According to a recent report from Markets and Markets, the global cancer biomarkers market is expected to reach USD 15,973.8 million by 2020, at a CAGR of 11.6% from 2015 to 2020.
Cancer biomarkers refer to the proteins, genes and other molecules that affect how cancer cells grow, multiply, die and react to other compounds in the body. With technological advancements, knowledge about cancer biomarkers has increased significantly in recent years. Researchers are focused on developing new biomarkers for cancer drug discovery and development, diagnostics, personalized medicine, and therapeutics.
The Markets and Markets report segments the cancer biomarkers market based on –
- Type of biomarkers – protein, genetic, viral, cell, and carbohydrate biomarkers
- Tumor type – breast cancer, lung cancer, colorectal cancer and more
- Profiling technologies – omics technologies, imaging technologies, immunoassays, cytogenetics, and bioinformatics
- Applications – diagnostics, drug discovery and development, risk assessment and more
According to the report, the growth of the cancer biomarkers market is driven by the following factors:
- Rising prevalence of cancer
- Various technological advancements in omics technologies
- Increased demand for personalized medicines in cancer therapies
- Increasing number of clinical trials in developing countries
- Favorable government research funding for cancer research
- Rising R&D expenditures of pharmaceutical companies
The report also identifies the factors that could dampen the growth of this market: poorly suited regulatory and reimbursement systems of biomarker tests, high capital investments for biomarker discovery and development, and sample collection and storage difficulties.
The leading players in the cancer biomarkers market are Abbott Laboratories (U.S.), Affymetrix Inc. (U.S.), Roche Diagnostics Ltd. (Switzerland), Illumina, Inc. (U.S.), Qiagen N.V. (Netherlands), Agilent Technologies (U.S.), Thermo Fisher Scientific Inc. (U.S.), Merck & Co. Inc. (U.S.), Becton Dickinson and Company (U.S.), and Hologic Inc. (U.S.).
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (Latin America and Middle East and Africa). The Asia-Pacific market is expected to record the highest growth rate in the forecast period owing to the favorable government funding for cancer biomarker research, rising prevalence of cancer, increasing demand for advanced healthcare facilities in developing economies such as India and China, increasing number of clinical trials, and increasing focus of international players in emerging markets.
More than 11 million people are diagnosed with cancer every year. The American Cancer Society predicted that in 2015, an estimated 1,658,370 people will be diagnosed with cancer and there will be 589,430 cancer deaths in the US. The development of cancer diagnostic biomarkers is a desirable and attainable goal in the struggle to decrease death from the disease.