December 05, 2019
According to the research report titled ‘Cancer Biomarkers Market to 2027 - Global Analysis and Forecasts By Biomarker Type (Protein Biomarkers, Genetic Biomarkers, Others); Profiling Technology (Omics Technologies, Imaging Technologies, Immunoassays, Cytogenetics, Bioinformatics); Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Leukemia, Bladder Cancer, Others); Application (Prognostics, Diagnostics, Research and Development, Others) and Geography’ available with Market Study Report LLC, the global cancer biomarkers market was worth US $12,175.69 million in 2018 and is estimated to grow with a CAGR of 11.1% during the period of 2019-2027, accounting for US $31,206 million by 2027.
Growing occurrences of cancer around the globe, advancements in technology, coupled with development of innovative products are major factors driving the growth of cancer biomarkers market for the forecast period. Shifting preference for cancer immunotherapies instead of using traditional treatment methods and growing opportunities in emerging countries are also aiding the market outlook.
Surging advancements in omics technologies which include proteomics, genomics, metabolomics, and transcriptomics are further augmenting the demand for cancer biomarkers across the globe. However, strict regulations and poorly defined reimbursement policies may hinder the growth of the cancer biomarkers market in the upcoming years.
As per product type, cancer biomarkers market is categorized into equipment, antibodies, kits, and reagents, whereas in terms of cancer type, the market is classified into lung cancer, breast cancer, bladder cancer, prostate cancer, leukemia and others. According to the report, breast cancer segment dominated the cancer biomarkers market in 2018, due to rising prevalence of breast cancer among females.
On the basis of application, the market is bifurcated into research & development, diagnostics, prognostics, and others. Based on biomarker type, the industry is divided into protein biomarkers, genetic biomarkers, and others. Speaking of profiling technology, cancer biomarkers market is segmented into imaging technologies, omics technologies, cytogenetics, immunoassays, and bioinformatics.
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Considering the geographical landscape, APAC cancer biomarkers market is projected to emerge lucrative revenue pocket during the analysis timeline, owing to rising medical tourism, lower surgery costs, lesser waiting time across the region.
Prominent companies operating in cancer biomarkers market are Bio-Rad Laboratories, Inc., Qiagen N.V., Thermo Fisher Scientific, Inc., Illumina, Inc., Hoffmann-La Roche Ltd., BioMerieux SA, Myriad Genetics, Inc., Quest Diagnostics Incorporated, and Hologic, Inc. among others.
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