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Cancer Biomarkers Market 2020 - 2027 Global Size, Share, Industry Key Players like Abbott Laboratories, Bio-Rad Laboratories, Inc., Bristol-Myers Squibb Company, Exact Sciences
Cancer Biomarkers Market
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Surge in number of patients suffering from various types of cancers such as prostate, breast, and lung cancer, rise in number of clinical trials, and high accuracy & reliability drive the growth of the global cancer biomarkers market. However, high cost associated with drug development and fatal effects of cancer drug therapy restrain the market growth. Furthermore, technological advancements in cancer therapy and focus on advanced treatment protocols are expected to create new growth opportunities for the market players.
Covid-19 scenario:
Several major market players have halted the manufacturing of cancer biomarker diagnostic tools amidst the lockdown enforeced by governments during the Covid-19 pandemic.
The demand for cancer biomarkers is expected to surge during the Covid-19 pandemic to diagnose conditions by identifying early stage cancers (diagnostic) and forecast how aggressive a condition can proceed in order to decide the course of treatment (prognostic). The medical diagnostics industry has not suffered the severe impacts.
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The genetic biomarkers segment to dominate during the estimated period-
Based on biomolecule, the genetic biomarkers segment contributed to nearly half of the global cancer biomarkers market revenue in 2019, and is anticipated to lead the trail till 2027. This is due to its accuracy and precision while detecting cancer and monitoring the effectiveness of the treatment. Simultaneously, the glycol-biomarkers segment would portray the fastest CAGR of 12.5% by 2027. Increase in awareness about the roles of glycosylation and other post translational modifications in cancer biology fuels the segment growth.
The omic technologies segment to maintain the lion's share by 2027-
Based on profiling technologies, the omic technologies segment accounted for more than half of the global cancer biomarkers market share in 2019, and is expected to rule the roost by the end of 2027. This is attributed to factors such as rise in use of personalized medicines for cancer treatment and growth in healthcare expenditure among people. The immunoassays segment, on the other hand, would register the fastest CAGR of 16.4% throughout the forecast period, owing to various advantages offered by immunoassays such as simultaneous analysis of multiple compounds, analysis at minute concentrations, and increased efficiency of diagnosis and treatment.
North America to dominate in terms of revenue-
Based on geography, North America held the major share, garnering more than one-third of the global cancer biomarkers market, owing to strong focus on innovation and technological advancements in healthcare & diagnostics in the region. At the same time, Asia-Pacific is expected to manifest the fastest CAGR of 15.1% from 2020 to 2027. This is due to increase in prevalence of cancer, rise in patient awareness, and increase in disposable incomes in the province.
Frontrunners in the industry-
Bio-Rad Laboratories, Inc.
Thermo Fisher Scientific, Inc.
Bristol-Myers Squibb Company
Exact Sciences Corporation
F.Hoffmann-La Roche Ltd.
Abbott Laboratories
Qiagen N.V.
Merck KGaA
PerkinElmer, Inc.
Siemens AG
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