Cancer Biomarkers Market Research Insights: Key Growth Regions Identified
The global cancer biomarkers market size is expected to reach a value of USD 69.76 billion by 2030 and is anticipated to expand at a CAGR of 12.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing initiatives for development of drugs targeting novel cancer biomarkers coupled with the introduction of technologically advanced companion diagnostic kits is estimated to provide the market with high growth potential. Increasing awareness about personalized medicines amongst patients is further anticipated to boost adoption of cancer biomarkers.
In addition, presence of favorable government initiatives for the development of novel cancer diagnostic techniques is a key factor for market growth. For instance, the National Cancer Institute (NCI) provides funding to more than 8 research areas pertaining to cancer biomarker development. Cancer Research UK, Lung Cancer Research Foundation, and National Institutes of Health are some of the organizations providing funding for biomarker research.
People with high alcohol consumption, tobacco usage, unhealthy food habits, and sedentary lifestyle are reported to be 80% more at risk of developing cancer as compared to other individuals. Infections such as Human papillomavirus (HPV), Epstein-Barr virus, Hepatitis B virus, and Helicobacter pylori are also been studied to be related in cancer development.
Access the Cancer Biomarkers Market Size, Share & Trends Analysis Report By Type (Breast Cancer, Prostate Cancer), By Biomolecule (Genetic, Epigenetic, Metabolic, Proteomic), By Application, By Technology, By Region, And Segment Forecasts, 2024 - 2030
Cancer Biomarkers Market Report Highlights
· The breast cancer segment held a significant market share in terms of revenue in 2023 and it is also expected to be the witness the fastest CAGR over the forecast period.
· The others segment held a notable share in 2023 pertaining to the increased research on rare cancers, advancements in genomics and proteomics, the rising incidence of cancers such as pancreatic and ovarian, and the growing demand for personalized medicine.
· The genetic biomarkers segment dominated the market in terms of revenue share in 2023. Genetic biomarkers are crucial in the cancer biomarkers market due to several driving factors.
· The epigenetics segment is expected to be the fastest growing segment over the forecast period. One of the key drivers boosting the growth of the segment is the growing research for the development of novel biomarkers.
· The diagnostics segment dominated the market in terms of revenue share in 2023. Factors such as the growing development of cancer biomarkers based on oncology tests that are highly efficient and effective and growing government initiatives may drive the segment's growth.
· The personalized medicine segment is the fastest growing segment during the forecast period.
· The imaging technologies segment dominated the market share in 2023 due to its high-throughput nature, accuracy, and broad applicability in biomarker discovery and diagnosis.
· North America dominated the cancer biomarkers market with revenue share of 43.84% in 2023. This dominance is due to the presence of numerous market players dedicated to cancer biomarkers and substantial investments by the U.S. government in research and development efforts, which foster innovation.
· Asia Pacific cancer biomarkers market is anticipated to witness the fastest growth at a CAGR of 14.3% over the forecast period.
Order your free sample copy of “Cancer Biomarkers Market Report 2024 - 2030, published by Grand View Research
Key Cancer Biomarkers Company Insights
Some of the key companies in the Cancer Biomarkers market include Abbott Laboratories QIAGEN;Thermo Fisher Scientific Inc;Affymetrix Inc;Illumina, Inc.;Agilent Technologies;F. Hoffmann-La Roche AG;Merck & Co. Inc;Hologic, Inc and Sino Biological Inc. Vendors in the market are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.
Abbott offers a wide variety of assays to test for many types of cancer, including breast and colon. It also offer personalized oncology testing solutions for early detection, diagnosis, and monitoring needs.
QIAGEN offers services for sample collection and data interpretation, utilizing robust technologies and resources to assist in detecting, analyzing, and validating relevant biomarkers. It continues to innovate and expand its range of solutions.
Key Cancer Biomarkers Companies:
The following are the leading companies in the cancer biomarkers market. These companies collectively hold the largest market share and dictate industry trends.
· Abbott
· QIAGEN
· Thermo Fisher Scientific Inc
· Affymetrix Inc
· Illumina, Inc.
· Agilent Technologies
· F. Hoffmann-La Roche AG
· Merck & Co. Inc
· Hologic, Inc
· Sino Biological Inc
About Grand View Research:
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com
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Grand View Research, Inc.
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