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A recent report published by Infinium Global Research on cancer biomarkers market provides an in-depth analysis of segments and sub-segments in the global as well as regional cancer biomarkers market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional cancer biomarkers market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global cancer biomarkers market. According to the report, the global cancer biomarkers market is projected to grow at a CAGR of 10.5% over the forecast period of 2018-2024.
Cancer biomarkers are biological molecules found in blood, other body fluids, or tissues that are secreted by the cancerous tumor. It is a specific response of the body due to the presence of cancer. Cancer biomarkers include proteins, gene mutations, gene rearrangements, missing genes, and other molecules. Cancer biomarkers have many potential applications including risk assessment, screening, differential diagnosis, determination of prognosis, prediction of response to treatment, and monitoring of progression of the disease. It is used for the diagnosis and prognosis of various types of cancers including liver cancer, breast cancer, ovarian cancer, melanoma, pancreatic cancer, and many more. The use of cancer biomarkers to guide treatment can have both clinical and economic advantages.
Cancer is a major public health problem worldwide. The rising occurrence of several types of cancer drives the growth of cancer biomarkers market. The Center for disease control and prevention estimated that 22.9 million adults were diagnosed with cancer in 2016 in the U.S. The growing demand for cost-effective methods for cancer diagnosis boosts the cancer biomarkers market. According to the World Health Organization, the total annual economic cost of cancer was estimated at approximately USD 1.16 trillion. In addition, several countries have a strong government focus on healthcare costs and are implementing cost-effective health technology assessments that contribute to the growth of the cancer biomarkers market. The steady rise in the elderly population and the shift in behavioral patterns such as smoking, consumption of alcohol and lack of physical activity increase the risk of cancer. However, the high capital investment required for the development and installation of laboratories curtails the growth of cancer biomarkers market. The safety and disposal considerations in specimen collection and storage are the major challenges for the growth of the cancer biomarker market. Moreover, increasing awareness among healthcare professionals and rising demand for personalized medicine is anticipated to provide fruitful opportunities for market growth. Besides, the recent advancements in biologics technologies offer favorable growth opportunities for biomarker-guided testing technologies for cancer treatment.
Geographically, North America is the dominant region in the cancer biomarkers market. The high rate of adoption of advanced medical technologies primarily drives the cancer biomarkers market in the North America region. The busy lifestyle increases the risk of cancer in the North America region, thus promoting the growth of the cancer biomarkers market in this region. Europe is the second largest region in the portable medical devices market as the countries in this region such as New Zealand, Ireland, and France have the highest cases of cancer. Asia-Pacific regions are set to grow with an incredible pace in the cancer biomarkers market over the forecast period owing to the increasing aging population and the increasing occurrences of cancer in this region.
The report on global cancer biomarkers market covers segments such as biomolecule type, cancer type, application, and end-users. On the basis of biomolecule type, the sub-markets include genetic, epigenetic, metabolic, and proteomic. On the basis of cancer type, the sub-markets include breast cancer, lung cancer, prostate cancer, colorectal cancer, stomach cancer, skin cancer, ovarian cancer, blood cancer, and others. On the basis of application, the sub-markets include diagnostics, prognostics, risk assessment, drug discovery and development, and others. On the basis of end-users, the sub-markets include hospitals, speciality centers, and academic and cancer research centers.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in this region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the market such as F. Hoffmann-La Roche Ltd, Abbott Laboratories, GlaxoSmithKline plc, Novartis AG, Merck & Co., Inc, Becton, Dickinson and Company, Hologic, Inc., Genomic Health, Inc, Agilent Technologies, Inc., and Illumina, Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of cancer biomarkers market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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