The global cancer biomarkers market is expected to reach US$ 31,206.00 Mn in 2027 from US$ 12,175.69 in 2018. The market is estimated to grow with a CAGR of 11.1% from 2019-2027.
Driving factors such as growing cancer prevalence across the globe, new product launches and FDA approvals, and technological advancements are expected to boost the market over the years. However unfavorable regulatory and reimbursement scenario is likely to have a negative impact on the growth of the market in the coming years. Besides, the development opportunities in emerging countries are likely to have a positive effect on the growth of the market in the forecast years.
Cancer immunotherapies are rapidly replacing traditional treatment standards and expanding the therapeutic landscape for cancer patients. Researchers are focused on finding molecules in the blood that can signal the appearance of cancers. For the diagnosis of ovarian and prostate cancers, the cancer antigen (CA)125 and prostate-specific antigen (PSA) are used alongside other tests. Additionally, advancements in high-throughput omics technologies, including genomics, proteomics, transcriptomics, and metabolomics, has accelerated the pace of biomarker discovery.
The emerging markets like the Asia Pacific are creating better opportunities for significant market players to expand their business. This is a prime reason for market growth in the forecast period. Most of the major players focus on emerging countries such as India, China, and others owing to a large number of cancer patients and growing medical tourism in developing countries. Most of the emerging countries are preferred place for medical tourism. As per the Australian Institute of Health and Welfare, 140,000 new cases of cancer are diagnosed in 2018 and the low cost of surgeries, advanced technologies with less waiting time for procedures in the region is likely to boost the demand for cancer biomarkers
In 2018, the breast cancer segment accounted for the largest market share in the global cancer biomarkers market by the cancer type segment. The biological features of the tumor used for estimating diagnosis and select suitable therapy for patients with breast cancer. HER2 is a growth factor receptor present on the surface of breast cells. Approximately 30% of breast cancer patients have tumors, which expresses a large amount of HER2. Various anti-cancer drugs are targeted for protein, making an accurate determination of the presence or absence of the protein in a tumor a vital step in calculating the proper treatment. At present, the cases of cancer are increasing across the globe.
The global cancer biomarkers market is segmented by biomarker type, profiling technology, cancer type, application, and end-user. On the basis of product, the market is segmented into antibodies, equipment, reagents, and kits. On the basis of cancer type, the market is segmented into breast cancer, lung cancer, prostate cancer, leukemia, bladder cancer, and other cancer types. Based on application, the market is segmented into diagnostics, research and development, prognostics, and other applications. On the basis of biomarker type, the market is segmented into genetic biomarkers, protein biomarkers and other cancer biomarkers. On the basis of profiling technology, the market is segmented into omics technologies, imaging technologies, immunoassays, cytogenetics, and bioinformatics.
Some of the important primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), Cancer Association of South Africa (CANSA), National Institute of Cancer Prevention and Research (NICPR), National Cancer Institute, Canadian Institutes of Health Research (CIHR),