Cancer Biomarkers Market
Number of pages: 100 | Report Format: PDF | Published date: July 14, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 13.56 billion |
|
Revenue Forecast in 2031 |
US$ 35.27 billion |
|
CAGR |
11.2% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Profiling Technology, Application, Cancer Type, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the cancer biomarkers market was valued at US$ 13.56 billion in 2022 and is expected to register a revenue CAGR of 11.2% to reach US$ 35.27 billion by 2031.
Cancer Biomarkers Market Fundamentals
A cancer biomarker is a measurable biological molecule or substance found in blood, tissue, or other body fluids that indicates the presence of cancer or provides information about cancer. Biomarkers can be used for various purposes, including screening, diagnosis, prognosis, and monitoring the outcome of cancer treatment. AI is being used in the cancer biomarker technologies to analyze enormous amounts of data and identify patterns that can be used to diagnose or predict cancer. This technology is expected to revolutionize the cancer biomarkers market by enabling the development of more accurate and reliable biomarkers. Collaboration and partnerships between key players in the cancer biomarkers market are increasing, leading to new biomarkers and diagnostic tools being developed. The cancer biomarkers market is increasingly focusing on developing biomarkers that can detect cancer at an early stage.
[765453434]
Cancer Biomarkers Market Dynamics
Several factors drive the global cancer biomarkers market. The increased incidence of cancer globally drives the demand for cancer biomarkers. The World Health Organization (WHO) estimates that cancer will be the second biggest cause of death worldwide in 2020, accounting for 10 million fatalities. For cancer patients, biomarkers allow for personalized treatment strategies, which improve results and save costs. The need for cancer biomarkers is anticipated to increase as personalized therapy becomes more prevalent. The field of cancer biomarker research and development is developing, producing more precise and reliable biomarkers because of the development of innovative technologies, including next-generation sequencing, digital PCR, and liquid biopsy. The global cancer biomarkers market is benefiting from the growth of the healthcare sector and rising public and private healthcare spending. The market for cancer biomarkers is expanding because of companion diagnostics, which pinpoint patients most likely to react to targeted therapy. Targeted therapies are less harmful and more effective than conventional chemotherapy. Regulatory organizations like the U.S. Food and Drug Administration (US FDA) and the European Medicines Agency (EMA) support the research and commercialization of cancer biomarkers, encouraging more investment in this field.
However, the development and approval of cancer biomarkers require compliance with strict regulatory requirements. This process can be time-consuming and costly, making it challenging for smaller companies to enter the market.
Cancer Biomarkers Market Ecosystem
The global cancer biomarkers market is analyzed from the following perspectives: type, profiling technology, application, cancer type, and region.
Cancer Biomarkers Market by Type
[87654534]
Based on the types, the global cancer biomarkers market is segmented into genomic biomarkers, proteomic biomarkers, transcriptomic biomarkers, and others (epigenomic biomarkers and metabolomic biomarkers).
The genomic biomarkers segment dominates the global cancer biomarkers with the largest revenue share. This can be attributed to the technological advancements and widespread adoption of genetic biomarkers for early cancer diagnosis owing to their greater speed and accuracy in detection. Additionally, new genome sequencing tests (whole genome sequence, whole exome sequence, sanger sequence, and others), genome sequencer platform introduction, cancer screening accuracy, and demand for personalized medicine are contributing to market revenue growth.
Cancer Biomarkers Market by Profiling Technology
Based on the profiling technology, the global cancer biomarkers market is segmented into omic technologies, imaging technologies, immunoassays, and others (cytogenetics and bioinformatics).
The omic technologies segment accounts for the largest global cancer biomarkers market revenue share. Omic technologies are high-throughput techniques that enable the fast discovery of candidate biomarkers. It allows for gathering substantial amounts of data about the human genome, proteins, and metabolites. This technology is expected to co-evolve with biomarker-based precision medicine, leading to better patient care. Genomic technologies have been particularly useful in identifying cancer biomarkers. For example, DNA sequencing can be used to identify mutations in cancer cells that are not present in healthy cells, and these mutations can be used as biomarkers to diagnose cancer and monitor its progression.
Cancer Biomarkers Market by Application
Based on the application, the global cancer biomarkers market is segmented into diagnostics, drug discovery & development, personalized medicine, and others (disease risk assessment and prognostics).
The diagnostics segment is expected to register revenue growth at the fastest CAGR during the forecast period. This can be attributed to the rising demand for biomarker-based diagnostics, high specificity, accuracy, and less price of cancer screening as compared to biopsy. Additionally, affordable genome cancer screening, the introduction of new biomarkers, and immune response screening are contributing to the revenue growth of the cancer biomarkers market.
The personalized medicine segment is projected to record a high revenue CAGR during the forecast period. Cancer biomarkers play a significant role in personalized medicine, which aims to tailor medical treatment to the individual patient based on their unique characteristics, including their genetics, environment, and lifestyle. Personalized medicine in cancer treatment involves using biomarkers to identify patients who are likely to respond well to a particular treatment or predict the likelihood of a patient's cancer returning after treatment. This allows for more targeted and effective treatments and can lead to better patient outcomes.
Cancer Biomarkers Market by Cancer Type
Based on the cancer type, the cancer biomarkers market is segmented into breast cancer, prostate cancer, lung cancer, colorectal cancer, blood cancer, skin cancer, and others (cervical cancer, thyroid cancer, bladder cancer, and kidney cancer).
The breast cancer segment accounts for the largest revenue share in the global cancer biomarkers market. This is due to an increase in the prevalence of breast cancer, growing awareness about cancers, technological advancements in diagnosis, and favorable government policies for cancer treatment. According to The Breast Cancer Organization estimations for 2022, about one out of eight women in the U.S. were expected to develop invasive breast cancer. Around 287,850 new invasive breast cancer cases were projected to be diagnosed for invasive breast cancer and 51,400 non-invasive breast cancer.
The lung cancer segment is projected to record a high revenue CAGR in the global cancer biomarkers market. The uncontrolled proliferation of aberrant cells that multiply in one or both lungs results in lung cancer. Although it can occur in nonsmokers, smokers are at a higher risk of developing lung cancer. The length of time and quantity of cigarettes the patient smokes enhance the risk of lung cancer. The increasing frequency and incidence of lung cancer are the main factors propelling the growth of this market. For instance, according to the American Cancer Society's projections for lung cancer in the United States in 2022, there will be about 236,740 new cases, including 117,910 cases in men and 118,830 cases in women. The usage of cancer biomarkers for the diagnosis of such diseases is expected to grow due to the rising prevalence of lung cancer, which will accelerate market growth over the forecast period.
Cancer Biomarkers Market by Region
Geographically, the global cancer biomarkers market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global cancer biomarkers market revenue share. Over the course of the projection period, market growth is anticipated to be boosted by elements including the rising incidence of cancer and initiatives by important industry participants. The number of cancer patients in the United States has significantly increased. Adults can develop breast cancer. Male breast cancer is extremely uncommon, and ladies are more likely than men to develop it. For instance, according to information provided by Breastcancer.org, an estimated 287,850 new instances of invasive breast cancer and 51,400 new cases of non-invasive (in situ) breast cancer are anticipated to be discovered in women in the United States in March 2022. Similarly, according to the Canadian Cancer Statistics 2021, published in November 2021, an estimated 229,200 Canadians had cancer diagnoses that year. The usage of cancer biomarkers for diagnosis is anticipated to rise with the rise in cancer cases, which will boost the global cancer biomarkers market growth over the forecast period.
The cancer biomarkers market in the Asia Pacific region is expected to experience significant growth in the coming years. Several factors are driving the growth of the cancer biomarkers market in the Asia Pacific region. Cancer incidence is increasing in the Asia Pacific region due to factors such as the aging population, lifestyle changes, and exposure to environmental toxins. The demand for personalized medicine is increasing in the Asia Pacific region, which is driving the demand for cancer biomarkers. The growth of the healthcare industry and increasing healthcare expenditure in the Asia Pacific region is boosting the cancer biomarkers market. The Asia Pacific region has a strong presence of key players in the cancer biomarkers market, including Roche Diagnostics, Thermo Fisher Scientific, Abbott Laboratories, QIAGEN N.V., and Illumina, Inc.
The cancer biomarkers market in Latin America is expected to experience growth in the coming years due to factors such as increasing cancer incidence, growing demand for personalized medicine, and advancements in cancer diagnosis and treatment technology.
Cancer Biomarkers Market Competitive Landscape
The prominent players operating in the global cancer biomarkers treatment market are: -
Cancer Biomarkers Market Strategic Developments
The revenue CAGR for the cancer biomarkers market is 11.2% during the forecast period.
Qiagen NV, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., General Electric Company, Abbott Laboratories Inc., and Agilent Technologies Inc. are some of the major key players in the global cancer biomarkers market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global cancer biomarkers market.
There is a lack of standardization in developing and validating cancer biomarkers, which can limit their effectiveness and reliability. This can lead to inconsistencies in testing results and hinder the adoption of cancer biomarkers.
There is a growing demand for personalized medicine, which aims to tailor medical treatment to the individual patient based on their unique characteristics, including their genetics, environment, and lifestyle. Cancer biomarkers are crucial in personalized medicine, allowing for more targeted and effective treatments.
*Insights on financial performance are subject to the availability of information in the public domain