Summary

The cancer biomarker market is expected to grow at a strong CAGR of around 13% during the forecast period. The market is growing with the increase in research and development funding from various government and private organizations for the development of cancer biomarkers. Moreover, the presence of various government and non-government organizations that aim to enhance awareness and promote research is also propelling market growth. For instance, Cancer Research Institute funded more than 120 clinical trials and invested around USD 474 million in research in 2020. Furthermore, rising investments by pharmaceutical companies is also driving the growth of the market. For instance, in March 2023, Scailyte AG collaborated with Turnstone Biologics to identify signature biomarkers predictive of clinical responses to tumor-infiltrating lymphocyte (TIL) therapy by applying ScaiVision®, Scailyte's best-in-class single-cell sequencing analytical platform.

Some of the major players operating in the market Qiagen, Abbott Laboratories Inc., Agilent Technologies, Merck Millipore, Biomerieux, Quest Diagnostics, F. Hoffmann-La Roche Ltd, Hologic Inc., Illumina Inc., Thermo Fisher Scientific. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst type, the protein biomarker segment to grow with high CAGR during the forecast period.”
Based on the type, the market is segmented into protein, genetic biomarker, and glycol-biomarkers. The protein biomarker is anticipated to grow with significant CAGR during the forecast period. This can be attributed to the surge in the usage of protein biomarkers in research in cancer treatment. Protein biomarkers are considered as one of the most common biomarker used for the accurate detection for various cancers. For instance, in January 2022, a data from China Kadoorie Biobank Study discovered new protein biomarkers which could improve diagnosis and save lives from pancreatic cancer.

“Amongst indication, the breast cancer category held a significant share of the market in 2021”
By indication, the market is segmented into prostate cancer, breast cancer, lung cancer, colorectal cancer, cervical cancer, stomach cancer, liver cancer, and others. The breast cancer category held a significant share of the market in 2021. . According to World Health Organization (WHO), breast cancer has affected 2.3 million women globally in 2020, with 685,000 fatalities. Breast cancer has been diagnosed in 7.8 million women in the previous five years as of the end of 2020, making it the most common cancer in the world. Thus, the growing prevalence of breast cancer is driving the growth of the segment.

“Amongst application, the diagnostics category held a significant share of the market in 2021”
By application, the market is segmented into drug discovery & development, diagnostics, prognostics, and others. Diagnostics held a significant share of the market in 2021. The factors such as the growing development of cancer biomarkers based on oncology tests with high efficiency and effectiveness and growing government initiatives are driving the growth of the segment during the forecast period.

“Asia Pacific to grow with high CAGR during the forecast period”
The Asia Pacific region is anticipated to grow with a significant CAGR during the forecast period. The cancer biomarkers market in Asia-Pacific region is being driven by the growing prevalence of cancer. In addition, the government and pharmaceutical companies is constantly funding development activities for developing new products. For instance, in June 2022, Karkinos Healthcare established India’s first oncology laboratory for comprehensive cancer diagnostic services. Thus, rising awareness of cancer biomarkers is also boosting the growth of the market in Asia-Pacific region.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global cancer biomarker market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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