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Molecular Biomarkers For Cancer Detection Market to Develop Rapidly by 2026
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Cancer detection molecular biomarkers are usually made up of proteins, however, in recent years the information related to cancer biomarkers has increased rapidly along with developments in gene expression technology has led to the development of DNA-based molecular biomarkers which can provide more specific information and early detection of cancer. With the growing incidence cancer worldwide and rising economic burden caused by cancer is expected to increase demand for early detection of cancer.
Rising incidence of cancer globally is expected to boost the molecular biomarkers for cancer detection market over the forecast period. As per the CDC (Centers for Disease Control and Prevention) by 2025, 19.3 million cases of cancer cases are expected to be diagnosed each year which in turn is supposed to increase demand for early detection of cancer. Development of molecular biomarkers – blood-based strategies to detect and monitor cancer is expected to boost demand for such biomarkers over the forecast period.
The paradigm shift towards personalized medicine for treatment of cancer is expected to increase demand for cancer detection biomarkers as manufacturing personalized medicine depends on the pharmacological diagnosis of cancer. Collaborations between research centers and manufacturers over the forecast period is expected to boost the molecular biomarkers for cancer detection market.
However, a high cost of biomarkers and failure of products in R&D pipeline is expected to hamper the market growth. As biomarkers are mostly derived from human tissue negative opinion form patients is expected to slow revenue growth of the molecular biomarkers for cancer detection. The low shelf life of biomarkers is also a critical factor which may reduce adoption rate however with the development of biomarkers with increased shelf life by the manufacturers over the forecast period the demand for molecular biomarkers for cancer detection is expected to gain traction.
Regionally, North America is expected to be the dominant market. Rising incidence of cancer and high adoption of biomarkers is expected to boost the demand for molecular biomarkers for cancer detection. Western Europe is expected to follow next in adoption of molecular biomarkers for cancer detection. Increasing research funding for development of novel biomarkers and presence of key players in the North America and Western Europe is expected to create high growth opportunities for biomarker manufacturers in these regions.
APEJ (Asia-Pacific excluding Japan) is expected to be next followed by North America and Western Europe owing to increasing demand for cancer diagnostics in India, Australia, and China. Japan is expected to witness the high adoption of molecular biomarkers owing to increasing R&D investment in cancer-related research form the government and local clinical research organizations. Latin America and MEA regions are expected to follow in line demand for molecular biomarkers for cancer detection owing to changing global trend for cancer detection.
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Some key players in the molecular biomarkers for cancer detection are Abbott Laboratories, Agilent Technologies, Roche Diagnostics, Ltd., Qiagen N.V., Thermo Fisher Scientific, Inc., Becton Dickenson & Company, Merck & Co, Inc.
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