(I-BusinessNews.Com, May 11, 2021 ) According to research report the cancer biomarkers market to reach USD 20.4 billion by 2022. and is estimated to grow at a CAGR of 12.2% during the forecast period.
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Based on biomarker type, the market is segmented into genetic biomarkers, protein biomarkers, and other biomarkers (cell, viral, and carbohydrate biomarkers). During the forecast period, the genetic biomarkers segment is estimated to grow at the highest CAGR majorly due to advancements in high-throughput technologies, such as next-generation sequencing, which have enhanced the speed and accuracy of genetic biomarker discovery and diagnosis.
Based on cancer type, the market is segmented into breast, lung, colorectal, prostate, melanoma, leukemia, thyroid, bladder, non-Hodgkins lymphoma, kidney, and other cancers (such as cervical, multiple myeloma, CNS, gastric, liver, pancreatic, oral cavity and pharynx, stomach, and ovarian cancers). The breast cancer segment accounted for the largest share of this market owing to the high and growing prevalence of breast cancer, increasing awareness about breast cancer, rising number of breast cancer screening programs, and growing research on breast cancer.
Opportunity: Personalized medicine
Over the years, the popularity of personalized medicine has increased, due to limitations of standard diagnosis and treatment. Different fields of medicine, from cancer to psychiatry, are heading towards tailored treatments for each patient on the basis of his/her biological and clinical characteristics. The use of biomarkers has played a very important role in certain aspects of personalized medicine. Also, the importance of biomarkers is increasing in the field of personalized medicine, with applications in diagnosis, prognosis, and selection of targeted therapies. In terms of calculating disease risk and response to therapy, the continuous development and identification of biomarkers specific to a disease and individual patients is vital for personalized medicine. Thus, the field of personalized medicine is expected to offer potential growth opportunities for players operating in the cancer biomarkers market.
Challenge: Proving clinical validity and utility of biomarker-based tests
Despite the advances in biomarkers in the last few years, the lack of clarity regarding several basic elements is restricting their full potential in human medicine. Limited acceptance of robust clinical biomarker tests is one of the major challenges in this regard. Human diseases are mostly complex in nature; several biomarkers are required to describe the imbalance in the metabolic equilibrium responsible for the disease and the effect of treatment. The biomarker validation process includes the evaluation of the assay or measurement of performance characteristics, such as sensitivity, specificity, and reproducibility
North America accounted for the largest share of the cancer biomarkers market in 2017, followed by Europe. Growth in the developed markets of North America and Europe is primarily driven by the high adoption of advanced technologies like NGS, increasing number of research studies for the discovery and development of novel biomarkers, presence of a large number of pharmaceutical companies, rising funding and investments from public and private organizations, and increasing use of biomarkers in patient stratification and drug development process.
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The major players operating in the cancer biomarkers market are Abbott (US), Affymetrix (US), Roche (Switzerland), Illumina (US), QIAGEN (Netherlands), Agilent (US), Thermo Fisher (US), Merck (US), Becton Dickinson and Company (US), and Hologic (US).
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