Rising incidence of various types of cancers, technological advancement expected to propel the growth of cancer biomarkers market

calendar_today 14 July, 2022 person_outline Growth Plus Reports

Cancer Biomarkers Market by Type (Genomic Biomarkers, Proteomic Biomarkers and Transcriptomic Biomarkers), Profiling Technology (Omic Technologies, Imaging Technologies and Immunoassays), Application (Diagnostics, Drug Discovery & Development, and Personalized Medicine), Cancer Type (Breast Cancer, Prostate Cancer, Lung Cancer, Colorectal Cancer, Blood Cancer and Skin Cancer) – Global Outlook & Forecast 2022-2030

According to the deep-dive market assessment study conducted by growth+ reports, the global cancer biomarkers market was pegged at ~US$ 12.2 billion in 2021. The market is expected to witness a CAGR of ~11.2% from 2022 to 2030. The global cancer biomarkers market is mainly driven by the rising incidence of various types of cancers, technological advancement, rapid commercializations of novel solutions, and increasing awareness about early cancer diagnosis.

Biomarkers test also known as liquid biopsy test for cancer helps select the best suitable cancer treatment for patients. Biomarkers are used to monitor & predict cancer status in individuals or across populations so that appropriate therapeutic intervention can be planned. Rising incidence of various types of cancers, increasing R&D activities, growing initiatives for biomarker research, increasing applications of biomarkers in cancer diagnostics and drug discovery, and the rising trend of personalized medicine are some of the pivotal factors propelling the growth of the cancer biomarkers market. However, the high cost involved in biomarker validation, inconsistency in its performance in precise disease diagnosis, and validating biomarkers is a time consuming and costly process, thus holding market growth to a certain extent.

Government bodies and numerous organizations across the globe are taking various initiatives to fast-track the development of cancer biomarkers by providing the necessary funding, grants, permissions, clearances, and approvals. For instance, in December 2020, the non-profit research foundation- Target ALS announced $15 million fund for biomarker research. It will be focused on the discovery of biomarkers for amyotrophic lateral sclerosis (ALS). This funding would be utilized to support pre-competitive and competitive research into ALS biomarker discovery and development.

According to the World Health Organization, in 2020, cancer was the second leading cause of death globally and was responsible for an estimated 10 million deaths. The most common causes

of cancer death in 2020 were lung cancer, colon cancer, liver cancer, stomach cancer, and breast cancer. Every year approximately 400,000 children develop cancer. About 70% of deaths from cancer occur in low and middle income countries. The prevalence of various types of cancers around the world has led to an increase in demand for better diagnostics and treatment options. This in turn is expected to boost the growth of the cancer biomarkers market. Colorectal cancers, prostate cancer and lung cancer are most common cancers diagnosed in men and in women breast cancer, lung cancer, cervical cancer, colorectal cancer, endometrial cancer, and ovarian cancer are most commonly diagnosed

Personalized medicine involves using an individual's genetic profile to guide decisions made in regard to the diagnosis, prevention, and treatment of diseases. Advancements in biomarkers and personalized medicine have transformed the treatment of cancer, which has led to the development of innovative targeted immunotherapies and personalized treatment plans for patients. This had raised the demand for customized cancer treatments, which in turn is expected to propel the growth of the cancer biomarkers market. The prominent market players are progressively implementing several initiatives such as training programs to educate clinicians, pathologists, and patients about biomarkers. For instance, in April 2021, Amgen announced the launch of Biomarker Assist, a program to help more patients with metastatic (stage IV) non-small cell lung cancer (NSCLC) gain access to biomarker testing. Furthermore, in November 2020, Agilent Technologies Inc. launched global biomarkers pathologist training program. This program will help pathologists practice and learn new cancer screening techniques.

Asia Pacific is projected to be the fastest-growing cancer biomarkers market followed by North America, Europe, and Rest of the World. The high growth of the region can mainly be attributed to the large patient pool, presence of a large number of domestic & international prominent players, low cost of clinical trials compared to developed countries, and the rising number of R&D activities. Moreover, technological advancement, robust biotech infrastructure, and government policies are boosting the market growth. North America is the second largest regional market for cancer biomarker screening attributed to technological advancement, reimbursement policies, wide presence of key players, high prevalence of chronic diseases and cancer.

Some of the prominent players operating in the cancer biomarkers market are Qiagen NV, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., General Electric Company, Abbott Laboratories Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., bioMérieux SA, and Myriad Genetics, Inc., among others.

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