Cancer Biomarker Market Size to Hit USD 27.8 Billion by 2030 at 9.8% CAGR – Report by Market Research Future (MRFR)

New York, USA, June 15, 2023 (GLOBE NEWSWIRE) — Cancer Biomarker Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Cancer Biomarker Market Information By Type, Application, End-User and Region – Forecast till 2030“, the market size was valued at USD 14.5 billion in 2022 and is projected to grow from USD 15.9 Billion in 2023 to USD 27.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.8% during the forecast period (2023 – 2030).

Market Synopsis

The increasing usage of cancer biomarkers in drug discovery and development, increased research on cancer biomarkers, technical improvements, and the rising incidence of cancer are the key market drivers enhancing the market growth. In oncology, biomarkers are molecules that cancerous tissue or a particular human body response secretes to indicate cancer development. Biomarkers enable early cancer detection and quick, noninvasive disease diagnosis using various proteomics and genomics tools. Applications for biomarkers include prognostics, personalized medicine, drug discovery and development, and cancer diagnosis. The global market is expanding due to increasing requests for biomarkers in developing and discovering drugs for personalized medicine. The presence of malignant cells in the body is indicated by traceable substances or molecules called cancer biomarkers. A significant strategy to get quick results for treatment is to prevent cancer by identifying and analyzing various biomarkers of cancer using different diagnostic techniques.

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Biomarkers come in various forms, including peptides, proteins, nucleic acids, and antibodies. These biomarkers indicate abnormal processes or diseases in serum, tissues, urine, blood, and other bodily fluids. These biomarkers have been studied for various cancer indications and are employed as biomarkers for diagnosis, prognosis, personalized medicine, and surrogate endpoints. One of the key factors anticipated to boost the growth of the cancer biomarkers market is research collaborations between different organizations and major vendors to develop biomarkers for disease diagnosis. Discovering various biomarker types is essential to many sectors, including healthcare and pharmaceuticals.

Report Scope:

Cancer Biomarker Market Competitive Landscape

• Becton Dickinson (U.S.)
• Bio-Rad Laboratories (U.S.)
• Illumina Inc. (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• Abbott Laboratories (U.S.)
• Merck & Co.Inc. (U.S.)
• Novartis AG (Switzerland)
• PerkinElmer Inc. (U.S.)
• F. Hoffmann-La Roche AG (Switzerland)
• GlaxoSmithKline plc. (U.S.)

Cancer Biomarker Market Trends

Market Drivers:

Due to the prevalence of different cancers like breast, prostate, and lung cancer, the global market for cancer biomarkers is anticipated to expand significantly during the forecast period. The importance of biological and targeted drug therapies has increased, and technological developments and the precision and dependability of cancer biomarkers all support the market’s expansion. Uncontrolled proliferation of abnormal cells that increase in either lung results in lung cancer. Smokers are more likely to develop lung cancer than nonsmokers, even though it can also happen to them. Lung cancer risk is increased by how many cigarettes an individual smokes and for how long.

The widespread use of cancer biomarkers for the early detection of such diseases is anticipated to increase due to the rising prevalence of lung cancer, accelerating market growth throughout the forecast period. Additionally, the market is positively impacted by increased government and public sector investments in R&D for cancer diagnostics. Since early-stage cancer treatment is both more successful and cost-effective, the prevalence of cancer is expected to rise. So early cancer detection is anticipated to increase the use of cancer biomarkers, increasing market growth.

Restraints

The dearth of financial support for biomarker tests in developing and developed countries, notwithstanding a growing prevalence of cancer worldwide and the rising number of patients requiring diagnostic tests, is one of the variables limiting the need for these biomarkers globally. Another important factor impeding the market’s growth is the prohibitive price of cancer detection and therapy in underdeveloped countries. As a result, fewer patients have had biomarker testing done, and more patients favor other affordable detection techniques. The market for cancer biomarkers is constrained in its growth by the high cost of developing medicines, the possibility of cancer treatments failing, and unrestricted oversight from the government and reimbursement practices.

Browse In-depth Market Research Report (85 Pages) on Cancer Biomarker: https://www.marketresearchfuture.com/reports/cancer-biomarker-market-5378

COVID 19 Analysis

Due to the halted development and research efforts during this time, the COVID-19 pandemic unfavorable impacted the market for cancer biomarkers. As a result, such incidents prevented the market from expanding during the early stages of the influenza outbreak. However, the marketplace is gaining momentum as initiatives like acquisitions by important market players are helping diagnostic and surgery centers resume their operations at pre-pandemic levels.

Cancer Biomarker Market Segmentation

By end-user, the market includes pharmaceutical & biotechnology companies and diagnostic companies.

By type, the market includes protein biomarkers and genetic biomarkers.

By application, the market includes diagnostic, prognostic, and therapeutic.

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Cancer Biomarker Market Regional Insights

North America held the vast majority of the market’s share, and this trend is predicted to continue throughout the forecast period. This is explained by the region’s growing use of cancer biomarkers. Additionally, the high incidence of malignant tumors in the area fuels market expansion. Multiple cancer biomarker testing is additionally covered by medical coverage in the area. Over the forecast period, market growth is anticipated to be boosted by elements like the rising incidence of cancer and initiatives by important market players. The total number of people with cancer in America has significantly increased. Men and women can both develop breast cancer. Breast cancer in males is extremely uncommon, and females are more likely than men to develop it. However, due to increased cancer incidence rates in China and Japan, Asia-Pacific is predicted to grow at the highest pace during the forecast period. The market for cancer biomarkers in Asia-Pacific is also driven by increased awareness of and access to advanced cancer treatments.

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