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Cancer Biomarker Market Set for Strong Growth with Key Innovations in Diagnostics and Companion Diagnostics
Cancer Biomarker Market
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, and other biological indicators that provide critical insights into the presence or progression of cancer. These biomarkers play a vital role in understanding the biological mechanisms of cancer, enabling early detection and the development of targeted therapeutic strategies. Their incorporation into precision medicine is revolutionizing cancer care by facilitating customized treatment plans for individual patients.
The market for cancer biomarkers is witnessing substantial growth, driven by advancements in diagnostic technologies and the increasing global prevalence of cancer. The rising focus on early detection and continuous disease monitoring is further propelling market expansion. Key drivers include increased investments in research and development, a growing demand for personalized medicine, and a rising preference for non-invasive diagnostic techniques.
Additionally, the widespread adoption of companion diagnostics and targeted therapies is reinforcing market momentum. However, challenges such as high development costs, rigorous regulatory requirements, and the complex nature of cancer biology pose significant barriers to market growth. Despite these challenges, ongoing innovation, strategic collaborations, and continued research efforts are expected to sustain long-term growth in the cancer biomarker sector.
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
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Market Dynamics
Drivers:
The cancer biomarker market is experiencing robust growth, driven by increased research and development (R&D) activities. Ongoing studies are focused on identifying biomarkers related to treatment resistance through genomic data, which enhances the ability to predict patient responses to post-radiation therapies and assess prognosis. The combination of intensified research efforts and the rising global cancer burden is significantly contributing to market expansion. Additionally, strategic product development by key industry players is further accelerating the growth of the market. The growing emphasis on biomarkers for cancer diagnosis and treatment is driving innovation in biomarker-based technologies and diagnostic solutions, as healthcare providers seek more precise and personalized approaches to cancer management.
Challenges:
Despite the widespread prevalence of cancer and the growing demand for diagnostic testing, the lack of comprehensive reimbursement policies for biomarker tests in certain developed markets remains a major challenge to the global market's growth. Furthermore, the high costs associated with cancer diagnosis and treatment in emerging economies continue to impede market expansion, limiting access to biomarker-based solutions.
Regional Trends:
North America is expected to maintain a leading position in the cancer biomarker market, supported by a high incidence of chronic diseases, rapid urbanization, and ongoing industrial advancements. The region's well-established healthcare infrastructure and significant investment in medical research further enhance market growth prospects. In contrast, the Asia-Pacific region is projected to experience substantial market expansion, driven by strategic initiatives from key industry players. The presence of major market participants in the region presents considerable opportunities for continued growth in 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
About Us:
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 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.
Contact us:
InsightAce Analytic Pvt. Ltd.
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Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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