by Cancer biomarkers are biological molecules found in blood, tissue or other body fluids that are indicators of normal or abnormal biological processes, pathogenic processes or pharmacological responses to a therapeutic intervention. Cancer biomarkers help in the early detection of various cancer types such as lung, breast, prostate and colorectal cancers among others. Some of the commonly used cancer biomarkers include CEA, CA 19-9, CA 125, PSA, HER2 and BRCA among others. Major uses of cancer biomarkers include screening, diagnosis, prognosis and monitoring a treatment’s effectiveness. Rising prevalence of various cancer types globally coupled with growing focus on personalized medicine targeting the specific molecular abnormalities in each patient is expected to drive the demand for cancer biomarkers.
The global Cancer Biomarkers Market is estimated to be valued at US$ 380.84 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Focus on Personalized Medicine: Personalized medicine tailors medical treatment to the individual characteristics of each patient. It classifies individuals into distinct sub-groups based on biomarkers, genetics, phenotypic or psychosocial characteristics. By harnessing the advancing molecular science, personalized medicine matches appropriate therapeutic options to the unique molecular signatures of each patient’s cancer. This enables doctors to select treatments that work best for that patient, improving outcomes and quality of life. The growing focus on personalized medicine for cancer care is expected to boost the demand for cancer biomarkers over the forecast period.
Rising Prevalence of Cancer: Cancer incidence and associated mortality is on the rise globally. According to WHO, cancer is a leading cause of death worldwide accounting for nearly 10 million deaths in 2020. Increasing aging population, rising incidence of risk factors such as smoking, obesity and infections are fueling the cancer burden worldwide. This in turn is anticipated to propel the demand for various diagnostic tools such as cancer biomarkers to aid in early detection and monitoring treatment response during cancer management.
Segment Analysis
The cancer biomarkers market is dominated by protein biomarkers segment which holds more than 60% share of the overall market. Protein biomarkers are abundantly available in the body and can indicate abnormal cell growth and various cancer types. These biomarkers are extensively used for cancer screening, diagnosis, prognosis and therapeutics monitoring which has led to their wide acceptance compared to other biomarker types like nucleic acids and glycoproteins biomarkers.
PEST Analysis
Political: Government agencies are investing heavily in research and development of novel cancer biomarkers for accurate diagnosis and treatment monitoring. Various regulations have been introduced for approval and adoption of these biomarkers.
Economic: Rising prevalence of cancer across the globe has augmented the demand for effective diagnosis and treatment, driving exponential growth of the cancer biomarkers market. However, high cost of development may hinder the market growth.
Social: Growing public-private partnerships and increasing awareness about early cancer detection is positively impacting the market growth. Biomarkers offer less invasive screening tests compared to conventional techniques promoting their adoption.
Technological: Advancements in omics technologies, bioinformatics and machine learning has enabled discovery of novel biomarkers from genomics, proteomics and metabolomics studies. Biomarkers are increasingly used in precision medicine approaches for targeted cancer therapies.
Key Takeaways
The Global Cancer Biomarkers Market Demand is expected to witness high growth. The global Cancer Biomarkers Market is estimated to be valued at US$ 380.84 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
Regional analysis related content comprises- North America dominates the global market and is expected to maintain its lead throughout the forecast period. U.S contributes to majority of market share owing to well-established healthcare system and increasing R&D activities for biomarker development in the country.
Key players related content comprises- Key players operating in the cancer biomarkers market are Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd. These companies are focused on launching novel biomarkers and expanding their geographical presence through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
