The global cancer biomarkers market size was estimated at US$ 11 billion in 2022 and it is expected to hit over US$ 34.32 billion by 2032 with a remarkable CAGR of 12.10% from 2023 to 2032.
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Cancer Biomarkers Market Size in U.S. 2023 To 2032
The U.S. cancer biomarkers market size was valued at US$ 2.51 billion in 2022 and is predicted to expand over US$ 8.04 billion by 2032 with a CAGR of 12.40% bewteen 2023 to 2032.
North America dominated the cancer biomarkers market in 2022. The U.S. dominated the cancer biomarkers market in North America region. The North America region has existence of large number of market players operating in cancer biomarkers market. The U.S. government is heavily investing in research and development activities for the development of novel products. In addition, adoption of innovative and advanced technologies is driving the growth of the cancer biomarkers market in North America region.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. The cancer biomarkers market in Asia-Pacific region is being driven by growing prevalence of cancer. In addition, the government is constantly funding development activities for developing new products. Thus, rising awareness of cancer biomarkers is also boosting the growth of the market in Asia-Pacific region.
The cancer biomarkers are used in the diagnosis and treatment of cancer. One of the prominent factors driving the growth of the global cancer biomarkers market is rising incidences of cancer all around the world. According to the World Health Organization (WHO), cancer is the biggest cause of death worldwide, with approximately 10 million fatalities expected in 2020, for almost one in every six deaths. The most frequent cancers are lung cancer, breast cancer, rectum cancer, and prostate cancer. Due to all these cancers, the development of cancer biomarkers has become necessity in the market.
Another factor driving the growth of the global cancer biomarkers market is rising geriatric population. The old people are more prone to life threatening disorders such as cancer. Thus, these people require utmost care and quick treatment against such diseases. In addition, the technological advancements are also creating growth prospects for the expansion of the global cancer biomarkers market. Thus, the adoption of innovative technologies is helping to develop novel cancer biomarkers in the global market.
Furthermore, the government from developing and developed nations is highly investing in the research and development projects for the development of cancer biomarkers. Moreover, market players from private and public sectors are collaborating with each other for the development of cancer biomarkers. All of these aforementioned factors are creating lucrative opportunities for the growth and development of the global cancer biomarkers market over the projected period.
Report Scope of the Cancer Biomarkers Market
|Market Size by 2032
|USD 34.32 Billion
|Growth Rate from 2023 to 2032
CAGR of 12.10%
|Fastest Growing Market
|2023 to 2032
|Type, Biomolecule, Profiling Technology, End User, Application, Region
|F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., QIAGEN N.V., Illumina Inc., Bio-Rad Laboratories Inc., Abbott Laboratories, Exact Sciences, Meso Scale Diagnostics LLC, Seegene Technologies Inc., Siemens Healthineers
On the other hand, the factors such as uncontrolled government laws and reimbursement regulations and expensive drug development are hindering the growth of the global cancer biomarkers market. However, the market for cancer biomarkers is expected to grow due to growing advancements in the field of cancer treatment. In addition, expansion of healthcare sector is driving the growth of the global cancer biomarkers market during the forecast period.
The impact of COVID-19 pandemic on the growth of the global cancer biomarkers market was moderate in nature. The supply chain disruptions and halt of manufacturing units had negative impact on the cancer biomarkers market. On the other hand, the growing number of coronavirus cases resulted into the surge in demand for cancer biomarkers.
The key market players are adopting various strategies for the growth of the global cancer biomarkers market. The market players are also collaborating with the government agencies for the development of new products in the cancer biomarkers market.
The breast cancer segment dominated the cancer biomarkers market in 2022. According to World Health Organization (WHO), breast cancer has affected 2.3 million women globally in 2020, with 685,000 fatalities. Breast cancer has been diagnosed in 7.8 million women in the previous five years as of the end of 2020, making it the most common cancer in the world. Thus, the growing prevalence of breast cancer is driving the growth of the segment.
The lung cancer segment is fastest growing segment of the cancer biomarkers market in 2022. Lung cancer is a disease that primarily affects the elderly population. The majority of those diagnosed with lung cancer are 65 or older; only a small percentage of those diagnosed are under 45. When persons are diagnosed, they are typically around 70 years old. Thus, growing geriatric population is boosting the segment growth.
The diagnostics segment dominated the cancer biomarkers market in 2022. The factors such as growing development of cancer biomarkers based on oncology tests with high efficiency and effectiveness and growing government initiatives are driving the growth of the segment during the forecast period.
The personalized medicine segment is fastest growing segment during the forecast period. The segment is growing due to the growing awareness among healthcare practitioners about cancer biomarkers. In addition, the demand for personalized medicines is also growing. One of the key factors driving the segment growth is approvals on diagnostic tests are quite easy nowadays which is creating demand for cancer biomarkers.
The genetic biomarkers segment dominated the cancer biomarkers market in 2022. The genetic biomarkers are used on a large scale and are very efficient and effective in nature. The genetic biomarkers are extensively used for the treatment and diagnosis of cancer. Thus, all of these factors are boosting the segment growth.
The epigenetics segment is fastest growing segment over the forecast period. One of the key drivers boosting the growth of the segment is growing research for development of novel biomarkers. In addition, market players are collaborating with pharmaceutical firms, which are contributing towards the segment growth.
Some of the prominent players in the global cancer biomarkers market include:
Segments Covered in the Report
By Profiling Technology
By End User
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