Prevalence of various types of cancers such as breast, prostate, and lung cancer, development of biological & targeted drug therapies, and reliability of cancer biomarkers fuel the growth of the global cancer biomarkers market. On the other hand, high cost of drug development, threat of failure associated with cancer treatment, and unregulated government regulations & reimbursement policies impede the growth to some extent. However, high-end technological advancements are expected to create multiple opportunities in the industry.
The cancer biomarkers market was valued at $10,944.08 million in 2019, and is projected to reach $26,979.50 million by 2027, registering a CAGR of 11.8% from 2020 to 2027.
The omic technologies segment to maintain the lion’s share by 2027-
Based on profiling technologies, the omic technologies segment accounted for more than half of the global cancer biomarkers market share in 2019, and is expected to rule the roost by the end of 2027. This is attributed to factors such as rise in use of personalized medicines for cancer treatment and growth in healthcare expenditure among people. The immunoassays segment, on the other hand, would register the fastest CAGR of 16.4% throughout the forecast period, owing to various advantages offered by immunoassays such as simultaneous analysis of multiple compounds, analysis at minute concentrations, and increased efficiency of diagnosis and treatment.
North America to dominate in terms of revenue-
Based on geography, North America held the major share, garnering more than one-third of the global cancer biomarkers market, owing to strong focus on innovation and technological advancements in healthcare & diagnostics in the region. At the same time, Asia-Pacific is expected to manifest the fastest CAGR of 15.1% from 2020 to 2027. This is due to increase in prevalence of cancer, rise in patient awareness, and increase in disposable incomes in the province.
Key Benefits For Stakeholders
- The cancer biomarkersmarket share and analysis is based on a comprehensive analysis of key developments in the cancer biomarkersindustry.
- The development strategies adopted by the key cancer biomarkers market players are enlisted to understand the competitive scenario of the global market.
- The study provides an in-depth analysis of the cancer biomarkersmarket trends to elucidate the imminent investment pockets.
- The global market trends are studied from 2019 to 2027.
Frontrunners in the industry-
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific, Inc.
- Bristol-Myers Squibb Company
- Exact Sciences Corporation
- F.Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Qiagen N.V.
- Merck KGaA
- PerkinElmer, Inc.
- Siemens AG
Read More: https://www.alliedmarketresearch.com/cancer-biomarkers-market
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