The growth of the global cancer biomarkers market is due to surge in adoption of cancer biomarkers primarily for prognostics and diagnostics applications across the global.
Surge in number of patients suffering from various types of cancers such as prostate, breast, and lung cancer, rise in number of clinical trials, and high accuracy & reliability drive the growth of the global cancer biomarkers market. However, high cost associated with drug development and fatal effects of cancer drug therapy restrain the market growth. Furthermore, technological advancements in cancer therapy and focus on advanced treatment protocols are expected to create new growth opportunities for the market players.
Cancer Biomarkers Marketgenerated $10.94 billion in 2019, and is estimated to reach $26.97 billion by 2027, potraying a CAGR of 11.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Based on biomolecule, the genetic biomarkers segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, glyco-biomarkers segment is expected to register the highest CAGR of 12.5% from 2020 to 2027.
The global cancer biomarker market has witnessed an unprecedented growth in past few years. Rise in importance of biological and targeted drug therapies, technological developments, and surgein prevalence of various types of cancers contribute toward the cancer biomarker market growth. Moreover, cancer biomarkers are commonly used, as they are more reliable and accurate than other diagnostic techniques. The market is expected to grow at a significant pace during the forecast period.
The market is estimated to gain momentum in developing regions of Asia-Pacific and Latin America. Factors such as rapid urbanization, increase in geriatric population and undiagnosed patients, surge in the adoption of remote patient monitoring devices, rise in disposable income, and surge inawareness about the benefits of cancer biomarkers are expected to boost the market growth in these regions.
Leading market players analyzed in the research include Bio-Rad Laboratories, Abbott Laboratories, Exact Sciences Corporation, Bristol-Myers Squibb Company, Merck KGaA, F.Hoffmann-La Roche Ltd., Qiagen N.V., PerkinElmer, Inc., Thermo Fisher Scientific, Inc., and Siemens AG.
Read More: https://www.alliedmarketresearch.com/cancer-biomarkers-market
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
0 Comments