USD 13.24 Billion
Report ID: SQMIG35A2775 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 124 | Figures: 72
Global Cancer Biomarkers Market size was valued at USD 13.24 Billion in 2022 and is poised to grow from USD 14.83 Billion in 2023 to USD 29.49 Billion by 2031, growing at a CAGR of 13.6% in the forecast period (2024-2031).
The projected growth of the global cancer biomarkers market reflects a notable surge in prevalence across diverse cancer types such as breast, prostate, and lung cancer. This uptick in cancer incidence serves as a driving force propelling market expansion during the forecast period.
Additionally, the rising significance of biological and targeted drug therapies in cancer treatment fuels the demand for effective biomarkers. Technological advancements further bolster this growth trajectory, enhancing the accuracy and reliability of cancer biomarkers, thereby improving diagnostic capabilities and treatment monitoring.
Global Market Size
USD 13.24 Billion
Largest Segment
Lung Cancer
Growth Rate
13.6% CAGR
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The global cancer biomarkers market is segmented into five segments i.e. by profiling technology, cancer type, biomolecule, application and region. Based on Profiling Technology the market is segmented as, Omic Technologies, Imaging Technologies, Immunoassays, Cytogenetics-based Tests. Based on Biomolecules the market is segmented as, Genetic Biomarkers, Protein Biomarkers, Epigenetics, Glyco-biomarkers. Based on Cancer Type the market is segmented as, Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Stomach Cancer, Others. Based on Application the market is segmented as, Diagnostics, Drug Discovery and Development, Prognostics, Risk Assessment, Others. Based on Region the market is segmented as, North America, U.S., Canada, Mexico, Europe, Germany, UK, Italy, France, Spain, Rest of Europe, Asia-Pacific, Japan, China, India, South Korea, Australia, Rest of Asia-Pacific, LAMEA, Brazil, Saudi Arabia, Rest of LAMEA.
Analysis by Biomolecule
Genetic biomarkers have emerged as a dominant force within the market, commanding a significant share owing to their widespread utilization, remarkable reliability, and streamlined analysis protocols. Their prevalence stems from their capacity to facilitate highly accurate and dependable detection methods. In fact, genetic and proteomic biomarkers collectively contribute to the detection of over 85% of malignancies reported globally.
Epigenetics has garnered widespread acceptance and significance within the realm of cancer diagnostics, heralding a new era in understanding the intricate mechanisms underlying the disease. A considerable volume of research efforts is underway among various stakeholders, aiming to comprehensively analyze key epigenetic modifications closely associated with cancer.
Analysis by Type
Breast cancer stood out as the largest segment within the market landscape, wielding considerable influence by itself. Cumulatively, breast, lung, and prostate cancer collectively commanded a substantial revenue share, surpassing the 40% mark. This dominance was fueled by pivotal factors, notably the increasing awareness campaigns advocating for early testing and detection, a critical catalyst in steering the market's trajectory.
The forecast period anticipates significant acceleration in the growth of lung cancer within the market landscape. This surge is primarily propelled by a burgeoning array of diagnostic tests enhancing in on EGFR and BRAF mutations, serving as pivotal biomarkers crucial for diagnosing non-small cell lung cancer. The escalating emphasis on specific mutations via diagnostic testing signifies a pivotal evolution in precision medicine, heralding a paradigm shift towards more precise and targeted diagnoses. This focused approach allows for a deeper understanding of genetic variations and alterations, enabling healthcare practitioners to pinpoint and identify specific mutations associated with various diseases.
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In 2022, North America asserted its dominance as the frontrunner in the global industry, commanding a substantial revenue share of over 44.00%. This leadership position owes its strength to several pivotal factors, including the region's high disease burden, heightened consumer awareness regarding the crucial role of biomarkers in healthcare, and proactive government initiatives supporting advancements in this specialized field.
Meanwhile, the Asia Pacific region is poised to witness a promising CAGR throughout the forecast period, buoyed by multiple influential factors. Primarily, the escalating prevalence of cancer within this region significantly contributes to the anticipated robust growth trajectory. Furthermore, the Asia Pacific area presents an ideal environment for conducting clinical trials, fostering a conducive atmosphere for research and development endeavors in the realm of biomarkers.
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Drivers
Presence of Potential Pipeline Candidates to Boost the Market
Restraints
Lack of Reimbursement Policies for Biomarker Testing
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The competitive environment of the global Cancer Biomarkers Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
Recent Developments
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The global cancer biomarkers market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The anticipated growth in the industry stems from several key drivers, notably the growing importance of companion diagnostics alongside the escalating prevalence of cancer. This trajectory is further propelled by substantial investments in biomarker research, fostering significant innovations derived from ongoing scientific exploration. An illustrative instance is the October 2022 allocation of USD 4.6 million in funding from the National Institutes of Health to researchers at Boston University, specifically aimed at pioneering advancements in lung cancer biomarkers. Moreover, the landscape benefits from continual technological advancements that drive the development of biomarker-based diagnostics, enhancing their precision and efficacy.
Report Metric | Details |
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Market size value in 2022 | USD 13.24 Billion |
Market size value in 2031 | USD 29.49 Billion |
Growth Rate | 13.6% |
Base year | 2022 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cancer Biomarkers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cancer Biomarkers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cancer Biomarkers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cancer Biomarkers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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