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Cancer Biomarkers Market Growth Trajectory, Strategic Innovations, and Key Segments | 2022-2031
Cancer Biomarker Market - DataM Intelligence
In 2022, the Global Cancer Biomarker Market was valued at USD 13.2 billion and is anticipated to experience significant growth, reaching an estimated USD 32.5 billion by 2031. The market is projected to grow at a CAGR of 12.3% during the forecast period from 2024 to 2031.
The market is currently in a transformational phase, driven by several major trends such as the emergence of liquid biopsy, the use of genomic biomarkers, immuno-oncology biomarkers, and the integration of artificial intelligence (AI).
Moreover, factors such as the increasing prevalence of cancer, a shift towards personalized medicine, advancements in biomarker technology, a growing focus on early detection, and the rising adoption of targeted therapies are driving the growth of the cancer biomarker market. Owing to technological advancements in these areas, the market is witnessing increased demand from North American regions. Key players in the market include F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Inc., QIAGEN N.V., among others.
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Cancer Biomarkers Market Trends
Strategic developments are anticipated to propel the growth of the Cancer Biomarker Market.
The cancer biomarkers market is expected to benefit from strategic innovations, including mergers, acquisitions, collaborations, partnerships, product launches, and research collaborations undertaken by pharmaceutical companies, diagnostic laboratories, and biotechnology firms. These initiatives aim to enhance market position, gain a competitive edge, and foster innovation in the field of cancer biomarkers.
For example, in March 2022, Vela Diagnostics launched advanced next-generation sequencing (NGS) panels for detecting RNA and DNA cancer biomarkers in formalin-fixed paraffin-embedded (FFPE) tissue samples. These include the focused OncoKey SL 60 Plus Panel and the comprehensive OncoKey SL 525 Plus Panel.
These panels offer a single, comprehensive test for pan-cancer analysis, capable of detecting insertions/deletions (INDELs), copy number variations (CNVs), single nucleotide variations (SNVs), fusions, splice variants, microsatellite instability (MSI), and oncogenic viruses and bacteria. Therefore, the increasing approval of drugs for overcoming depression is expected to drive the demand for the global cancer biomarker market.
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Market Segmentation
By Cancer Indication
Sarcoma
Colorectal Cancer
Cervical Cancer
Lung Cancer
Breast Cancer
By Biomarker Type
PSA
HER-2
EGFR
KRAS
Others
By Profiling Technology
OMICS Technologies
Cytogenetics
Immunoassays
Imaging Technologies
Bioinformatics
By End User
Hospitals
Academic and Cancer Research Institutes
Ambulatory Surgical Centers
Diagnostic Laboratories
Market Key Players
Major players are F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Inc., QIAGEN N.V., Illumina, Inc., Bio-Rad Laboratories, Inc., Abbott Laboratories, bioMérieux SA, Enzo Biochem, Inc., Merck Millipore and Micron Technology.
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