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Global Cancer Biomarker Market Report- Expansive Coverage on the Profit Sources
According to the latest research by InsightAce Analytic, the Global Cancer Biomarker Market is valued at US$ 27.3 Bn in 2023, and it is expected to reach US$ 38.9 Bn by 2031, with a CAGR of 4.7% during the forecast period of 2024-2031.
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Cancer biomarkers encompass a diverse array of molecules, genes, proteins, or other substances that indicate the presence of cancer or its progression. They offer valuable insights into the biological processes underlying cancer development, enabling early detection and targeted interventions. Biomarkers hold immense potential for revolutionizing cancer care by facilitating precision medicine approaches tailored to individual patients. The cancer biomarker market is rapidly expanding due to advancements in diagnostic technologies and increasing cancer prevalence globally. Biomarkers play a significant role in the case of early detection and monitoring of cancer, driving market growth. Factors like as rising investments in research and development, growing demand for personalized medicine, and the need for non-invasive diagnostic techniques are fueling market expansion.
Additionally, the adoption of companion diagnostics and targeted therapies is boosting the market further. However, challenges such as high development costs, regulatory hurdles, and the complexity of cancer biology pose constraints. Nonetheless, the market is poised for continued growth with ongoing innovations and collaborations.
List of Prominent Players in the Cancer Biomarker Market:
• Agilent
• ARUP Laboratories
• BioReference
• Foundation Medicine
• OncoDNA
• Q² Solutions
• Thermo Fisher Scientific
• YuceBio
• Asper Biogene
• Caris Life Sciences
• CeGaT
• Genekor Medical
• Guardant Health
• Labcorp
• MedGenome
• NeoGenomics Laboratories
• Nonacus
• Oxford Gene Technology
• Personal Genome Diagnostics
• PhenoPath
• Positive Biosciences
• Quest Diagnostics
• Tempus
Market Dynamics:
Drivers-
The cancer biomarker market is experiencing substantial growth across various sectors. Increasing R&D efforts in cancer biomarkers are driving market growth. The research includes identifying biomarkers related to treatment resistance using genomic data, aiding in predicting post-radiation treatment responses and prognoses. This surge in research, coupled with the high cancer burden, contributes to market expansion. Additionally, strategic product developments by key market players are fueling market growth. The cancer biomarker market is witnessing a rise in product developments due to the growing significance of biomarkers in cancer diagnosis and treatment. This trend is driven by the demand for more accurate and personalized approaches to cancer management, fostering innovation in biomarker-based technologies and diagnostics.
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Challenges:
Despite the prevalence of cancer globally and a growing number of patients requiring diagnostic tests, the lack of reimbursement government policies for biomarker tests in developed countries is one factor limiting the growth of biomarkers globally. Another major factor hindering the growth of the market is the high cost of diagnosis and treatment for cancer in emerging countries.
Regional Trends:
The North America cancer biomarker market is expected to register a major market share. The growing population of chronic diseases, rapid urbanization, and increasing industrialization are factors expected to proliferate the growth of green in the region. Besides, Asia-Pacific had a substantial share in the market through the adoption of new strategies by the major market players in the cancer biomarker market. Moreover, the presence of key players for market growth in the region provides the opportunity for growth of the global cancer biomarker market.
Recent Developments
• In November 2023, Agilent received FDA approval for PD-L1 IHC 22C3 pharmDx in gastric or gastroesophageal junction (GEJ) adenocarcinoma.
• In December 2022, QIAGEN received FDA approval for a companion diagnostic to Mirati Therapeutics' KRAZATI in non-small cell lung cancer.
• In November 2022, Biocare Medical, a leading provider of innovative, automated immunohistochemistry (IHC) and FISH (Fluorescent in situ hybridization) instrumentation and reagents, acquired Empire Genomics, a market leader in molecular biomarkers to aid in cancer research and diagnostics.
• In May 2022, Illumina introduced a new pan-cancer companion diagnostic to match patients with rare genetic mutations to targeted therapy.
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Segmentation of Cancer Biomarker Market-
Cancer Biomarker Market- By Type of Biomarkers
• HER2
• MET
• EGFR
• PD-L1
• NTRK
• ALK
• Novel Biomarkers
• Other Biomarkers
Cancer Biomarker Market- By Type of Cancer
• Breast Cancer
• Prostate Cancer
• Lung Cancer
• Thyroid Cancer
• Bladder Cancer
• Melanoma
• Non-Hodgkins Lymphoma
• Endometrial Cancer
• Kidney Cancer
• Leukemia
• Others
Cancer Biomarker Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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