Cancer Biomarkers Market to Rise with a Strong CAGR of 11.8% by 2025
Cancer is a complex and potentially fatal disease that is primarily caused through environmental factors resulting in gene mutations affecting critical cell-regulatory proteins. These factors may act together or in a sequence to trigger tumor formation.
[USPRwire, Wed Oct 10 2018] Global Cancer Biomarkers Market: Snapshot
Cancer is a complex and potentially fatal disease that is primarily caused through environmental factors resulting in gene mutations affecting critical cell-regulatory proteins. These factors may act together or in a sequence to trigger tumor formation. Rising incidences of cancer and increasing healthcare expenditure are expected to aid the global cancer biomarkers market. The global market for cancer biomarkers is expected to grow at an exponential rate benefiting from the recent advances in technology, favorable government initiatives and funding.
Moreover, the development in companion diagnostics and recent breakthrough in detection techniques such as proteomics, metabolomics, genomics and transcriptomics are further expected to boost the demand for cancer biomarkers. Cancer biomarker is critical in improving early detection and treatment of any cancer type. Awareness and screening for cancer have increased over the last couple of decades resulting in early diagnosis of cancer and subsequent reduction of mortality. However, the ultimate goal of reducing mortality in late-stage cancer has not been satisfactorily achieved.
Besides this, the cancer biomarkers market is expected to gain from the rising geriatric population, increasing incidences of cancer, and increasing prevalence of tumor. Technological advancements in the field of biomarkers resulting in new and innovative products have increased the safety, improved efficacy and reduced the side effects. Spurred by these factors, the global cancer biomarkers market is forecast to exhibit a CAGR of 11.8% between 2017 and 2025. At this pace, the market is expected to reach US$27.63 bn by the end of 2025 from US$10.25 bn in 2016.
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Lung Cancer Emerges as Leading Segment Based on Disease Indication
The CTC tests segment by test type accounted the largest share of the global cancer biomarkers market in 2016, and is expected to dominate the market during the forecast period from 2017 to 2025. Factors such as increase in prevalence of the various types of tumor and increasing incidences of cancer related to the vital organs drives the CTC tests segment. Although associated with non-drivers of selection, such as quick and easy order processing and availability from a contracted manufacturer, the cancer biomarkers market presents immense competition for new market players.
The lung cancer segment in terms of disease indication has the largest market share of the global cancer biomarkers market in 2016, and is expected to grow during the forecast period due to increasing prevalence of lung cancer in developing countries, growing cigarette smoking among the population, rising geriatric population, and technological advancements with regard to lesser side effects associated with biomarkers test and early detection of the illness drive demand for lung cancer diagnosis globally.
North America to Remain Dominant Regional Market through Forecast Period
North America dominated the global cancer biomarkers market in 2016 and is expected to remain dominant through the forecast period. This is due to high prevalence of cancer, increasing health care expenditure leading to increase in demand for better diagnostic tests and health care services, and number of technological advancements in the field of cancer biomarkers. However, the market in Asia Pacific is projected to register a significant growth rate by 2025 due to availability of large patient pool and increasing awareness about health. In addition, high percentage of geriatric population, and increasing disposable income are expected to propel the market.
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Major players operating in the global cancer biomarkers market include Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Illumina, Inc., Agilent Technologies, QIAGEN, Merck & Co., Inc., Hologic, Inc., Novartis AG, bioMérieux SA, Genomic Health, Inc., are among others.