According to the report, the global cancer biomarkers market was estimated at $10.94 billion in 2019, and is expected to hit $26.97 billion by 2027, registering a CAGR of 11.8% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Prevalence of various types of cancers such as breast, prostate, and lung cancer, development of biological & targeted drug therapies, and reliability of cancer biomarkers fuel the growth of the global cancer biomarkers market. On the other hand, high cost of drug development, threat of failure associated with cancer treatment, and unregulated government regulations & reimbursement policies impede the growth to some extent. However, high-end technological advancements are expected to create multiple opportunities in the industry.
COVID-19 scenario-
- Prevention of cancer by analyzing various cancer biomarkers using different diagnostic methods is an effective approach to obtain quick results for the treatment.So, although a number of industries have been badly affected by the pandemic, the medical diagnostics industry has, quite naturally, not confronted the impacts on a severe note.
- However, the global lockdown has led to postponement of the procedures and accordingly, there’s been a short-term decline in the revenue rate in cancer biomarkers market. But, it’s expected that the market would experience massive gains through the end of the pandemic.
The omic technologies segment to maintain the lion’s share by 2027-
Based on profiling technologies, the omic technologies segment accounted for more than half of the global cancer biomarkers market share in 2019, and is expected to rule the roost by the end of 2027. This is attributed to factors such as rise in use of personalized medicines for cancer treatment and growth in healthcare expenditure among people. The immunoassays segment, on the other hand, would register the fastest CAGR of 16.4% throughout the forecast period, owing to various advantages offered by immunoassays such as simultaneous analysis of multiple compounds, analysis at minute concentrations, and increased efficiency of diagnosis and treatment.
The genetic biomarkers segment to dominate during the estimated period-
Based on biomolecule, the genetic biomarkers segment contributed to nearly half of the global cancer biomarkers market revenue in 2019, and is anticipated to lead the trail till 2027. This is due to its accuracy and precision while detecting cancer and monitoring the effectiveness of the treatment. Simultaneously, the glycol-biomarkers segment would portray the fastest CAGR of 12.5% by 2027. Increase in awareness about the roles of glycosylation and other post translational modifications in cancer biology fuels the segment growth.
North America to dominate in terms of revenue-
Based on geography, North America held the major share, garnering more than one-third of the global cancer biomarkers market, owing to strong focus on innovation and technological advancements in healthcare & diagnostics in the region. At the same time, Asia-Pacific is expected to manifest the fastest CAGR of 15.1% from 2020 to 2027. This is due to increase in prevalence of cancer, rise in patient awareness, and increase in disposable incomes in the province.
Frontrunners in the industry-
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific, Inc.
- Bristol-Myers Squibb Company
- Exact Sciences Corporation
- F.Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Qiagen N.V.
- Merck KGaA
- PerkinElmer, Inc.
- Siemens AG
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