Cancer Biomarker Market to reach $26,979.50 million by 2027 | Abbott Laboratories, Bio-Rad Laboratories, Inc., Bristol-Myers Squibb Company, Exact Sciences Corporation

According to the report, the global cancer biomarkers industry was estimated at $10.94 billion in 2019, and is expected to hit $26.97 billion by 2027, registering a CAGR of 11.8% from 2020 to 2027.

Prevalence of various types of cancers such as breast, prostate, and lung cancer, development of biological & targeted drug therapies, and reliability of cancer biomarkers fuel the growth of the global cancer biomarkers market. "Cancer Biomarkers Market by Profiling Technology (Omic Technologies, Imaging Technologies, Immunoassays, and Cytogenetics Based Tests), Biomolecule (Genetic Biomarkers, Protein Biomarkers, and Glyco-biomarkers), Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Stomach Cancer, and Others), and Application (Diagnostics, Drug Discovery and Development, Prognostics, Risk Assessment, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027."

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COVID-19 scenario-

Prevention of cancer by analyzing various cancer biomarkers using different diagnostic methods is an effective approach to obtain quick results for the treatment.So, although a number of industries have been badly affected by the pandemic, the medical diagnostics industry has, quite naturally, not confronted the impacts on a severe note.
However, the global lockdown has led to postponement of the procedures and accordingly, there's been a short-term decline in the revenue rate in cancer biomarkers market. But, it's expected that the market would experience massive gains through the end of the pandemic.
By profiling technologies, the market is bifurcated into omic technologies, imaging technologies, immunoassays, and cytogenetics-based tests. Amongst these, omic technologies and imaging technologies segments collectively accounted for 79.5% of the total cancer biomarker market share in 2019, with the former constituting 54%share.

The omic technologies segment is expected to exhibit a prominent growth rate in the future, owing to its efficiency in early diagnosis of cancer.However, immunoassay is anticipated to be the fastest growing segment and is estimated to garner $4,581.08 million by 2027, registering a CAGR of 16.40%.

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.

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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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Key Findings of the Study

By profiling technologies, the omic technologies segment accounted for the highest market share of 54% in 2019,and is anticipated to grow at the fastest rate during the forecast period.

By region, North America was the major shareholder and accounted for the highest share of 36% in 2019.

Based on cancer type, thebreast cancersegment is expected to grow at a CAGR of 16.7% during the forecast period.

On the basis of biomolecules, the genetic biomarkers segment dominated the market in 2019 and is anticipated to maintain its dominance during the forecast period.

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