The global cancer biomarkers market size is forecast to reach USD 48.20 billion by 2026 on account of the increasing popularity of personalized treatment for cancer worldwide. Biomarkers help to detect cancer at an early stage and facilitate noninvasive diagnosis at high speed by utilizing different proteomic and genomic markers. The cancer biomarkers market in North America was valued at USD 6.88 billion in 2018. North America dominated the global market followed by Europe. Major factors attributed to the dominance of North America include higher adoption of advanced technologies like next-generation sequencing, and the increasing number of research studies establishing the efficiency of biomarkers in drug discovery and development, and cancer diagnosis. The global market size was USD 18.94 billion in 2018 and will exhibit a CAGR of 12.4% between 2019 and 2026.
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Market Drivers
Rise in Prevalence of Cancer Worldwide to Augment Growth
The increasing prevalence of cancer is a prime factor boosting the cancer biomarkers market growth. In addition to this, the market is also witnessing a significant rise on account of the growing demand for drug discovery and development for various cancer types. Additionally, many pharmaceutical companies are investing massive amounts in the research and development of novel biomarkers for cancer therapeutics. Moreover, many clinical trials and pipeline studies are currently heading towards the end stages of development, and their market entry is likely to attract high cancer biomarkers market revenue in the coming years.
On the flip side, the market may face challenges in terms of reimbursement policies supported by the governments. This is further attributed to the high cost of treatment for cancer, especially in developing nations. Nevertheless, government support in spreading awareness about cancer, and the availability of treatment options for the same are likely to create lucrative growth opportunities for the market in the forthcoming years.
Report Highlights
The report offers a comprehensive overview of the market and its prime growth trajectories, such as drivers, restraints, challenges, and opportunities. It throws light on recent oncology biomarker market trends, key industry developments, and other interesting insights. The report emphasizes on the table of segmentation based on factors such as cancer type, biomarker type, end user, and geography. The report discusses the list of players operating in the market and the prime strategies adopted by them to gain a competitive edge in the market. For more information on the report, log on to the company website.
Regional Segmentation:
North America to Emerge Dominant Owing to Higher Adoption of Next-Generation Sequencing
From a geographical perspective, the global cancer biomarker market is widespread in the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each of these regions is further categorized into nations. Among these, North America earned USD 6.88 billion in 2018 and emerged dominant owing to the high adoption of personalized medicine. Europe ranks second in the market with a rising number of research studies for using biomarkers in development and discovery.
Furthermore, the market in the Asia Pacific is expected to contribute significant oncology biomarker market share on account of rising in investments for research and development of biomarkers. This, is coupled with increasing support from government and private bodies for the drug development process and patient stratification.
Competitive Landscape:
Substantial Investment in Research and Development of Novel Therapeutics to Escalate Market Competition
The global cancer biomarker market is semi-consolidated in nature. Notable players operating in the market are engaging in strategic collaborations such as mergers and acquisitions, joint ventures, company collaborations, and others to gain an edge in the market competition. Apart from this, players are investing massive amounts into research and development of novel therapeutic solutions for various cancer types. Thermo Fisher Scientific, Inc., Abbott, and F. Hoffmann-La Roche Ltd. are currently holding dominant cancer biomarker market shares.
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