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% from 2017 to 2022. Over the years, the cancer biomarkers market has evolved significantly owing to the rising prevalence of cancer, advancements in omics technologies, increasing healthcare expenditure, growth in R&D funding from government and private bodies, and rising demand for personalized medicine in cancer therapies.
However, the high cost of various cancer diagnostic tests, need for high capital investments, poorly suited regulatory and reimbursement systems, and technical issues related to sample collection are restricting the growth of this market.
Based on cancer type, the breast cancer segment accounted for the largest share of the market in 2016
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, such as cervical, multiple myeloma, and CNS, gastric, liver, pancreatic, oral cavity and pharynx, stomach, and ovarian cancers.
In cancer type segment, breast cancer is expected to account for the largest share of the global cancer biomarkers market. Rising focus of various companies on developing new diagnostic assays is a major driver for market growth in this segment. Various initiatives are being organized across the globe to increase the awareness of breast cancer and the early diagnosis of the condition and thereby drive the number of diagnostic scans. This will further drive market growth in this segment.
Protein biomarkers estimated to account for the largest market share in 2016
On the basis of biomarker type, the cancer biomarkers market segmented into protein biomarker, genetic biomarker, and other biomarkers. The protein biomarkers segment is expected to account for the largest share of the global cancer biomarkers market. The large share of this segment is mainly attributed to the tremendous potential of protein biomarkers in cancer detection, diagnostics, prognostics, and clinical & therapeutic applications; and low cost of the protein biomarker tests as compared to genetic biomarker tests. Moreover, increasing focus of pharmaceutical companies towards the discovery of protein biomarkers is further expected to fuel the growth of this market during the forecast period.
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North America dominated the market in 2016
North America (comprising the US and Canada) is accounted for the largest share of the global cancer biomarkers market in 2017, followed by Europe. The large share of this geographic segment is mainly attributed to the increasing government support for discovery and development of biomarkers, increasing demand for personalized medicine, adoption of advanced omics technologies for biomarker discovery, and rising use of biomarkers in drug discovery and development by pharmaceutical companies in that region.
The major players in the Cancer Biomarkers Market are Abbott (US), Affymetrix (US), Roche (Switzerland), Illumina (US), QIAGEN (Netherlands), Agilent (US), Thermo Fisher (US), Merck (US), Becton Dickinson (US), and Hologic (US).
