Cancer Biomarkers Market is Expected to Reach US $27.63 bn by the End of 2027
Considering the dynamic business environment, a majority of the market players are focusing on achieving greater market share via product differentiation. The research and development spending is thus significantly high in the market. Besides this, several companies are aiming at expanding their footprint through acquisitions and disinvestments. As the companies continue spending on product development and technological advancements, consequently the cancer biomarkers market will witness greater opportunities for growth.
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According to TMR, the global cancer biomarkers market, which stood at US$10.25 bn in 2016, is expected to reach US$27.63 bn by the end of 2027. If these figures hold true, the global cancer biomarkers market will exhibit a CAGR of 11.8% between 2017 and 2025. By disease indication, the demand for cancer biomarkers was the highest for the treatment of lung cancer, which is likely to hold nearly 25.8% of the market by the end of 2017. Regionally, North America held the dominant share of 42.5% of the global market in 2016.
Rising Funding for Cancer Research to Boost Growth Opportunities
The market is majorly gaining from the rising discretionary funding for cancer research. Governments across most developed countries are engaged in raising funds for cancer research to aid in diagnosis and research. They are also funding clinical trials for breakthroughs in cancer treatment. As their initiatives gain pace, the cancer biomarkers market will witness greater growth opportunities. Also steps taken by the government to spread cancer awareness will help the market gain momentum. In lines with the same, the demand for cancer biomarkers will therefore rise in response to the rising incidence of cancer worldwide.
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To gain a stronger foothold, the leading market players are forging strategic collaborations. They are also keen on acquiring established regional players to expand their geographic footprint. Such strategies adopted by companies will have a positive influence on the market. Besides these, growing acceptance of patients towards innovative technologies and tests and novel product launches will enable the market exhibit strong growth during the forecast period.
Lack of Awareness to Act as Major Restraint to Growth
On the downside, the unwillingness of healthy population to participate in clinical research is acting against the market’s growth prospects. While overall, the incidence of cancer cases is surging around the world, but not many of them have access to proper treatment. This is partly due to the lack of participation in clinical trials and unavailability of patient surveillance systems. Given the scenario, low awareness and ambiguity regarding blood tests such as tumor biomarkers are inhibiting the cancer biomarker market’s trajectory. Also the high attrition rate in product development cycle is restricting the market’s growth to an extent.
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Nevertheless, with the advent of minimal-invasive diagnostic tests for cancer diagnosis will support the market’s growth in the near future. Minimally invasive diagnosis will provide simple and comparatively less expensive method of detecting cancer. These innovations will bring in fresh opportunities for the market players to capitalize on. Also the market will witness considerable growth opportunities as governments across emerging nations boost their healthcare spending and take steps to deliver healthcare services at par with the international standards.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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