(PharmaNewsWire.Com, April 16, 2019 ) According to research report the global cancer biomarkers market is projected to reach USD 20.48 billion by 2022 from USD 11.53 billion in 2017, at a CAGR of 12.2%. Factors such as the rising prevalence of cancer, increasing government support for research in cancer biomarkers, increasing use of biomarkers in the drug discovery and development process, and increasing use of biomarker tests for diagnostic purposes are fueling the growth of this market. However, an unfavorable regulatory and reimbursement scenario and the high capital investments required for biomarker development and validation are some factors expected to restrain the market. In this report, the market is segmented into biomarker type, cancer type, profiling technology, application, and region. The cancer biomarkers market on the basis of cancer type is classified into breast, lung, colorectal, prostate, melanoma, leukemia, thyroid, bladder, non-hodgkin’s lymphoma, kidney, and other cancers including multiple myeloma, cervical, central nervous system cancer, gastric, liver, pancreatic, oral cavity and pharynx, stomach, and ovarian cancer. During the forcast period, the lung cancer segment is expected to register the highest CAGR. The high growth rate of this segment can be attributed to the increasing research focus on lung cancer biomarkers by market players. Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=202 On the basis of biomarker type, the cancer biomarkers market segmented into protein biomarker, genetic biomarker, and other biomarkers include cell, viral, and carbohydrate biomarkers. The genetic biomarkers segment is expected to register the highest CAGR during the forecast period. The high growth rate of this segment can be attributed to the increasing advancements in genomics technologies and the rising adoption of high-throughput sequencing technologies in biomarker discovery and development. The cancer biomarkers market on the basis of profiling technology is segmented into omics technology, imaging technology, immunoassays, bioinformatics, and cytogenetics. The omics technologies segment is expected to register the highest CAGR during the forecast period. The high growth rate of this segment can be attributed to the increasing adoption of advanced omics technologies for cancer detection and drug discovery & development applications, especially in developing countries. Advances in high-throughput omics technologies are also contributing to the growth of this market by increasing the space of prospective biomarkers in cancer research. On the basis of application, the cancer biomarkers market is classified into diagnostics, research and development, prognostics, risk assessment, and other applications such as personalized medicine, surrogate endpoints, and therapeutics. The research and development application segment is estimated to register the highest CAGR during the forecast period. Pharmaceutical and biotech companies are increasingly focusing on the use of biomarkers in their drug discovery and development process and have formed strategic alliances for sharing technology for biomarker applications in large-stage clinical trials, which is fueling the growth of this market. Download Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=202 The APAC region is projected to register the highest CAGR during the forecast period. The APAC market for cancer biomarkers has witnessed significant growth due to increasing demand for better healthcare services in developing economies such as India and China. In addition, factors such as rising incidence of cancer, increasing use of biomarker tests for diagnostic purposes, expansions of major pharmaceutical companies in emerging Asian economies, and government support to research institutes and universities are further driving the growth of this market in the APAC region.
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