Cancer Biomarkers Market Opportunity for Development in Emerging Nations

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. In addition, the development opportunities in emerging countries are likely to have a positive effect on the growth of the market in the coming years.

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.

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The global cancer biomarker market, based on biomarker type, has been segmented into genetic biomarkers, protein biomarkers, and other cancer biomarkers. The protein biomarkers segment held the largest share of the market in 2018. Moreover, the reagent segment is anticipated to register the highest CAGR in the market during the forecast period.

The leading companies operating in the cancer biomarkers market include Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., QIAGEN N.V., Illumina, Inc., Myriad Genetics, Inc., Hologic Inc., Quest Diagnostics Incorporated, bioMérieux S.A., and Creative Diagnostics among others.

FDA approvals & product launches drive the market for cancer biomarkers. Market players are involved in the manufacturing wide range of cancer biomarkers that offer maximum advantages and early diagnosis. For instance, in May 2019, QIAGEN launched its first FDA-approved companion diagnostic for PIK3CA biomarkers to enhance precision medicine in breast cancer. PIK3CA Kit, the [PB1] first companion diagnostic assay are used in any cancer indication for the detection of activating mutations in the PIK3CA gene. Additionally, it is the first FDA approved test as guiding treatment decisions in breast cancer utilizing plasma specimens as a liquid biopsy. Moreover, In November 2017, Roche launched DISCOVERY [PB2] Teal HRP chromogen detection kit to improve tissue-based cancer research. This newest addition to the collection of modular-based detection kits is used to identify and profile biomarkers and cell populations in the tissue-based study.

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. Furthermore, according to the Malaysia Healthcare Travel Council, in 2017, Over 1,050,000+ healthcare travelers, visited Malaysia for healthcare purposes. 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.

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