Newark, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 24.08 billion in 2023 global cancer biomarkers market will reach USD 78.20 billion in 2033. Cancer markers are molecules released by tumours or generated as a response by the body, indicating the presence of cancer. These biomarkers, including proteins, antibodies, peptides, and nucleic acids, can be detected in blood, urine, tissues, and other bodily fluids. They are crucial for early cancer detection, non-invasive diagnosis, and the development of personalized treatment plans through advanced techniques like genomics and proteomics.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 24.08 Billion |
| Market Size in 2033 | $ 78.20 Billion |
| CAGR | 12.5% |
| No. of Pages in Report | 150 |
| Segments Covered | Cancer Type, Technology, Application |
| Drivers | Increasing incidences of cancer |
| Opportunity | Rising demand for personalized medicines |
| Restraints | Technical issues in sample collection |
Key Insight of the Global Cancer biomarkers Market
North America will domin ate the market during the forecast period.
North America leads the cancer biomarkers market with a 42.5% share of market revenue in 2023. The region's dominance is driven by high cancer incidence rates, significant investments in research and development, and advancements in technology. Enhanced healthcare spending by government and private sectors further supports market growth in this region.
In 2023, the breast cancer segment dominated the market with the largest market share of 23% and revenue of 5.53 billion.
The cancer type segment is divided into breast, lung, leukemia, colorectal, melanoma, and others. In 2023, the breast cancer segment dominated the market with the largest market share of 23% and revenue of 5.53 billion.
Over the forecast period, the omic technologies segment is expected to grow at the fastest CAGR of 12.9%.
The technology segment is divided into cytogenetics-based tests, imaging technologies, omic technologies, and immunoassays. Over the forecast period, the omic technologies segment is expected to grow at the fastest CAGR of 12.9%.
In 2023, the diagnostics segment dominated the market with the largest market share of 35% and revenue of 8.42 billion.
The application segment is divided into drug discovery and development, diagnostics, risk assessment, prognostics, and others applications. In 2023, the diagnostics segment dominated the market with the largest market share of 35% and revenue of 8.42 billion.
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Advancement in market
The Food and Drug Administration (FDA) has approved Illumina, Inc.'s (a global leader in DNA sequencing and array-based technologies) TruSight Oncology (TSO) Comprehensive test and its first two companion diagnostic (CDx) indications. With the use of this one test, which profiles a patient's solid tumour by examining more than 500 genes, the possibility of finding an immuno-oncology biomarker or a clinically actionable biomarker that facilitates the enrolment in clinical trials or targeted therapeutic choices is increased. For the purpose of identifying adult and paediatric patients with solid tumours who test positive for neurotrophic tyrosine receptor kinase (NTRK) gene fusions and may benefit from treatment with Bayer's VITRAKVI® (larotrectinib), TSO Comprehensive has been authorised by the FDA as a CDx.
Market Dynamics
Driver: Increasing Incidences of Cancer.
The rising prevalence of various cancers, such as breast, lung, leukemia, colorectal, and melanoma, is a major driver of the cancer biomarkers market. Early diagnosis facilitated by biomarkers enables accurate treatment and is essential for effective cancer management.
Restraints: Technical Issues in Sample Collection.
Sample collection is a critical initial step in cancer diagnosis and can present challenges. Issues such as maintaining stringent quality control and proper storage conditions for samples can hinder market growth. Additionally, the need for different samples at various stages of diagnosis (screening, risk detection, and monitoring) complicates the process.
Opportunities: Rising Demand for Personalized Medicine.
The growing demand for personalized medicine presents significant opportunities for the cancer biomarkers market. Personalized treatments, tailored to individual patient profiles, rely heavily on cancer biomarkers. This trend opens up potential growth opportunities for market players.
Challenges: Lack of Reimbursement Policies.
In many emerging and developing economies, the absence of adequate reimbursement policies poses a challenge to market growth. Despite increasing cancer incidences and the need for accurate diagnosis, the lack of financial support for diagnostic procedures can impede market expansion.
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Some of the major players operating in the global cancer biomarkers market are:
• Abbott Laboratories
• Bristol-Myers Squibb Company
• Merck KGaA
• Bio-Rad Laboratories
• PerkinElmer
• F.Hoffmann-La Roche Ltd.
• Qiagen N.V.
• Exact Sciences Corporation
• Thermo Fisher Scientific
• Siemens AG
Key Segments covered in the market:
By Cancer Type
● Breast
● Lung
● Leukemia
● Colorectal
● Melanoma
● Others
By Technology
● Cytogenetics Based Tests
● Imaging Technologies
● Omics Technologies
● Immunoassays
By Application
● Drug Discovery and Development
● Diagnostics
● Risk Assessment
● Prognostics
● Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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