iCrowdNewswire Dec 2, 2020 10:53 AM ET
Cancer Biomarkers Market size is $15.54Bn in 2019, growing at a CAGR of 13.6% during the forecast period 2020-2025. Cancer biomarkers are biological molecule found in blood, other body fluids, or tissues and are indicative of the presence of cancer in the body. These are biomolecules produced either by the tumor cells or by other cells of the body in response to the tumor. Cancer biomarkers improve the cancer detection and facilitate high speed, non-invasive diagnosis using genomics and proteomics-based tools. The biomarkers in breast cancer detection allow for a liquid biopsy tool to rule out breast cancer more accurately and earlier, increasing a women’s chance of survival and decreasing unnecessary costs and anxiety. Globally, rising incidences of cancer, growing research on cancer biomarkers, and superior speed and accuracy of diagnosis are the prime growth drivers of cancer biomarkers market.
By Technology – Segment Analysis
In 2019, Bioinformatics segment dominated the Cancer Biomarkers Market in terms of revenue is estimated to grow at a CAGR of 14.6% owing towards advancement of technologies for mutation detection. Cancer bioinformatics helps in monitoring and predicting the efficiency and effectiveness of the precision medicine, which provides the safest and most effective therapeutic strategy based on the gene and protein variations. It uses advanced computing, mathematics, and different technological platforms to physically store, manage, analyze, and understand the data. It helps in the identification of more powerful and biomedically meaningful biomarkers abetting towards the growth of the market.
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Geography – Segment Analysis
In 2019, the North America region dominated Cancer Biomarkers Market in terms of revenue with a market share of 43% owing towards growing medical tourism, growing cases of cancer, and increasing demand for investment in R&D. According to the estimates of the American Cancer Society, in 2018, in the United States, 1,735,350 new cancer cases were diagnosed and 609,640 deaths occurred owing to cancer. The most common cancers in the United States are breast cancer, lung cancer, prostate cancer, colorectal cancer, bladder cancer, and skin cancer aids to the market’s growth. Government has taken initiatives to promote technological advancements in this region are key factors in the growth of the Cancer Biomarkers market. Europe is projected to record the fastest growth rate during the forecast period 2020-2025.
Drivers – Cancer Biomarkers Market
Rising Incidences of Cancer
According to WHO, in 2018, 9.6 million people worldwide deceased of cancer as it is one of the leading causes of death globally. The increasing incidence of cancer has increased the need for cancer therapies leading towards the growth of the market. Lung cancer is the most common type of cancer and the leading cause of death worldwide among men and women, as per the 2018 statistics published by the American Society of Clinical Oncology. Thus, companies are also involving in strategic partnerships such as, technological innovation and mergers, to develop and commercialize their products.
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Challenges – Cancer Biomarkers Market
High Cost Related Associated With Treatment
High treatment cost and unfavorable reimbursement policies for cancer biomarkers are a factor hindering growth of the cancer biomarkers market. Cancer diagnosis is relatively expensive, which primarily includes medical and non-medical costs for cancer diagnosis, treatment, and cancer care. For instance, according to the Cancer Action Network, in 2016, cancer patients in the U.S. paid around $5Bn for cancer treatment which further restrains growth of the market. The high capital investments for equipment, approximately $87.8Bn were spent in 2014, in U.S., on cancer-related health care is restraining the growth of the market.
Cancer Biomarkers Industry Outlook
Product Launches was the key strategy of the players in the Cancer Biomarkers Industry. Cancer Biomarkers top 10 companies include Abbott Laboratories, Affymetrix, Inc., Illumina, Inc., Qiagen N.V., Roche Diagnostics Ltd., Agilent Technologies, Inc., Quest Diagnostics Inc., Merck & Co. Inc., Hologic, Inc. and Becton, Dickinson and Company.
In December 2017, Becton, Dickinson and Company acquired C. R. Bard, Inc. This acquisition helped in improving treatment of disease for patients and the process of care for health care providers.
In May 2016, Quest Diagnostics Inc. launched three new cancer test (MYvantage™ 34-gene Hereditary, GIvantage™ Hereditary and Qvantage™ Hereditary) services designed to provide clinically actionable insight into an individual’s risk of developing hereditary forms of cancer.
The increasing use of biomarkers in drug discovery and development is likely to be the major driving factor for the market’s growth.
Rising prevalence of cancer and increasing investments by private and public sectors in diagnosis & treatment of cancer is adding towards the market’s growth.
Europe region is expected to record the fastest growth rate during the forecast period 2020-2025.
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