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Oncology Biomarkers Market Industry Insights, Analysis, Size, Share And Key Growth Factors 2033

04-24-2024 07:21 AM CET | Health & Medicine

Press release from: The Business research company

Oncology Biomarkers Market

Oncology Biomarkers Market

The oncology biomarkers market size has grown rapidly in recent years. It will grow from $13.68 billion in 2023 to $15.69 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to adoption in emerging economies, precision medicine initiatives, diagnostic innovations, drug development support, increased cancer incidence.

The oncology biomarkers market size is expected to see rapid growth in the next few years. It will grow to $26.09 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to integration of next-generation sequencing (ngs), expansion of biomarker informatics, focus on predictive pharmacogenomics, rapid development of exosome-based biomarkers, adoption of spatial transcriptomics. Major trends in the forecast period include standardization and quality assurance, shift towards functional biomarkers, role of biomarkers in clinical trials, expanded applications in immunotherapy, real-time monitoring of treatment responses.

Market Overview -
Oncology biomarkers refer to the biological molecules in a patient's body that suggest the presence of cancer in the patient. Oncology biomarkers provide information about cancer in a person's body.

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Rising Prevalence Of Cancer To Drive Market Growth
The rising incidence of cancer is expected to propel the growth of the oncology biomarker market going forward. Cancer is a disease in which some cells of the body grow uncontrollably and slowly spread to the rest of the body. Oncological biomarkers provide more information about the type of cancer by looking at the genes, proteins, and other substances in a person's body. For instance, in February 2021, according to a report published by the American Cancer Society, a US-based voluntary health organization focused on cancer, an estimated 19.3 million new cancer cases and almost 10.0 million cancer deaths occurred in 2020. Further, in March 2023, according to the reports shared by the American Society of Clinical Oncology (ASCO)., a US-based professional organization, it was estimated that more than 12,000 people in the US were diagnosed with neuroendocrine tumors yearly. Further, approximately 171,000 people were living with this diagnosis in 2023. Therefore, the rising incidence of cancer will drive the oncology biomarker market.

Competitive Landscape -
Major companies operating in the oncology biomarkers market report are F Hoffmann-La Roche AG, Novartis AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Eli Lilly and Company, Merck KGaA, Siemens Healthcare GmbH, Becton Dickinson and Company, GE Healthcare Technologies Inc., Eurofins Scientific SE, Agilent Technologies Inc., Hologic Inc., Illumina Inc., Charles River Laboratories International Inc., bioMerieux SA, Bio-Rad Laboratories Inc., Bruker Corporation, QIAGEN NV, Exact Sciences Corporation, Sysmex Corporation, PerkinElmer Inc., Leica Biosystems, Myriad Genetics Inc., Guardant Health Inc., Enzo Biochem Inc., Biocartis Group NV, Bristol -Myers Squibb Company, Agendia Inc., Epigenomics AG, OncoDNA SA.

Technological Advancements Driving Innovation In Oncology Biomarkers Market
Adopting innovative and advanced technologies is a key trend in the oncology biomarker market. Major companies in the oncology biomarkers market are introducing new and innovative technologies to strengthen their position in the oncology biomarkers market. For instance, in 2022, OncoDNA, a Belgium-based company focused on precision medicine in oncology, launched OncoDEEP, a unique kit that enables laboratories to perform comprehensive biomarker testing. OncoDEEP uses Next-generation sequencing (NGS) technology and cloud-based software tools to provide laboratories with the ability to perform large-panel sequencing, obtain the molecular characterization of a tumor, analyze the raw data, and access extensive quality controls.

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Key Segments -
The oncology biomarkers market covered in this report is segmented -
1) By Biomarker Type: Protein Biomarkers, Genetic Biomarkers, Other Cancer Biomarkers
2) By Profiling Technologies: Omics Technologies, Imaging Technologies, Immunoassay, Bioinformatics, Other Profiling Technologies
3) By Cancer Type: Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma, Leukemia, Ovarian Cancer, Liver Cancer, Other Cancer Types
4) By Application: Diagnostics, Research And Development, Prognostics, Risk Assessment, Other Applications
5) By End-User: Hospitals, Academic And Cancer Research Institutes, Ambulatory Surgical Centers, Diagnostic Laboratories

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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