PORTLAND, CT, UNITED STATES, September 12, 2024 /EINPresswire.com/ -- According to the report, the global cancer biomarkers industry was estimated at $10.94 billion in 2019, and is expected to hit $26.97 billion by 2027, registering a CAGR of 11.8% from 2020 to 2027.
Prevalence of various types of cancers such as breast, prostate, and lung cancer, development of biological & targeted drug therapies, and reliability of cancer biomarkers fuel the growth of the global cancer biomarkers market. On the other hand, high cost of drug development, threat of failure associated with cancer treatment, and unregulated government regulations & reimbursement policies impede the growth to some extent. However, high-end technological advancements are expected to create multiple opportunities in the industry.
Key Takeaways:
The cancer biomarkers market is experiencing significant growth due to advancements in genomic and proteomic technologies, increasing prevalence of cancer, and the need for personalized medicine.
Biomarkers play a crucial role in cancer diagnosis, prognosis, treatment selection, and monitoring of therapeutic response.
The market is driven by the increasing demand for non-invasive and early detection methods for cancer, as well as the development of targeted therapies.
Liquid biopsy-based biomarkers are gaining traction as they offer minimally invasive testing and can provide real-time information about tumor progression and treatment response.
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Market Segmentation:
Biomarker Type:
Genetic Biomarkers (mutations, gene expression)
Proteomic Biomarkers (proteins, circulating tumor cells)
Epigenetic Biomarkers (DNA methylation, histone modifications)
Cancer Type:
Breast Cancer
Lung Cancer
Prostate Cancer
Colorectal Cancer
Melanoma
Leukemia
Others
Application:
Diagnosis
Prognosis
Treatment Selection
Monitoring and Recurrence Detection
Technology:
Immunoassays
Next-generation Sequencing (NGS)
Polymerase Chain Reaction (PCR)
Mass Spectrometry
In Situ Hybridization (ISH)
End-user:
Hospitals
Diagnostic Laboratories
Research Institutions
Pharmaceutical Companies
Region:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
These segmentation factors allow for a more targeted analysis of the cancer biomarkers market and help in understanding specific market dynamics and trends for each segment.
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Regional Growth Dynamics:
North America and Europe are the most lucrative markets due to increase in prevalence of various cancer cases, growth in awareness toward cancer, higher cancer biomarker testing, well-established reimbursement policies, and high disposable income. The North America cancer biomarker market generated $3,988.02 million revenue in 2019, and is estimated to garner an approximate revenue of $8,733.26 million by 2027, at an estimated CAGR of 10.1%.
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Competitive Landscape:
F. Hoffmann-La Roche Ltd.
Thermo Fisher Scientific, Inc.
Illumina, Inc.
QIAGEN N.V.
Abbott Laboratories
Bio-Rad Laboratories, Inc.
Agilent Technologies, Inc.
Siemens Healthineers AG
Merck KGaA
Myriad Genetics, Inc.
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