(I-BusinessNews.Com, February 20, 2021 ) According to research report the global Oncology 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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The increasing prevalence of cancer, rising government support for research on cancer biomarkers, growing use of biomarkers in drug discovery and development, and increasing use of biomarker tests for diagnostic purposes are the major factors that are driving the growth of this market.
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).
The breast cancer segment accounted for the largest share of the cancer biomarkers market in 2016
Based on cancer type, the cancer biomarkers 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.
The genetic biomarkers segment is expected to grow at the highest CAGR during the forecast period
Based on biomarker type, the oncology biomarkers 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.
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North America was the largest regional market for cancer biomarkers in 2016
North America accounted for the largest share of the oncology biomarkers market in 2017, followed by Europe. North America is the largest market for cancer biomarkers majorly due to government support (in the US and Canada) for the discovery and development of biomarkers, rising use of biomarkers in drug discovery and development by pharmaceutical companies, adoption of advanced omics technologies for biomarker discovery, and the increasing demand for personalized medicine in the region.
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