Cancer Biomarkers Market Size to Grow USD 42170 Million by 2030 at a CAGR of 11.4% | Valuates Reports
BANGALORE, India, May 21, 2024 /PRNewswire/ -- Cancer Biomarkers Market is Segmented by Type (Protein Biomarker, Genetic Biomarker), by Application (Diagnostics, Research).
The Global Cancer Biomarkers Market was valued at USD 19580 Million in 2023 and is anticipated to reach USD 42170 Million by 2030, witnessing a CAGR of 11.4% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Cancer Biomarkers Market:
Precision medicine and tailored therapeutic advancements have a major role in driving the growth of the cancer biomarker market. With the growing knowledge of the molecular and genetic causes of cancer, biomarkers allow for more accurate diagnosis, prognosis, and therapy choices based on the unique characteristics of each patient. This individualized strategy is becoming more and more popular in clinical practice since it decreases side effects and increases therapeutic success. Additionally, next-generation sequencing and liquid biopsies—two cutting-edge technologies for the identification and validation of new biomarkers—improve early cancer detection and surveillance. The market for cancer biomarkers is expanding rapidly as a result of the incorporation of biomarkers into drug development pipelines, which also expedites the approval of targeted medicines.
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TRENDS INFLUENCING THE GROWTH OF CANCER BIOMARKERS MARKET
Market expansion for cancer biomarkers is mostly propelled by developments in proteomics and genomics. A more comprehensive knowledge of cancer at the molecular level has been made possible by the completion of the Human Genome Project and the ensuing advancements in sequencing technology. These developments make it possible to identify certain genetic abnormalities and modifications that are typical of various cancer types. Large-scale protein research, or proteomics, enhances genomics by shedding light on the expression and role of proteins in cancerous cells. The development of new biomarkers that may be utilized for early diagnosis, prognosis, and tailored therapy of cancer has been made easier by the merging of proteomics and genomes.
One of the main factors driving the growth of the cancer biomarker market is the increasing incidence of cancer worldwide. One of the main causes of illness and death globally, cancer is becoming more common as a result of aging populations, changing lifestyles, and environmental factors. The demand for efficient diagnostic techniques to identify the illness early and enhance patient outcomes is expanding as the number of cancer cases keeps rising. In this situation, biomarkers are essential because they offer non-invasive or minimally invasive ways to detect problems early on, which greatly increases the likelihood that therapy will be effective. Furthermore, significant investments in cancer research have been prompted by the rising incidence of cancer, which has expedited the identification and validation of novel biomarkers.
Another major factor propelling the market for cancer biomarkers is the move toward targeted medicines and personalized therapy. Personalized medicine refers to the customization of medical care to each patient's unique traits, frequently through the use of genetic, biomarker, and phenotypic data. This strategy relies heavily on cancer biomarkers, which assist identify individuals who are more likely to benefit from particular therapies, increasing efficacy and lowering side effects. Finding pertinent biomarkers is crucial to the development of targeted medicines, which target cancer cells selectively based on their distinct genetic profiles. Market expansion is anticipated as oncology moves toward more individualized treatment plans, which will raise demand for accurate and targeted cancer biomarkers.
The market for cancer biomarkers is expanding as a result of rising knowledge of the disease and the value of early detection. Raising knowledge of the risk factors and symptoms of cancer has been made possible by public health campaigns and educational activities, which have also encouraged more people to take part in routine screening programs. Biomarker-based tests are frequently included in these programs in order to identify cancer early on, when it is most curable. The relevance of biomarkers in cancer management has been highlighted by the effectiveness of such programs in raising the rates of early diagnosis. Furthermore, as awareness rises, there will probably be a greater need for biomarker-based screening tests, which will propel the market's growth even further.
The market for cancer biomarkers is expanding due in part to the development of precision oncology. Customizing cancer treatment according to the patient's and the tumor's genetic and molecular features is known as precision oncology. This method mainly depends on finding biomarkers that indicate a patient's propensity to react to a certain medication. Comprehensive biomarker testing is becoming more and more necessary to inform treatment decisions as precision oncology gains traction. The market is growing as a result of this demand propelling the creation of increasingly complex biomarker assays and testing platforms. Furthermore, it is anticipated that the need for biomarker testing will increase as new precision oncology drugs are approved by regulators, which will drive market growth even further.
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CANCER BIOMARKERS MARKET SHARE ANALYSIS:
The cancer biomarker market is dominated by North America, specifically the United States. Strong support from government programs like the Cancer Moonshot program, a well-established healthcare infrastructure, and significant investments in research and development are the driving forces behind this leadership. Innovation is encouraged and the development and marketing of novel cancer biomarker-based diagnostics and treatments are accelerated by the region's sophisticated biotechnology industry and the presence of large pharmaceutical corporations. Furthermore, a high cancer incidence rate and the growing use of customized treatment in North America fuel market expansion. Agencies such as the FDA, which comprise the regulatory environment, facilitate the market by expediting the approval procedures for biomarker-based goods.
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Key Companies:
- Thermo Fisher Scientific
- Bio Rad Laboratories
- Roche Diagnostics
- Qiagen NV
- Illumina Inc
- GE Healthcare
- Agilent Technologies
- BioMérieux SA
- Merck
- Abbott Laboratories
- Becton Dickinson and Company
- Danaher Corporation
- Myriad Genetics
- Sysmex Corporation
- Hologic Inc
- Quest Diagnostics
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