Cancer Biomarker Market Shows Strong Growth with Leading Players
Cancer biomarkers biochemical entities that are released
during the presence of a tumor, indicating the presence of cancer in the body.
Targeting biomarkers in cancer treatment are becoming a standard in the era of
precision medicine. Market Research Future (MRFR) has thoroughly studied the
trends and patterns in the global cancer biomarker market over the forecast
period of 2017-2023 in a detailed study. cancer
biomarker market is expected to grow at a CAGR of 15.8% during the forecast
period, 2017-2023.
The increasing burden of oncological disorders has resulted
in the move towards early detection and preventive approach towards cancer.
Extensive research is being carried out to further understand the role of
biomarkers and come up with new biomarkers to predict treatment effectiveness
and treatment activity in various oncology disorders. This coupled with massive
investment by both public, and private entities have augmented the growth of
the cancer biomarker market. The growing popularity of personalized medicine is
a key factor in enhancing the growth of the cancer biomarker market.
Personalized medicine hinges on biomarkers in extracting information that is
relevant for diagnosis, prognosis, and therapy and is core to the personalized
medicine field. Biomarker-driven approach can accelerate the drug development
process in cancer, and various pharmaceutical companies are outlaying massive
investments in R&D activities which are expected to augment the growth of
the market over the forecast period. Furthermore, cancer biomarkers are an area
of active research of the US FDA. Recent years have witnessed the approval of
various cancer biomarkers and has paved the way for the expansion of the cancer
biomarker market.
On the contrary, low benefit-cost ratio associated with the development of cancer biomarkers is likely to restrain the growth of the global cancer biomarker market.
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Segmentation
The global cancer biomarker market has been segmented based
on type, application, and end user.
By type, the cancer biomarker market has been segmented into
protein biomarker, genetic biomarker, and others.
By applicati
on, the cancer biomarker market has been segmented into diagnostic, prognostic and therapeutic. The diagnostic segment has been further segmented into imaging and non- Imaging.
By end user, the cancer biomarker market has been segmented
into pharmaceutical and biotechnology companies, diagnostic tool companies,
healthcare it/big data companies, clinical laboratories
Regional Analysis
By region, the cancer biomarker market has been segmented
into the Americas, Asia Pacific (APAC), Europe, and the Middle East &
Africa (MEA).
The Americas account for the largest share of the cancer
biomarker market. The high incidence rate of cancer and rapid advances in the
cancer biomarker arena to come up with new drugs and effective therapies is
supporting the growth of the market.
The Europe market is driven by rigorous clinical trials and
government funding for the same.
The influx of investment for R&D by both public and
private sector is driving the growth of the APAC cancer biomarker market. In
addition, increasing prevalence of cancer has evoked extensive R&D
activities for the development of new therapies and drugs.
MRFR projects relatively slow growth in the MEA cancer
biomarker market. Low penetration of advanced diagnostics and treatment
facilities and lack of awareness hinders the growth of the market.
Competitive Landscape
F. Hoffmann-La Roche AG (Switzerland), PerkinElmer, Inc.
(U.S.), Bristol-Myers Squibb (U.S.), Novartis AG (Switzerland), Thermo Fisher
Scientific Inc. (U.S.), Bio-Rad Laboratories (U.S.), Merck & Co., Inc.
(U.S.), Becton Dickinson (U.S.), Abbott Laboratories (U.S.), Pfizer Inc. (U.S.),
QIAGEN N.V (U.S.), GlaxoSmithKline Plc. (U.S.), Illumina Inc. (U.S.), and Eli
Lilly and Company (U.S.) are the distinguished players in the cancer biomarker
market.
Industry Updates
April 2019 - Scientists at the University of Southern
California, US, are researching the presence of polymorphisms, specific genes
known for detecting the presence of cancerous cells. The success of these
findings can culminate in the use of these markers for detecting colorectal
cancer at a preventive stage.
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