According to a market research by The Insight Partners entitled “Biomarkers of cancer until 2027: analysis and global forecasts by type of biomarker, profiling technology, types of cancer and application.” The global market for cancer biomarkers is projected to reach US $ 31,206.00 million in 2027 from US $ 12,175.69 million in 2018. The market is expected to grow at a CAGR of 11.1% between 2019-2027. The report provides the prevailing trends in the global cancer biomarker market and the factors driving the market, along with those that act as barriers.
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New product launches and FDA approvals
FDA product approvals and launches drive the market for cancer biomarkers. Market participants are involved in the manufacture of a wide range of cancer biomarkers that offer the maximum benefits and early diagnosis. For example, in May 2019, QIAGEN launched its first FDA-approved complementary diagnosis for PIK3CA biomarkers to improve precision medicine in breast cancer. Kit PIK3CA, el [PB1] the first accompanying diagnostic assay is used in any indication of cancer for the detection of activating mutations in the PIK3CA gene. In addition, it is the first FDA-approved test to guide treatment decisions in breast cancer using plasma samples as a liquid biopsy. In addition, in November 2017, Roche launched DISCOVERY [PB2] Teal HRP Chromogen Detection Kit to Improve Tissue-Based Cancer Research. This new addition to the collection of modular-based detection kits is used to identify and profile biomarkers and cell populations in the tissue-based study.
Development opportunity in emerging countries
Emerging markets such as Asia Pacific are creating better opportunities for major market players to expand their business. This is one of the main reasons for the growth of the market during the forecast period. Most of the major players are focusing on emerging countries such as India, China and others, due to a large number of cancer patients and the growing medical tourism in developing countries. Most emerging countries are the preferred place for medical tourism. According to the Australian Institute of Health and Welfare, 140,000 new cases of cancer will be diagnosed in 2018. In addition, according to the Malaysia Healthcare Travel Council, in 2017, more than 1,050,000 health travelers visited Malaysia for health purposes. The low cost of surgeries and advanced technologies with less waiting times for procedures in the region is likely to increase the demand for cancer biomarkers.
The global market for cancer biomarkers, based on the type of biomarkers, has been segmented into genetic biomarkers, protein biomarkers, and other cancer biomarkers. The protein biomarker segment had the largest market share in 2018. In addition, the reagent segment is expected to record the highest CAGR on the market during the forecast period.
Driving factors such as the growing prevalence of cancer worldwide, the launch of new products and FDA approvals and technological advances are expected to drive the market over the years. However, the unfavorable scenario of regulation and redemption is likely to have a negative impact on market growth in the coming years. In addition, the development opportunities of emerging countries are likely to have a positive effect on market growth in the coming years.
The global market for cancer biomarkers, based on the type of biomarkers, is segmented into genetic biomarkers, protein biomarkers and others. In 2018, the protein biomarker segment had the largest market share of the cancer biomarker market. This segment is also expected to dominate the market in 2027 due to the remarkable potential of protein biomarkers in cancer diagnosis, detection and clinical and therapeutic applications and the lower price of protein biomarker testing compared to genetic biomarker testing .
Growth strategies have been seen in the cancer biomarkers market through various organic and inorganic substances, such as approvals, product launches, agreements and partnerships. For example, in June 2017, Illumina, Inc. announced an FDA-approved next-generation sequencing kit (NGS), its RAS panel extended. This kit will be used in the Illumina MiSeqDx system and allows U.S. labs to help physicians identify patients eligible for metastatic colorectal cancer treatment with Vectibix (panitumumab).
Global market for biomarkers against cancer – Per Type of biomarker
- Genetic biomarkers
- Protein biomarkers
- Other diagnoses of biomarkers of cancer
Global market for biomarkers against cancer – Per Profile technology
- Omics Technologies
- Imaging technologies
- Bioinformatics antibodies
Global market for biomarkers against cancer – Per Types of cancer
- Lung cancer
- Lung cancer
- Prostate cancer
- Bladder cancer
- Other types of cancer
Global market for biomarkers against cancer: by application
- Research & Development
- Other applications
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- United Arab Emirates
- South and Central America
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- Illumina, Inc.
- Bio-Rad Laboratories, Inc.
- bioMérieux, Inc.
- Creative diagnosis
- Hologic Inc.
- Message diagnostics
- Myriad Genetics, Inc.
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