Cancer Biomarker Market to reach US$ 63.6 Billion by 2031

According to a new research study by Global Insight Services (GIS), the cancer biomarkers market is expected to grow rapidly over the next 10 years to reach a value of more than the US $63.6 billion by 2031.

Cancer biomarkers are substances or processes that indicate the presence of cancers in the human body, estimated by collecting samples such as stool, tumor tissue, blood, urine, or other tissues or bodily fluids. Biomarkers may be formed by the cancer tissue itself or by other cells in the body in response to cancer. They enhance cancer detection and assist in high-speed noninvasive diagnosis using genomics and proteomics.

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Global Cancer Biomarkers Market: Key Drivers

The key factor boosting the growth of the market is rising technological advancements in the development of cancer biomarkers. The advancements in arrays and proteomics technologies have addressed the challenges in identifying and understanding the functions and interactions of various proteins. These technological advancements have simplified the process of discovery & development of novel cancer biomarkers to great extent.

Similarly, the growing preference for personalized medicine is also boosting the growth of the market. Personalized medicine identifies the most beneficial treatment path for individual patients. Cancer biomarkers play a very important role in certain aspects of personalized medicine. Consumables used in cancer biomarker testing enable the identification of these diseases. Cancer biomarker diagnostic products are also used as companion diagnostics for several investigational therapies. So, the field of personalized medicine is likely to offer potential growth opportunities for players operating in the cancer biomarkers market.

Report Findings

The protein biomarker segment is likely to dominate the market during the forecast period

The key factors such as increasing research on cancer biomarkers are propelling the growth of the market.

The breast cancer segment is anticipated to dominate the market during the forecast period

The key factors such as the increasing incidence of cancer across the globe are boosting the growth of the market.

The omics technologies are estimated to dominate the market during the forecast period

The key factors such as the increased use of cancer biomarkers for new developments are boosting the growth of this segment.

The diagnostic segment is likely to dominate the market during the forecast period

The factors such as an increase in the application of cancer biomarkers for companion diagnostics will boost the market growth during the forecast period.

COVID-19 Analysis

It was primarily thought novel coronavirus (covid-19, sars-cov-2) was majorly a respiratory disorder, but as larger numbers of patients contracted the virus, it rapidly became clear it had many physiological manifestations. The impact of covid-19 goes well beyond the lungs to impact the cardiovascular system and cause complications in the kidneys, brain, and other organs. Critical patients frequently require care from a multidisciplinary care team. Moreover, COVID patients with comorbidities were more likely to have severe symptoms requiring hospitalization. Yet, patients with pre-existing cardiovascular diseases suffer the highest mortality rate of all COVID patients.

The implications of decreased testing are of great concern for many stakeholders, comprising physicians, hospitals, laboratories, pharmaceutical companies, and, most probably, patients. Diagnosis and cancer biomarker testing is the earliest indicators of treatment, which may comprise new targeted therapies with the potential to improve patient results; they should not be delayed. Routine screening for breast, ovarian and colorectal cancer also needs to be done timely as they constitute effective preventive and early detection measures. The pandemic has significantly and negatively altered how cancer patients are being diagnosed and treated in the upcoming years.

Market Restraints and Challenges

The key factor hampering the growth of the global cancer biomarker market is technical issues related to sample collection and storage. The sample collection is one of the key issues for service providers, followed by access to these samples. Stringent quality control of this sample is essential, and they need to be stored under the right conditions to avoid any loss. Additionally, different samples are required for risk detection, screening, diagnosis, and monitoring processes. Likewise, challenges associated with cancer biomarker validation is also hindering the growth of the market. The cancer biomarker validation process comprises evaluation assays or measuring performance characteristics like sensitivity, specificity, and reproducibility. Validation is critical for establishing cancer biomarkers as reliable tool to support development, medical care, and biopharma investment decisions.

Competitive Landscape

The major key players in the cancer biomarkers market are F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific, Inc. (US), QIAGEN N.V. (Netherlands), Illumina, Inc. (US), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), bioMérieux SA (US), Becton, Dickinson and Company (US), Merck Millipore (US), Agilent Technologies (US), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Hologic, Inc. (US), Quest Diagnostics (US), Centogene N.V. (Germany), PerkinElmer, Inc. (US), Siemens Healthineers (Germany), Exact Sciences (US), R&D Systems, Inc. (US), BioVision, Inc. (US), Olink (Sweden), Asuragen, Inc. (US), Meso Scale Diagnostics, LLC (US), Invivoscribe, Inc. (US), Seegene Technologies, Inc. (South Korea).