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Cancer Biomarker Global Market Observe Highest Growth of $40.66 Billion with an Excellent CAGR of 15.6% by 2028
Cancer Biomarker Market
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According to The Business Research Company's, The cancer biomarker market size has grown rapidly in recent years. It will grow from $19.74 billion in 2023 to $22.77 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to shift to personalized medicine, immunotherapy innovations, regulatory framework evolution, collaborative research efforts, focus on non-coding rnas.
The cancer biomarker market size is expected to see rapid growth in the next few years. It will grow to $40.66 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to shift to patient-centric diagnostics, integration of biomarkers in clinical trials, emergence of multiplex biomarker panels, exploration of non-coding rnas, commercialization of biomarker tests. Major trends in the forecast period include advancements in genomics, precision medicine approaches, liquid biopsies, immunotherapy advancements, artificial intelligence (ai) integration.
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Market Drivers and Trends:
The increase in the geriatric population is expected to boost the growth of the cancer biomarker market going forward. The geriatric population refers to the percentage of people 65 and older to those between the ages of 18 and 64 who are employed. The aging population is at an increased risk of developing cancer, thereby it amplifies the demand for cancer biomarkers by emphasizing the need for early detection, personalized treatment, and targeted interventions. For instance, in October 2022, according to a report published by the World Health Organization (WHO), a Switzerland-based agency responsible for international public health, one in six people is expected to be 60 or older by the year 2030, in the entire world. In the year 2050, the global population of individuals aged 60 years and older is projected to reach 2.1 billion. The number of persons who are 80 years of age or older will increase by 426 million between 2020 and 2050 compared to the current population. Therefore, the increase in the geriatric population is driving the growth of the cancer biomarker market.
Technological advancement is a key trend gaining popularity in the cancer biomarker market. Major market players are developing advanced technologies, such as artificial intelligence (AI), deep learning (DL), and machine learning (ML), to sustain their position in the cancer biomarker market. These techniques are being used to tackle the problems associated with finding cancer biomarkers, where processing enormous volumes of molecular and imaging data are beyond the capabilities of conventional statistical studies and tools. For instance, in December 2021, F. Hoffmann-La Roche AG, a Switzerland-based pharmaceuticals and diagnostics company introduced uPath Ki-67 (30-9), uPath ER (SP1), and uPath PR (1E2), three new automated digital pathology algorithms that will be used as a biomarker for image analysis for breast cancer. This image analysis for breast cancer uses pathologist-trained deep learning algorithms to speed up the estimation of Ki-67, ER, and PR tumor cell nuclei positive.
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Major Key Players of the Market:
F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., QIAGEN NV, Illumina Inc., Bio-Rad Laboratories Inc., Abbott Laboratories, bioMérieux SA, Becton Dickinson and Company, Merck & Co. Inc., Bristol-Myers Squibb Company, PerkinElmer Inc., Siemens AG, Exact Sciences Corporation, Novartis AG, Agilent Technologies Inc., Hologic Inc., Myriad Genetics Inc., Foundation Medicine Inc., Guardant Health Inc., Natera Inc., Sysmex Corporation, Biocartis Group NV, NanoString Technologies Inc., Veracyte Inc., Epic Sciences Inc., Cynvenio Biosystems Inc., Genomic Health Inc., Oncocyte Corporation, Exosome Diagnostics Inc., Grail Inc.
Cancer Biomarker Market 2024 Key Insights:
• The cancer biomarker market size is expected to see rapid growth in the next few years. It will grow to $40.66 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%.
• The Surging Incidence Of Cancer Fueling Growth In The Cancer Biomarker Market
• The Role Of Technological Advancements In Advancing Biomarker Detection And Analysis
• North America was the largest region in the cancer biomaker market in 2023
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