The value of the Cancer Biomarkers market is projected to grow to US$ 31.4 Bn with an estimated CAGR of 9.9% by 2031
Some of the factors responsible for the growth of global cancer biomarker market are accepting the western lifestyle in the emerging regions, encouraging the development of biomarker by FDA, private funds and investment by the government for the research of cancer. Currently, genomic and genetic biomarkers are the important segment for the generation of revenue in the global cancer biomarkers market. The requirement for the cancer biomarkers is anticipated to surge worldwide in the coming years because of the increase in the cancer cases.
Moreover, less interest in accepting the new technologies, low rate of detection, expensive biomarker techniques are projected to hamper the cancer biomarkers market growth. In addition, growth in the positive effects of the factors is offering the various opportunities for key players involved in the cancer biomarkers market. On the other hand, several initiatives by the government for developing the various techniques for the cancer biomarkers market growth. For example, the National Cancer Institute is providing the funds to maximum research areas connected for the development of cancer biomarker. Organizations like National Institutes of Health, Lung Cancer Research Foundation, and Cancer Research UK are providing funds for the research of cancer biomarkers.
Increase in the research on the cancer biomarkers and the occurrence of cancer are some of the major factors estimated to influence the global cancer biomarkers market in the coming years. Moreover, growth in the usage of cancer biomarkers in drug discovery and drug development and the increase in the personalized medicines are estimated to augment the cancer biomarkers market growth during the forecast period. Although, large financial investment and less advantage cost ratio are anticipated to affect the cancer biomarkers market growth in the coming years. The rise in the opportunities in the evolving economies and the diagnostics are expected to support the cancer biomarkers market growth in the coming future.
Growth in the usage of cancer biomarkers in the research and development activities of cancer for the effective new drugs development and growing application of cancer biomarkers are positively affecting the cancer biomarkers market growth. Funding and the initiatives by the government for the development of techniques for cancer diagnostics are the main factors used for the global cancer biomarkers market growth.
Cancer biomarkers market trends are people consuming alcohol, sedentary lifestyle, unhealthy food habits and usage of tobacco are developing cancer in individuals and increasing the growth of global cancer biomarkers market. During the development of cancer, various infections like Epstein - Barr virus, Helicobacter pylori, Hepatitis B virus and Human Papillomavirus (HPV) are studied.
Global cancer biomarkers market is segmented into the application, cancer type, biomolecules, profiling technology, and region. Based on application, global cancer biomarkers market is divided into risk assessment, prognostics, drug development and drug discovery, diagnostics and more. Based on the cancer type, the market is divided into stomach cancer, prostate cancer, colorectal cancer, breast cancer, lung cancer and more. By biomolecules, the market is divided into glycoprotein biomarkers, protein biomarkers, genetic biomarkers and more. On considering profiling technology, the market is divided into cytogenetics based tests, immunoassays, imaging technologies, omic technologies and much more.
Geographically, regions involved in the development of cancer biomarkers market are Europe, North America, Asia Pacific, and Latin America. The Asia Pacific is projected to supplement the cancer biomarkers market over the forecast period. North America holds the largest cancer biomarkers market share.
Key players involved in the global cancer biomarkers market are Abbott Laboratories, Novartis AG, Genomic Health, Pfizer and more.
Key Segments in the “Global Cancer Biomarkers Market” are-
By Application, market is segmented into:
- Risk assessment
- Drug development and drug discovery
By Cancer Type, market is segmented into:
- Stomach cancer
- Prostate cancer
- Colorectal cancer
- Breast cancer
- Lung cancer
By Biomolecules, market is segmented into:
- Glycoprotein biomarkers
- Protein biomarkers
- Genetic biomarkers
By Profiling technology, market is segmented into:
- Cytogenetics based tests
- Imaging technologies
- Omic technologies
By Regions market is segmented into:
- Europe Europe, North America, Asia Pacific and Latin America
- North America
- Asia Pacific
- Latin America