Global Cancer Biomarker Market to Increase Two-Fold, Amid Greater Funding for Research
The World Health Organization (WHO) estimates that cancer kills 8.3 million people every year. It further projects that 7 out of 10 patients will be diagnosed with cancer in the future.
Each cancer type requires different kinds of treatment. Consequently, governments across the world are funding cancer research to facilitate diagnosis and treatment.
In addition, clinical trials are also funded by governments to support companies engaged in the diagnosis and treatment of the disease.
On the back of these factors, the global cancer biomarkers market is anticipated to grow at a staggering CAGR of 12.2% during the forecast period (2020-2025).
Availability of less-invasive and inexpensive prognosis shall further augment the demand for biomarkers in the market.
Circulating Tumor Cells (CTC) Segment to Register Impressive Growth, Prostate-Specific Antigen (PSA) Buckling Up
The Circulating Tumor Cells (CTC) Test segment is projected to enjoy the maximum market share during the forecast period.
CAGR for the same is pegged at 13.0%, thus giving an uptick to demand for the cancer biomarkers within the market. This is attributed to its simplicity and early assessment of patient prognosis.
CTC test segment is closely followed by the Prostate-Specific Antigen (PSA) test segment, which accounts for over one-fifth of the global cancer biomarkers market.
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North America to Lead Global Sales, Asia-Pacific to Show Prolific Growth
North America remains the most prominent market, accounting for more than 40% of the global cancer biomarkers market. This is expected to gain further traction during the forecast period.
An absolute $ opportunity of US$ 5.2 Bn is anticipated for the region during the forecast period.
This is due to heavy budget allocation by the government for cancer research and training. However, Asia-Pacific is expected to surpass North America, owing to greater affordability of cancer treatments by patients.
Projected CAGR for Asia Pacific is pegged at ~14% during the forecast period.
Innovations, Product Development & AI to Provide Competitive Edge to Market Players
The global cancer biomarkers market is highly consolidated. The top 3 players hold half of the total market share. F. Hoffmann-La Roche Ltd is an important player in the cancer biomarkers market, providing wide ranging solutions for tumor biomarker tests.
The WHO has designated 29 medicines developed by La Roche in the Model List of Essential Medicines, including life-saving antibiotics, anti-malarial and chemotherapy.
More recently, the company’s TECENTRIQ prescription medicine received approval from the Food & Drug Administration (FDA). The medicine is intended to provide initial therapy for squamous and non-squamous non-small cell lung cancer (NSCLC).
Another key player, Abbott Laboratories, concentrates on innovations and development of new technologies to provide cancer diagnosis and treatments. Moreover, it constructs country-specific portfolios consisting of local and global pharmaceutical brands. Its products offer in vitro diagnostics and assists in early detection of cancers.
Amongst the smaller players, Novartis AG has a significant presence in the global cancer biomarkers market. A key strategy adopted by the company is the use of Artificial Intelligence (AI) to decode cancer pathology.
Collaborating with the tech start-up PathAI, the company has been able to successfully detect cancers with diminished error margins.
Moreover, the company is also committed to reducing the ill-effects of cancer within the workplace. Its ‘Ensemble-Caring for Colleagues’ initiative aims to provide emotional and physical support to those affected by the disease.
Additionally, it also provides support to cancer caregivers, and guides them on how to best support patients from a managerial perspective.
Other important market players are:
- Thermo Fisher Scientific Inc.
- Agilent Technologies
- Illumina Inc.
- bioMérieux SA
- Hologic Inc.
- Genomic Health Inc.
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Cancer Biomarkers Market Segmentation
Fact.MR has studied the cancer biomarkers market with detailed segmentation on the basis of test type, disease indication and key regions.
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Cancer Biomarkers Market- Scope of the Report
The recent study by Fact.MR on cancer biomarkers market offers a 5-year forecast between 2020 and 2025.
The study analyzes crucial trends that are currently determining the growth of cancer biomarkers market.
This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of bentonite.
The study also provides dynamics that are responsible for influencing the future status of the cancer biomarkers market over the forecast period.
A detailed assessment of cancer biomarkers market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report.
A list of prominent companies operating in the cancer biomarkers market along with their product portfolio enhances the reliability of this comprehensive research study.
Cancer Biomarkers Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in cancer biomarkers market across the globe.
A comprehensive estimate of cancer biomarkers market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of cancer biomarkers market during the forecast period.
Price point comparison by region with global average price is also considered in the study.
Cancer Biomarkers market: Analysis on Market Size Evaluation
Cancer Biomarkers market has been analyzed for each market segment, in terms of volume (Kilo tons) and value (US$ Mn).
Market estimates at global and regional levels for cancer biomarkers is available in terms of “US$ Mn” for value and in “Kilo tons” for volume. A Y-o-Y growth contrast on prominent cancer biomarkers market segments, along with market attractiveness evaluation has been incorporated in the report.
Furthermore, the absolute dollar opportunity analysis of all the segments adds prominence to the report.
Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve along with identifying potential resources, considering sales and distribution perspective in the global cancer biomarkers market.
Cancer Biomarkers market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the cancer biomarkers report, which have helped to deliver projection on the regional markets.
These chapters include the regional macros (political economic, and business environment outlook), which are expected to have a momentous influence on the growth of cancer biomarkers market during the forecast period.
Country-specific valuation on demand for cancer biomarkers has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries.
For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
Cancer Biomarkers market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of cancer biomarkers along with their detailed profiles.
Essential and up-to-date data information related to the market performers, who are principally engaged in the production of cancer biomarkers, has been brought with the help of a detailed dashboard view.
Market share analysis and comparison of prominent players provided in the report permits the report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which includes essentials such as product portfolio, key strategies along with all-inclusive SWOT analysis on each player.
Company presence is mapped and presented through the matrix for all the prominent players thus providing the readers with actionable insights, which helps in thoughtfully presenting market status, and predicting the competition level in the cancer biomarkers market.
Prominent manufacturers with established market presence in global cancer biomarkers market are Kutch minerals, Kunimine Industries Co., Ltd., Clariant AG, Mineral Technologies Inc. and Halliburton Co.
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