Cancer Molecular Biomarkers Market Estimated to Expand at a Robust CAGR over 2021

Cancer molecular biomarkers refer to naturally-occurring molecules or genes in living organisms, which is an indicator for the presence of cancer in the body. A biomarker is a measurable indicator of biological process, condition, or disease and can be found in the blood, tissues, or other body fluids. Cancer molecular biomarkers help to diagnose cancer and monitor patients’ responses to treatments. On the basis of diagnostics, the cancer molecular biomarkers market can be segmented into immunoassays, immunohistochemical (IHC) tests, genetic and genomic markers, proteomics, flow cytometry, stem cell markers, monoclonal antibodies, pharmacogenomics, DNA microarrays, and IVD multivariate index assays (IVDMIA). On the basis of discovery , the cancer molecular biomarkers market can be segmented into genetic methods, protein methods, and imaging.

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Genetic methods include DNA arrays, southern blot, polymerase chain reaction (PCR), fluorescent in situ hybridization (FISH), and reverse transcriptase polymerase chain reaction (RT-PCR). Protein methods include immunohistochemistry (IHC) and mass spectrometry (MS). Imaging methods include positron emission tomography (PET), computed tomography (CT), magnetic resonance spectroscopy (MRS), x-ray, ultrasound, magnetic resonance imaging (MRI), and biophotonics.

North America has the largest market for cancer molecular biomarkers due to the growing IT industry, technological advancements, rise in the incidences of cancer, growing spending from government and private healthcare organizations, and improved healthcare infrastructure in this region.The North America market for cancer molecular biomarkers is followed by Europe. Asia is expected to witness high growth rate in thecancer molecular biomarkers market in the next few years due toincreasing research and development activities, rise in government intervention, growing awareness regarding cancer molecular biomarkers, and improving healthcare infrastructurein the region.

Factors such as technological advancements, increasing research and development activities, increase in funding from various government and non-government organizations, rise in healthcare expenditure, non invasive technology, increasing incidences of cancer, and streamlined drug delivery process are expected to drive the market for cancer molecular biomarkers .In addition, growing survival rates and increased accuracy of diagnosis with the help of biomarkers are expected to drive market for cancer molecular biomarkers.

However, issues related to reimbursement, high cost of diagnosis, requirement of immediate processing , lack of awareness, and various validation issues aresome of the major factors restraining growth of the globalcancer molecular biomarkers market.

Growing populationand economies in developing countries such as India and China is expected to drive growth of thecancer molecular biomarkers market in Asia. In addition,despite high cost involved in R&D, pharmaceutical companies are showing increased interest in this field and innovations along with technological advancement such as emergence of genetic based in vitro diagnostics, enhanced therapeutic effectiveness and decrease in the severity of the adverse effects are expected to offer new opportunities for global cancer molecular biomarkers market . Increasing number of mergers and acquisitions, risingnumber of collaborations, and product launches are some of the latest trends in the global cancer molecular biomarkers market.

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Some of the major companies operating in the global cancer molecular biomarkers market are Correlogic Systems, Inc., AgendiaBv, bioMerieux S.A, Aureon Laboratories, Inc., Astellas Pharma US, Inc., and Becton. In addition, other companies operating in the global cancer molecular biomarkers market include Diadexus, Inc., Abbott Laboratories, Affymetrix, Inc., Clarient, Inc., Biomoda, Inc., Beckman Coulter, Inc., and Dickinson and Company.

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