The global Cancer Biomarkers Market is estimated to be valued at US$ 380.84 Bn or Mn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer biomarkers are signs found in blood, urine, or body tissues that help identify the presence of cancer in a person. They can help diagnose cancer at early stages as well as detect progression, recurrence, or response to treatment. Early detection leads to improved cancer prognosis and patient outcomes.
Market key trends:
One of the key trends in the cancer biomarkers market is the increasing focus on precision medicine. Precision medicine considers differences in people’s genes, environment, and lifestyle. It allows doctors and researchers to predict more accurately which treatment and prevention strategies will work for each person. Biomarkers play an important role in precision medicine and are now being incorporated into treatment regimens like targeted therapy and immunotherapy. They help identify which treatments will be most effective for each patient’s unique cancer. This personalized approach is transforming cancer care and driving growth of the biomarkers market.
Market Key Trends:
The Cancer Biomarkers market is witnessing increasing adoption of liquid biopsy tests. Liquid biopsy tests are less invasive procedures that detect cancer by analyzing blood samples of patients. They provide real-time monitoring of tumor burden and detection of genetic mutations guiding targeted therapies. Liquid biopsy tests help clinicians to monitor tumor evolution and mutation during cancer treatment without repeated tissue biopsies.
SWOT Analysis
Strengths:
– Non-invasive nature of liquid biopsy tests
– Real-time monitoring of cancer progression
Weaknesses:
– Complexity and high cost of developing biomarker tests
– Challenges in standardizing liquid biopsy tests
Opportunities:
– Rising funding for biomarker research
– Growing demand for personalized cancer treatment
Threats:
– Stringent regulatory landscape for approval of biomarker tests
– Threat from alternative early cancer detection methods
Key Takeaways
The global Cancer Biomarkers Market Share is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing adoption of liquid biopsy tests for non-invasive cancer screening and monitoring.
Regionally, North America dominated the cancer biomarkers market in 2023 due to rising incidence of cancer, availability of advanced healthcare infrastructure and growing adoption of personalized medicine in the region. Asia Pacific is expected to witness fastest growth over the forecast period attributed to rising healthcare expenditure, increasing cancer awareness and growing focus of key players.
Key players operating in the Cancer Biomarkers market are bioMérieux, Inc., INOVIQ, Bio-Rad Laboratories, Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare Private Limited. Major players are focusing on developing innovative biomarker tests through collaborative research and new product launches to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it