The global cancer biomarkers market is projected to reach USD 28.2 billion by 2026 from USD 12.4 billion in 2021, at a CAGR of 17.7% during the forecast period. Growth in the cancer biomarkers market is mainly driven by factors such as the increasing use of cancer biomarkers in drug discovery & development and increasing R&D on cancer biomarkers. However, patent protection of cancer biomarkers and limited battery life are the major factors hampering the growth of this market.
The major players in this 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), PerkinElmer, Inc.; (US), Siemens Healthineers (Germany), Exact Sciences (US), R&D Systems, Inc. (US), BioVision, Inc. (US), Olink (Sweden), Asuragen, Inc. (US), Meso Scale Diagnostics, LLC (US), Invivoscribe, Inc. (US), Seegene Technologies, Inc. (South Korea).
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F. Hoffmann-La Roche Ltd. held the leading position in the cancer biomarkers market in 2020. La Roche focuses on innovation to maintain its market share. It invests a significant amount of its revenue in R&D activities for this purpose. These investments are used to develop new and innovative products. The company’s major share comes from the US. With its high R&D capabilities, excellent balance sheet, and asset quality, the company is expected to witness a higher growth rate in the forecast period.
In 2020, Thermo Fisher Scientific, Inc. held the second position in the cancer biomarkers market. The company focuses on innovation to maintain its market share. It invests a significant amount of its revenue in R&D activities for this purpose. These investments are used to develop new and innovative products. The company’s major share comes from the US. With its high R&D capabilities, excellent balance sheet, and asset quality, the company is expected to witness a higher growth rate in the forecast period.
Qiagen N.V. held the leading position in the cancer biomarkers market in 2020. The company has a strong market presence globally, mainly due to its excellent customer network and delivery system. The company’s global footprint and the critical nature of its service portfolio play a key role in expanding access to healthcare in emerging and developed countries.
Opportunities: Personalized medicine
Personalized medicine identifies the most beneficial treatment path for individual patients. Cancer biomarkers play a very important role in certain aspects of personalized medicine. Consumables used in cancer biomarker testing enable the identification of these diseases. Cancer biomarker diagnostic products are also used as companion diagnostics for several investigational therapies. Thus, the field of personalized medicine is expected to offer potential growth opportunities for players operating in the cancer biomarkers market.
Drivers: Rising technological advancements In the development of cancer biomarkers
Array and proteomics technology advancements have addressed the challenges of identifying and understanding the functions and interactions of various proteins. These technological advancements have simplified the process of discovery and development of novel cancer biomarkers to a great extent.
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