Cancer Biomarker Testing Market Opportunities, Business Forecast To 2028
The global cancer biomarker testing market was valued at USD 10.42 billion in 2021 and is anticipated to grow at USD 20.59 billion by 2028 recording a CAGR of 12.4% during the forecast period 2022-2028.The capacity to identify appropriate patients for treatment based on molecular biomarkers propelled the targeted therapy oncology market to new heights. Breast cancer, gastric cancer, colorectal cancer, non-small-cell lung cancer (NSCLC), malignant melanoma, and chronic myeloid leukaemia are only a few of the indications that have gained from verified molecular biomarkers as a counterpart to the therapeutic agent. The specificity and sensitivity of any test used for cancer screening, diagnosis, or monitoring is crucial. Cancer diagnostics must be both specific and sensitive enough to detect even the tiniest tumour in the body. In the United States, about 1 million prostate biopsies are performed each year, the majority of which are unneeded or repeat biopsies performed just to verify that a patient with cancer is not overlooked. It's the result of the PSA test, which isn't very specific and is used for prostate cancer screening. The American Cancer Society and the American Urologic Association both recommend PSA testing for cancer screening every year.
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The global cancer biomarkers market is driven by the prevalence of various types of cancers such as breast, prostate, and lung cancer, as well as the development of biological and targeted medicinal therapies and the dependability of cancer biomarkers. High drug research costs, the risk of failure associated with cancer treatment, and unregulated government regulations and reimbursement systems, on the other hand, stifle expansion to some extent. High-tech improvements, on the other hand, are likely to open up a slew of new prospects in the industry.
The global cancer biomarker testing market segmentation:
1) By Type Of Cancer: Cervical cancer, Lung Cancer, Collateral Cancer, Liver Cancer, Prostate Cancer, Breast Cancer, Others.
2) Application: Drug Discovery and Development, Personalised Medicine, Diagnosis, Others.
3) End-User: Hospitals, Cancer diagnostic Centres, Research Institutes, Others.
Owing to the region's strong focus on innovation and technology breakthroughs in healthcare and diagnostics, North America held the largest share, accounting for more than one-third of the worldwide cancer biomarkers market. At the same time, Asia-Pacific is predicted to grow at the quickest rate, with a CAGR of 15.2% between 2020 and 2027. This is attributed to the province's rising cancer prevalence, increased patient awareness, and rising disposable incomes. The ability for researchers to invest more in the use of biomarkers in drug discovery, drug development, detection of specific tumours, monitoring biological response to cancer therapy, and genetic studies for the identification of predisposed cancer candidates has been made possible by the ease of US regulatory requirements and the availability of capital from various organisations, such as the National Institute of Health.
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Some of the major key players in the Cancer Biomarker Testing Market are Thermo Fisher Scientific (Affymetrix Inc.) (U.S.) Abbott Laboratories (U.S.) F. Hoffmann-La Roche Ltd. (Switzerland) AbbVie Inc. (U.S.) Arquer Diagnostics Ltd. (U.K.) Illumina, Inc. (U.S.) Qiagen (Germany) Agilent Technologies (U.S.) Merck & Co. Inc. (U.S.) Becton Dickinson and Company (U.S.) Hologic Inc. (U.S.)
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