Cancer Biomarkers Market 2023 Size, Share, Revenue Trends and Growth Drivers
The Cancer Biomarkers Market 2023 Size Forecast to 2030 research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
The global cancer biomarkers market size stood at USD 18.94 billion in 2018 and is projected to reach USD 48.20 billion by 2026, exhibiting a CAGR of 12.4% during the forecast period. Biomarkers in oncology are the molecules secreted by a tumor or a specific response of the human body, indicating the presence of cancer. Biomarkers enable cancer detection at an early stage and facilitate high-speed noninvasive diagnosis using various genomics and proteomics tools. Biomarkers are used for various applications such as cancer diagnostics, drug discovery and development, prognostics, personalized medicine, and others. Additionally, the increasing demand for biomarkers in drug discovery and development for personalized medicine, is boosting the growth of the global market. Cancer Biomarkers Market Size, Share & Industry Analysis, By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, and Others), By Biomarker Type (PSA, HER-2, EGFR, KRAS, and Others), By End User (Pharmaceutical & Biotechnology Companies, Diagnostics & Research Laboratories, Hospitals & Specialty Clinics, and Others), and Regional Forecast, 2019-2026
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Market Growth Drivers:
Cancer biomarkers are prominently used in companion diagnostics, personalized medicines, and other disease diagnostics, including disease risk assessment and drug discovery and development. The rising adoption of biomarkers in disease diagnostics is one of the major factors expected to drive cancer biomarkers market growth during the forecast period of 2019-2026.
Rising prevalence of cancer globally, leading to increasing demand for the early disease diagnosis, subsequently propelling the growth of the market. For instance, the National Cancer Institute, in 2018, an estimated 1,735,350 new cases of cancer were diagnosed in the United States. Additionally, according to the World Cancer Research Fund International, an estimated 18.0 million people were suffering from globally in 2018. Lung and breast cancers were the most common cancers reported globally, contributing to 12.3% of the total number of the cases diagnosed in 2018.
The rising prevalence of cancer biomarkers in emerging and developed countries is anticipated to increase the demand for cancer diagnostics and treatment. These factors are anticipated to propel the demand for these biomarkers during the forecast period of 2019-2026.
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Who are the Major Cancer Biomarkers Market Vendors?
- F. Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific
- Bio-Rad Laboratories, Inc.
- CENTOGENE N.V.
- Axon Medchem
- Sino Biological Inc.
- R&D System
- BioVision Inc.
- Myriad RBM
- Other players
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favourable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period [2022 – 2029].
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