Cancer Biomarker Market | Top Key Players - Becton Dickinson (U.S.), Abbott Laboratories (U.S.), PerkinElmer, Inc. (U.S.), Bristol-Myers Squibb (U.S.), Bio-Rad Laboratories (U.S.), Eli Lilly and Company (U.S.), Merck & Co., Inc. (U.S.)

Cancer biomarkers are molecules released due to tumor which are indicative of the presence of cancer in the body and are used for the diagnosis and prognosis, of the disease and its stages. The global cancer biomarker market is anticipated to generate a spectacular CAGR growth of 15.8% during the forecast period ending 2023.

Early detection remains the elusive holy grail of cancer diagnosis due to its imminent importance in determining the mortality rate and quality of life of the patient. Thus early detection is the critical driver of the market, which can reduce the end cost of the treatment due to lower frequency of treatment needed.

The growing prevalence and incidence of cancer is the second most important driver of the market, as it drives the demand directly. The world health organization estimates that cancer was responsible for 8.8 million deaths in 2015 with a mortality rate of nearly 1 in 6 patients.

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The lung cancer immunotherapy is anticipated to witness fastest growth during the forecast period. In 2015 alone, lung cancer, liver cancer, colorectal cancer, stomach cancer, and breast cancer claimed 1.69 million, 788,000, 774 thousands, 754 thousands, and 571 thousands lives respectively. Cancer is expected to witness an alarming growth, with world health organization estimating about 14 million new cancer cases each year which is expected to increase further by 70% over the next two decades.

Technological drivers include growing sensitivity and selectivity of detection technology, development of liquid biopsy and others. The cross applications potential of the technology has resulted in spurts of investments which is expected to trigger a surge of innovative start-ups. The tax and other incentives provided by governments are added attractions for the market.

Restraints

Prohibitive costs of cancer biomarker technology coupled with scarcity of trained manpower due to the nascent stage of the technology are prime restraints on the market. However the faster results obtained by the technology coupled with the ability to detect the prognosis of the disease lowers the end cost. The added benefit of leveraging the diagnosis molecular data for selecting the course of the treatment on the basis of the molecular characteristics of the cancer will negate the cost disadvantage of the technology. The high cost of development is another constraint on the market. However the cross functional nature of the technology with applications in drug development, diagnosis of other diseases such as cardiovascular diseases, liver diseases is expected to drive a momentous returns on investments providing justification for the high development risks.

Segmentation of Cancer Biomarker Market:

The report is segmented on the basis of types, applications and end users to get a comprehensive grasp of the market in terms of growth potential.

Types - protein biomarker, genetic biomarker and others

Application – diagnostic (imaging and non- Imaging), prognostic and therapeutic. The diagnostic sub-segment is further classified into.

End users - pharmaceutical and biotechnology companies, diagnostic tool companies, healthcare it/big data companies, clinical laboratories

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Prominent Players in Global Cancer Biomarker Market

Bristol-Myers Squibb, GlaxoSmithKline plc., Abbott Laboratories, Merck & Co., Inc., F. Hoffmann-La Roche AG, Becton Dickinson, PerkinElmer, Inc., QIAGEN N.V, Bio-Rad Laboratories, Pfizer Inc., Novartis AG, Eli Lilly and Company, Thermo Fisher Scientific Inc., Illumina Inc.

Regional Analysis of Cancer Biomarker Market:

The report is segmented into America, Europe, Asia Pacific, and the Middle East & Africa to have a bird’s view of the differential potential and equity of the market.

North America led by U.S. is expected to possess the greatest share of the market in 2016, closely followed by Europe. However the historical faster adoption rates for novel technologies in the U.S. is expected to increase the market discrepancy between the two regions in the favor of the U.S. Europe is expected to be led by Germany, France and the Scandinavian regions of Finland, Norway and Iceland.

Asia Pacific market is expected to be the fastest growing region owing to the explosive growth of cancer cases and the lower costs of treatment. China, India, and South Korea are expected to witness significant expansion of the cancer biomarkers market. Rise in medical tourism is another competitive advantage afforded by the Asia Pacific region.

Middle East & Africa is expected to generate moderate growth due to the low prevalence and incidence of cancers, poor per capita income and underdeveloped healthcare infrastructure. The Gulf economies of Kuwait, Qatar, Oman, and Saudi Arabia are expected to capture a growing share of the Middle East & Africa market for cancer biomarker.

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