10 Oct 2018 – Global Cancer Biomarker Market is anticipated to reach USD 33.7 billion by 2025. Biomarkers imply the molecules or substances found in tissues, blood, or the other body fluid; which states the abnormal and normal condition of the body. The cancer biomarkers tests are conducted to detect mutated or normal genes responsible for cancer.
The factors that propel the growth of the cancer biomarker industry include advancements in omics technologies, prevalence of cancer, growth in R&D funding from private bodies and government, rising healthcare spending, and increasing demand for personalized medicine in cancer treatments. On the other hand, there are factors that may hamper the growth of the market including reimbursement issues, need for immediate processing, and high cost of diagnosis. Cancer Biomarker Market is anticipated to grow at a significant CAGR of 14.3% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Cancer biomarker industry may be explored by type, application, biomolecule type, and geography. The market may be explored by type as Lung cancer, Prostate cancer, Breast cancer, Colorectal cancer, Liver cancer, Cervical cancer, Others. The “Breast Cancer” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 owing to growing consciousness about initial testing and rising base of target populace.
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The key applications that could be explored in the Cancer Biomarker Market include Personalized medicine, Diagnostics, Drug Discovery and Development, and Others. The “Diagnostics” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 due to growing development of biomarker-based oncology tests with high sensitivity and specificity.
The cancer biomarker industry could be explored based on Biomolecules type as Epigenetic Biomarkers, Proteomic Biomarkers, Genetic Biomarkers, Metabolic Biomarkers, and Others. The “Genetic biomarkers” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 due to high-reliability rate, and extensive usage.
North America accounted for the major share of the cancer biomarker market size in 2016 and will continue to lead in the forecast period. The factors that could be ascribed to the growth include increasing demand for personalized medicine, growing government funding for development and discovery of biomarkers, growing use of biomarkers in Drug Discovery and growth by pharmaceutical industries in that country, and acceptance of innovative omics technologies for biomarker discovery.
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Some of the key players that fuel the growth of the cancer biomarker industry comprise F-Hoffmann-La Roche Ltd.; Abbott Laboratories; Thermo Fisher Scientific Inc.; QIAGEN; Affymetrix Inc.; Agilent Technologies; Illumina, Inc.; Merck & Co. Inc.; Sino Biological Inc.; Hologic, Inc.; Dickinson and Company, and Becton. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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