by Cancer biomarkers are biological molecules found in blood, urine or tissues that are used to detect or monitor cancer. They can be used to diagnose cancer, determine its aggressiveness or stage, predict response to treatment and monitor effectiveness of treatment. The global cancer biomarkers market comprises discovery, validation and clinical diagnosis of biomarkers associated with cancer. Various types of biomarkers used in cancer diagnostics include genomic biomarkers, protein-based biomarkers, and metabolic biomarkers. Cancer biomarkers help in non-invasive cancer detection by monitoring changes in molecules, genes or proteins that are associated with different types and stages of cancer. They play a critical role in precision or personalized medicine by identifying the right treatment for the right patient at the right time.
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:
Rising Applications of Cancer Biomarkers in Precision Medicine – Cancer biomarkers help enable personalized medicine approaches by detecting cancer at an early stage, determining its molecular profile, identifying individuals at high risk of cancer recurrence and determining the most suitable therapy. Their increasing usage in clinical decision making and treatment monitoring are driving the cancer biomarkers market.
Increasing Global Cancer Burden – According to WHO, cancer burden has risen to 18.1 million new cases and 9.6 million cancer deaths in 2018 globally. Rising incidence and prevalence of cancer is creating demand for advanced diagnostic methods incorporating use of cancer biomarkers for early detection and better management of the disease.
Segment Analysis
The global cancer biomarkers market is dominated by protein biomarkers segment which holds around 60% market share. Protein biomarkers are proteins produced by tumor cells or by the body in response to cancer and they can be detected in blood, urine or body fluids. They provide critical information about whether cancer exists or not and help in monitoring response to treatment and disease recurrence. Many protein biomarkers have been approved by regulatory authorities for clinical use in cancer diagnosis and monitoring.
PEST Analysis
Political: Governments across the globe are increasing healthcare budgets to provide better cancer care. They are also approving funds for research on cancer biomarkers which will help in early detection and improved outcomes.
Economic: Rising healthcare costs of cancer treatment is boosting the demand for cost-effective cancer biomarkers for screening, diagnosis and monitoring the disease. The growing geriatric population also increases the scope for cancer biomarkers market.
Social: Increasing awareness about early cancer detection and benefits of liquid biopsies is positively impacting the market. Biomarkers help reduce invasive procedures and improve quality of life.
Technological: Advancements in omics technologies like proteomics and genomics have enabled discovery of novel cancer biomarkers from blood, urine and other body fluids. Bioinformatics is also aiding in clinical validation and commercialization of biomarkers.
Key Takeaways
The Global Cancer Biomarkers Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising prevalence of cancer worldwide.
Regional analysis shows that North America currently dominates the market owing to ongoing research activities and frequent product approvals. Europe is also a major regional market due to presence of key pharmaceutical companies and healthcare infrastructure.
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. Key players are focused on developing innovative multi-cancer diagnostic tests to expand their product portfolio and market share. With advancements in omics technologies, profiling of numerous biomarkers for various cancer types from liquid biopsies will gain more prominence in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
