnessed significant growth due to increasing demand for better healthcare services in developing economies such as India and China.
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In this report, the market is segmented into biomarker type, cancer type, profiling technology, application, and region.
• On the basis of biomarker type, the cancer biomarkers market segmented into protein biomarker, genetic biomarker, and other biomarkers include cell, viral, and carbohydrate biomarkers. The genetic biomarkers segment is expected to register the highest CAGR during the forecast period. The high growth rate of this segment can be attributed to the increasing advancements in genomics technologies and the rising adoption of high-throughput sequencing technologies in biomarker discovery and development.
• The cancer biomarkers market on the basis of cancer type is classified into breast, lung, colorectal, prostate, melanoma, leukemia, thyroid, bladder, non-hodgkin’s lymphoma, kidney, and other cancers including multiple myeloma, cervical, central nervous system cancer, gastric, liver, pancreatic, oral cavity and pharynx, stomach, and ovarian cancer. During the forcast period, the lung cancer segment is expected to register the highest CAGR. The high growth rate of this segment can be attributed to the increasing research focus on lung cancer biomarkers by market players.
• On the basis of application, the cancer biomarkers market is classified into diagnostics, research and development, prognostics, risk assessment, and other applications such as personalized medicine, surrogate endpoints, and therapeutics. The research and development application segment is estimated to register the highest CAGR during the forecast period. Pharmaceutical and biotech companies are increasingly focusing on the use of biomarkers in their drug discovery and development process and have formed strategic alliances for sharing technology for biomarker applications in large-stage clinical trials, which is fueling the growth of this market.
• The cancer biomarkers market on the basis of profiling technology is segmented into omics technology, imaging technology, immunoassays, bioinformatics, and cytogenetics. The omics technologies segment is expected to register the highest CAGR during the forecast period. The high growth rate of this segment can be attributed to the increasing adoption of advanced omics technologies for cancer detection and drug discovery & development applications, especially in developing countries. Advances in high-throughput omics technologies are also contributing to the growth of this market by increasing the space of prospective biomarkers in cancer research.
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The major players operating in the cancer biomarkers market are Abbott (US), Affymetrix (US), Roche (Switzerland), Illumina (US), QIAGEN (Netherlands), Agilent (US), Thermo Fisher (US), Merck (US), Becton Dickinson and Company (US), and Hologic (US).
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