(PharmaNewsWire.Com, September 09, 2024 ) Cancer Biomarkers Market in terms of revenue was estimated to be worth $24.5 billion in 2024 and is poised to reach $42.0 billion by 2029, growing at a CAGR of 11.3% from 2024 to 2029 according to a new report by MarketsandMarkets™.
Increasing incidence of cancer followed by awareness for early diagnosis, growing investments in research and development of cancer biomarkers, extensive use of these biomarkers for diagnosis, drug discovery and development are the key factors responsible for growth of this market. Companies in the market for optometry equipment are finding that developing nations like China, Japan, and India provide attractive opportunities.
According to the profiling technology segment, the omics technology held the biggest market share for cancer biomarkers.
The market for cancer biomarkers has been divided into two segments based on profiling methods: omics technologies and imaging technologies. As of 2023, the cancer biomarkers market was dominated by the omics technology segment, mainly due to high throughput nature of these technologies in cancer biomarker discovery and diagnosis.
Throughout the projection period, the breast cancer segment is expected to develop at the fastest rate.
The market for cancer biomarkers is divided into categories according to the kind of cancer: non-Hodgkin's lymphoma, kidney cancer, bladder cancer, thyroid cancer, breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, leukemia, thyroid cancer, and other cancer types. The market for cancer biomarkers was dominated in 2023 by the breast cancer segment. The huge share of this segment is due to the growing rate of breast cancer cases worldwide followed by awareness for diagnosis for prevention and treatment.
The instruments segment held the largest share in the market, by product.
The cancer biomarker market is divided into three segments based on product: instruments, consumables, and bioinformatics software. In 2023, the instruments segment holds the major market due to continuous need for cancer detection, improvements in instrument technology and high accuracy detection methods.By application category, the cancer biomarkers market held the biggest share in 2023 for the diagnostics segment.
The market for cancer biomarkers has been divided into segments based on application, including risk assessment, prognostics, diagnostics, and research & development. As of 2023, the cancer biomarkers market was dominated by the diagnostics sector, primarily due to the increase in cancer incidence, increased awareness and acceptance of diagnostic tests and increase in technologically advanced biomarker products.
"North America aimed for the largest share of the optometry equipment market".
The global cancer biomarkers market is segmented into six major regions—North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa and GCC Countries. North America is the largest regional market for cancer biomarkers. The large share of North America in this market can be attributed to the increasing prevalence of cancer, increasing research on cancer biomarkers, technological advancements, and the increasing use of cancer biomarkers in drug discovery and development.
- Rising technological advancements in the development of cancer biomarkers
Restraints:
- Technical issues related to sample collection and storage
Opportunities:
- Personalized medicine
Challenge:
- Challenges associated with cancer biomarker validation
Key Market Players of Cancer Biomarkers Industry:
The major players leading in 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).
Recent Developments of Cancer Biomarkers Industry:
- In November 2023, Agilent received FDA approval for PD-L1 IHC 22C3 pharmDx in gastric or gastroesophageal junction (GEJ) adenocarcinoma.
- In May 2022, Illumina introduced a new pan-cancer companion diagnostic to match patients with rare genetic mutations to targeted therapy.
- In December 2022, QIAGEN received FDA approval for a companion diagnostic to Mirati Therapeutics' KRAZATI in non-small cell lung cancer.
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