Using our proprietary methodology, we have provided informed projections, describing the historical trends and likely growth opportunity associated with the cancer biomarkers market. As per the base case forecast scenario, the market is estimated to grow at an annualized rate of 5%, during the period 2024 to 2035. This opportunity will likely be well distributed across type of biomarker, type of cancer and key geographical regions.
It is worth mentioning that according to our projections, the markets in North America and Asia-Pacific are likely to capture majority (76%) of the overall share, and this trend is unlikely to change in the future, as well. Further, the market in North America is expected to grow at a relatively faster CAGR (4.9%). This can be attributed to the high prevalence of cancer in the US and Canada.
In pursuit of building a competitive edge, stakeholders are actively incorporating advanced features into their respective portfolios of cancer biomarker solutions and complying with evolving industry standards.
In this analysis, we have presented a detailed competitiveness analysis of 96 cancer biomarker testing solutions provided by players based in North America, Europe, Asia-Pacific, and the rest of the world. The testing solutions considered in this analysis have been allotted scores based on several relevant parameters, such as product versatility (in terms of number of different types of biomarkers evaluated and number of different types of cancers targeted) and product competitiveness (in terms of number of profiling technologies used, number of analytical techniques used, number of sample inputs required and turnaround time). The primary purpose of this analysis is to develop a deeper understanding of the overall potential and capabilities of testing solutions. It further allows firms to compare their existing capabilities within their respective peer groups to gain a competitive edge in the industry.
The approach used to compare the various cancer biomarker testing solutions has been briefly outlined below:
1. As a starting point, we collated information on the aforementioned parameters for 96 cancer biomarker testing solutions that were considered in this analysis.
2. Then, we allotted scores to the testing solutions based on their product versatility (in terms of number of different types of biomarkers evaluated and number of different types of cancers targeted) and product competitiveness (in terms of number of profiling technologies used, number of analytical techniques used, number of sample inputs required and turnaround time).
3. Further, the testing solutions were segmented based on the location of the headquarters of their developers. For the purpose of analysis, the cancer biomarker testing solutions were segregated into three peer groups, namely:
· Peer Group I: Biomarker Testing Solutions Offered by Players based in North America
· Peer Group II: Biomarker Testing Solutions Offered by Players based in Europe
· Peer Group III: Biomarker Testing Solutions Offered by Players based in Asia-Pacific
4. Finally, as indicated earlier, the testing solutions were plotted on a 2*2 matrix (highlighting their relative competitiveness score), with product versatility on the abscissa and product competitiveness on the ordinate.
As per our scoring criteria, NeoTYPE developed by NeoGenomics Laboratories and PGDx elio tissue complete developed by Personal Genome Diagnostics emerged as the most competent testing solutions having achieved the maximum score in terms of both product competitiveness as well as product versatility among the cancer biomarker testing solutions offered by players based in North America (having product competitiveness greater than or equal to 14.5). NeoTYPE assists in the evaluation of MSI/MMR and TMB biomarkers using analytical techniques such as next generation sequencing, immunohistochemistry and fluorescence in situ hybridization. Further, NeoTYPE helps in evaluating cancer biomarkers in breast cancer, CNS cancer, colon / colorectal cancer, endometrial cancer, gastrointestinal cancer, hematological cancer, lung cancer, melanoma and ovarian cancer.
Further, in terms of product versatility (in alphabetical order) MI Profile (Caris Life Sciences), MI Tumor Seek (Caris Life Sciences), Molecular testing for Solid Tumors (MedGenome), NeoTYPE (NeoGenomics Laboratories) and PGDx elio tissue complete (Personal Genome Diagnostics) emerged as the leading cancer biomarker testing solutions.
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https://www.rootsanalysis.com/reports/cancer-biomarkers-market/253.html
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