Cancer Biomarkers Market is Growing Research and Development by Top Players BioMerieux S.A., Bard1 Life Sciences Limited, Bio-Rad Laboratories, Abbott Laboratories, Becton, Dickinson and Company, Merck & Co., Inc., Qiagen N.V., and Thermo Fisher Scientifi

Various government and private organizations are focusing on increasing investment in R&D for cancer biomarkers. This is owing to increasing incidence and prevalence of cancer, globally. For instance, in June 2018, Cancer Research UK, proposed funding of US$ 140,922 per year, through biomarker project for biomarker assay development, validation, and qualification for use in cancer clinical diagnosis.

Furthermore, in March 2016, the National Cancer Institute (NCI) invested US$ 5.5 million in 2016, for setting up of laboratories to conduct research on biomarkers and biomarker assays for cancers of the breast, prostate, lung, and genitourinary organs, and also to those cancers, which have high incidence rate.

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In April 2016, University of Auckland received a US$ 10 million grant to conduct research in cancer biomarkers, from Auckland entrepreneur, Mr Liangren Li and his family. The grant was allocated for initiating the PROSPER (Profiling of Oncology Patients as part of Clinical care and Research) project. In 2016, National Cancer Institute (NCI) invested US$ 3.9 billion for cancer research activities, which accounts for 70.8% of overall NCI 2016 budget. It invested around US$ 533 million on cancer detection and diagnostic research activities.

Moreover, in 2016, NCI allocated 40.4% of its funds for Research Project Grants (RPGs). Furthermore, in 2017, NCI budget increased by US$ 454 million (8.7%) from previous year (2016) for cancer research activities. These increasing research and development (R&D) activities in biomarkers is expected augment growth of global cancer biomarkers market.

According to the Centers for Disease Control and Prevention (CDC), February 2018 data findings, each year in the U.S., around 22,000 men and 9,000 women suffer from liver cancer, and around 16,000 men and 8,000 women die from liver cancer. Thus, substantial increase in incidence and mortality rate of liver cancer in the country, is expected to boost growth of cancer biomarkers market, in the near future.

Cancer diagnosis is relatively expensive, which primarily includes medical and non-medical costs for cancer diagnosis, treatment, and cancer care. For instance, according to the Cancer Action Network, in 2014, cancer patients in the U.S. paid around US$ 4 billion out-of-pocket for cancer treatment. In addition to this, around US$ 87.8 billion was spent in 2014, in the U.S., on cancer-related health care.

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Key players operating in the cancer biomarkers market include BioMerieux S.A., Bard1 Life Sciences Limited, Bio-Rad Laboratories, Abbott Laboratories, Becton, Dickinson and Company, Merck & Co., Inc., Qiagen N.V., and Thermo Fisher Scientific Inc.

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