Global Cancer Biomarkers Market – Industry Trends and Forecast to 2024 | Data Bridge Market Research - Data Bridge Market Research

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Global Cancer Biomarkers Market – Industry Trends and Forecast to 2024

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Global Cancer Biomarkers Market, By Tumor (Breast, Lung, Prostate), By Type (Protein Biomarker, Genetic Biomarkers), By Profiling Technology (Proteomics, Genomics, Imaging, Immunoassay), By Application (Diagnostic, Drug Discovery, Prognostic), By Geography (North America, Europe, Asia-Pacific, South America, Rest of the World) – Industry Trends and Forecast to 2024

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The Global Cancer Biomarkers Market has accounted to USD 10.9 billion in 2016, growing at a CAGR of 12.2% from 2017 to 2024, and is expected to reach USD 27.4 billion by 2024.

Cancer biomarkers are the molecules secreted by a tumor or a specific response of the human body indicating the presence of cancer. The biomarkers enable cancer detection at an early stage and facilitate high-speed noninvasive diagnosis using various genomics and proteomics tools. Cancer biomarkers are used for various applications such as cancer diagnostics, drug discovery and development, prognostics, personalized medicine, and surrogate endpoints. Over the years, cancer biomarkers have become an integral part of research in pharmaceutical and clinical trial companies, as they help to reduce the time and cost of the drug discovery and development process.

Factors such as rising prevalence of cancer, increasing government support for cancer biomarkers research, rising aging population, increasing use of biomarkers in the drug discovery and development process, and increasing use of biomarker tests for diagnosis purposes are fueling the growth of this market. However, poorly suited regulatory and reimbursement systems and high capital investments required for biomarker development and validation are the major factors restraining the growth of this market. Cancer biomarkers’ research and development is highly capital intensive; this is one of the key entry barriers for new players willing to enter the cancer biomarkers market. Majority of the biomarker development studies receive funding from government organizations or large pharmaceutical companies.

In this report, the cancer biomarkers market is segmented on the basis of type, cancer type, profiling technology, application, and geography.

Based on type, the cancer biomarkers market is broadly split into three segments, namely, protein biomarkers, genetic biomarkers, and other biomarkers (includes viral, cell, and carbohydrate biomarkers). In 2015, the protein biomarkers segment accounted for the largest share of the global cancer biomarkers market. The large share of this segment is mainly attributed to the tremendous potential of protein biomarkers in cancer detection, diagnostics, prognostics, and clinical & therapeutic applications; and low cost of the protein biomarker tests as compared to genetic biomarker tests. The increasing focus of pharmaceutical companies towards the discovery of protein biomarkers is further expected to fuel the growth of this market in the coming years. However, the genetic biomarkers segment is expected to grow at 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 rising adoption of high-throughput sequencing technologies in biomarker discovery and development.

Based on cancer type, the cancer biomarkers market is categorized into breast cancer, lung cancer, colorectal cancer, prostate cancer, cervical cancer, and other cancers (includes melanoma, leukemia, gastric, kidney, liver, and pancreatic cancers). In 2015, the breast cancer segment accounted for the largest share of the global cancer biomarkers market. The largest share of this segment is mainly attributed to the high prevalence of breast cancer over the last few years, increased awareness about breast cancer diagnosis, and increasing research focus on breast cancer. However, the lung cancer segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment can be attributed to the rising prevalence of lung cancer and increasing research focus on lung cancer biomarkers.

The cancer biomarkers market, by profiling technology, is segmented into omics technologies, imaging technologies, immunoassays, cytogenetics, and bioinformatics. The omics technologies segment accounted for the largest share of the global cancer biomarkers market in 2015. The largest share of this segment is mainly attributed to the increased adoption of advanced high throughput technologies in biomarker discovery and development and increasing use of omics-based tests for cancer diagnosis and drug development process. Omics technologies also represent the fastest-growing cancer biomarkers segment. 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, specifically 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. On the other hand, the share of imaging technologies is expected decrease in the coming years due to increasing demand for other advanced technologies such as genomics and proteomics which detects cancer in early stages and provides information about tumors at molecular level compared imaging technologies.

Based on geography the global cancer biomarkers market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. In 2016, North America is expected to dominate the market with a share of 34.7%, growing at a CAGR of 11.2% in the forecast period 2016 to 2022. The dominance of North America is owing to high incidence of cancers such as breast and lungs, coupled with favorable reimbursement scenarios and highest treatment success rate.

Some of the major players operating in this market are Abbott Laboratories, DiagnoCure Inc., Affymetrix, Inc., Illumina, Inc., Qiagen N.V., Roche Diagnostics Ltd., Agilent Technologies Inc., Quest Diagnostics Inc., Merck & Co. Inc., Hologic, Inc., Becton Dickinson and Company among others.

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