Cancer Biomarkers Worldwide Market Reach $15,737 Million in 2022
Cancer biomarkers are biomolecules that specifies the existence of cancer or cancerous cells in the body. These are generally molecules that are released due to the presence of a tumor or a particular indication in the body to the presence of cancer. These molecules are densely distributed in tissues, urine, serum, blood, and other body fluids. Their expression levels serve as the basis or indication of any abnormal process or a disease.
The market size of the global cancer biomarkers market was valued at $6,521 million in 2015 and is estimated to grow at a CAGR of 13% over the forecast period to reach $15,737 million in 2022. Market growth is attributed to the increasing incidences of cancers such as lung cancer, breast cancer, and prostate cancer among others coupled with growing importance of biological and targeted drug therapies and technological advancements in the field of cancer treatment. However, unregulated government laws and reimbursement policies; as well as high cost of drug development and threat of failure are anticipated to have an adverse effect on the market growth. Nevertheless, advancement in cancer drugs research and significant unmet need in cancer diagnosis are estimated to overshadow these restraints.
The global cancer biomarkers market is segmented based on profiling technology, biomolecules, cancer type, application, and geography. By profiling technology, the market is segmented into omic technologies, imaging technologies, immunoassays and cytogenetics based tests. Based on biomolecules, the market is segmented into genetic biomarkers, protein biomarkers, and glycoprotein biomarkers. Amongst these, genetic biomarkers are widely used in the market owing to better diagnostic and therapeutic usage as compared to protein and glycoprotein biomarkers.
The various cancer types include breast cancer, lung cancer, prostate cancer, colorectal cancer, stomach cancer, and others. Amongst these, lung cancer is the major cancer type where biomarkers are being used for detection. Owing to high tobacco consumption and smoking, lung cancer has increased at an alarming rate. CEACAM-5/CD66e, Cytokeratin 19, EGF R/ErbB1, Enolase 2/Neuron-specific Enolase, Lactate Dehydrogenase A/LDHA, Lactate Dehydrogenase B/LDHB, Napsin A and PDGFRL are some of the major cancer biomarkers used for lung cancer detection.
Geographically, North America is the leading revenue generating region, due to high incidence rate of cancer, growth in awareness towards cancer and higher cancer biomarker testing. Asia-Pacific is growing at the fastest CAGR due to rise in awareness, increased disposable income, and affordability for advanced cancer treatments.
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Companies have adopted collaboration and partnership as their key development strategies. Increase in focus on collaboration and partnership is mainly for the development of innovative technologies in the field of cancer biomarkers. In May 2016, Roche received an approval by FDA for its first anti-PD-L1 cancer immunotherapy namely Tecentriq (atezolizumab), thereby expanding its product portfolio.
KEY BENEFITS FOR STAKEHOLDERS:
The drivers, restraints, and opportunities in the global cancer biomarkers market are expected to help in understanding the market behavior better.
The market estimations are a result of high-end analysis of the key market segments for the period of 2014–2022
Projections in the report are made by analyzing the current market trends and future market potential for the forecast period in terms of value. The analysis helps in understanding the strategies adopted by various companies for the growth of the global cancer biomarkers market.
Country level analysis has been done to provide micro market sizing of cancer biomarkers in different regions
Porter's five forces model gives an in-depth analysis of bargaining power of buyers and suppliers, threats of new entrants & substitutes, and competition amongst the key market players.
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