IMARC Group’s latest report, titled “Cancer Biomarkers Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global cancer biomarkers market size reached US$ 21.7 Billion in 2021. Cancer biomarkers refer to biological molecules produced by the cancer cells or other cells in the body in response to cancer. Enzymes, peptides, proteins, nucleic acids, genes, and specific cells are some of the most commonly used biomarkers. They indicate the presence of cancer in the blood, tissues, or other fluids of the body. They are widely used for disease diagnosis, screening, establishing prognosis, monitoring treatment, and detecting the chances of relapse. They also assist healthcare professionals in tracking the progression of the disease, identifying invasive and non-invasive tumors, and recording treatment efficacy. As a result, cancer biomarkers find extensive applications as prognostics, surrogate endpoints, diagnostics, and personalized medicines across the healthcare industry.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cancer Biomarkers Market Trends:
The rising incidences of cancer, such as breast, prostate, cervical, lung, and colorectal cancer, represent the primary factor driving the market growth. Besides this, the increasing usage of cancer biomarkers in early cancer detection, managing treatment, and predicting accurate outcomes is another major growth-inducing factor. Additionally, due to the lack of standard diagnosis, there has been a significant shift toward personalized medicine for cancer treatment. In line with this, the growing awareness regarding the importance of early cancer diagnosis among healthcare professionals and patients has augmented the demand for cancer biomarkers. Furthermore, several key players are extensively investing in research and development (R&D) activities to introduce innovative diagnostic products. Along with this, recent technological advancements in genetic biomarker discovery, such as next-generation sequencing (NGS), polymerase chain reaction (PCR), gene expression profiling (microarray), and proteomics, have propelled market growth. Other factors, including the rising regulatory approvals of novel drugs and diagnostics, improving healthcare infrastructure, surging government funding for drug development, increasing consumer healthcare spending, and availability of favorable reimbursement policies, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 47.66 Billion by 2027, expanding at a CAGR of 13.20% during 2022-2027.
- Based on profiling technology, the market has been segmented into omic technologies, imaging technologies, immunoassays, and cytogenetics.
- On the basis of the biomolecule, the market has been classified into genetic, protein, and glyco-biomarkers.
- The market has been divided based on the cancer type into breast, lung, colorectal, prostate, stomach, and other cancers.
- Based on the application, the market has been segregated into diagnostics, prognostics, risk assessment, drug discovery and development, and others.
- On the basis of the end user, the market has been categorized into hospitals, academic and research institutions, ambulatory surgical centers, diagnostic laboratories, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Company, bioMérieux SA, Danaher Corporation, F. Hoffmann-La Roche AG, General Electric Company, Illumina Inc., Qiagen N.V., Sino Biological Inc., and Thermo Fisher Scientific Inc.
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