BANGALORE, India, May 21, 2024 /PRNewswire/ -- Cancer
Biomarkers Market is Segmented by Type (Protein Biomarker,
Genetic Biomarker), by Application (Diagnostics, Research).
The Global Cancer Biomarkers Market was valued at USD 19580 Million in 2023 and is anticipated to
reach USD 42170 Million by 2030,
witnessing a CAGR of 11.4% during the forecast period
2024-2030.
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Major Factors Driving the Growth of Cancer Biomarkers
Market:
Precision medicine and tailored therapeutic advancements have a
major role in driving the growth of the cancer biomarker market.
With the growing knowledge of the molecular and genetic causes of
cancer, biomarkers allow for more accurate diagnosis, prognosis,
and therapy choices based on the unique characteristics of each
patient. This individualized strategy is becoming more and more
popular in clinical practice since it decreases side effects and
increases therapeutic success. Additionally, next-generation
sequencing and liquid biopsies—two cutting-edge technologies for
the identification and validation of new biomarkers—improve early
cancer detection and surveillance. The market for cancer biomarkers
is expanding rapidly as a result of the incorporation of biomarkers
into drug development pipelines, which also expedites the approval
of targeted medicines.
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TRENDS INFLUENCING THE GROWTH OF CANCER BIOMARKERS
MARKET
Market expansion for cancer biomarkers is mostly propelled by
developments in proteomics and genomics. A more comprehensive
knowledge of cancer at the molecular level has been made possible
by the completion of the Human Genome Project and the ensuing
advancements in sequencing technology. These developments make it
possible to identify certain genetic abnormalities and
modifications that are typical of various cancer types. Large-scale
protein research, or proteomics, enhances genomics by shedding
light on the expression and role of proteins in cancerous cells.
The development of new biomarkers that may be utilized for early
diagnosis, prognosis, and tailored therapy of cancer has been made
easier by the merging of proteomics and genomes.
One of the main factors driving the growth of the cancer
biomarker market is the increasing incidence of cancer worldwide.
One of the main causes of illness and death globally, cancer is
becoming more common as a result of aging populations, changing
lifestyles, and environmental factors. The demand for efficient
diagnostic techniques to identify the illness early and enhance
patient outcomes is expanding as the number of cancer cases keeps
rising. In this situation, biomarkers are essential because they
offer non-invasive or minimally invasive ways to detect problems
early on, which greatly increases the likelihood that therapy will
be effective. Furthermore, significant investments in cancer
research have been prompted by the rising incidence of cancer,
which has expedited the identification and validation of novel
biomarkers.
Another major factor propelling the market for cancer biomarkers
is the move toward targeted medicines and personalized therapy.
Personalized medicine refers to the customization of medical care
to each patient's unique traits, frequently through the use of
genetic, biomarker, and phenotypic data. This strategy relies
heavily on cancer biomarkers, which assist identify individuals who
are more likely to benefit from particular therapies, increasing
efficacy and lowering side effects. Finding pertinent biomarkers is
crucial to the development of targeted medicines, which target
cancer cells selectively based on their distinct genetic profiles.
Market expansion is anticipated as oncology moves toward more
individualized treatment plans, which will raise demand for
accurate and targeted cancer biomarkers.
The market for cancer biomarkers is expanding as a result of
rising knowledge of the disease and the value of early detection.
Raising knowledge of the risk factors and symptoms of cancer has
been made possible by public health campaigns and educational
activities, which have also encouraged more people to take part in
routine screening programs. Biomarker-based tests are frequently
included in these programs in order to identify cancer early on,
when it is most curable. The relevance of biomarkers in cancer
management has been highlighted by the effectiveness of such
programs in raising the rates of early diagnosis. Furthermore, as
awareness rises, there will probably be a greater need for
biomarker-based screening tests, which will propel the market's
growth even further.
The market for cancer biomarkers is expanding due in part to the
development of precision oncology. Customizing cancer treatment
according to the patient's and the tumor's genetic and molecular
features is known as precision oncology. This method mainly depends
on finding biomarkers that indicate a patient's propensity to react
to a certain medication. Comprehensive biomarker testing is
becoming more and more necessary to inform treatment decisions as
precision oncology gains traction. The market is growing as a
result of this demand propelling the creation of increasingly
complex biomarker assays and testing platforms. Furthermore, it is
anticipated that the need for biomarker testing will increase as
new precision oncology drugs are approved by regulators, which will
drive market growth even further.
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CANCER BIOMARKERS MARKET SHARE ANALYSIS:
The cancer biomarker market is dominated by North America, specifically the United States. Strong support from
government programs like the Cancer Moonshot program, a
well-established healthcare infrastructure, and significant
investments in research and development are the driving forces
behind this leadership. Innovation is encouraged and the
development and marketing of novel cancer biomarker-based
diagnostics and treatments are accelerated by the region's
sophisticated biotechnology industry and the presence of large
pharmaceutical corporations. Furthermore, a high cancer incidence
rate and the growing use of customized treatment in North America fuel market expansion. Agencies
such as the FDA, which comprise the regulatory environment,
facilitate the market by expediting the approval procedures for
biomarker-based goods.
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Key Companies:
- Thermo Fisher Scientific
- Bio Rad Laboratories
- Roche Diagnostics
- Qiagen NV
- Illumina Inc
- GE Healthcare
- Agilent Technologies
- BioMérieux SA
- Merck
- Abbott Laboratories
- Becton Dickinson and
Company
- Danaher Corporation
- Myriad Genetics
- Sysmex Corporation
- Hologic Inc
- Quest Diagnostics
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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Market was estimated to be worth USD
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- Cancer Early Detection market is projected to reach
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CAGR of 7.3% during the period of 2023 to 2029.
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