(I-BusinessNews.Com, March 18, 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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Major growth drivers of the cancer biomarkers market are rising prevalence of cancer and rising demand for personalized medicine in cancer therapies. However, the high cost of various cancer diagnostic tests, need for high capital investments, poorly suited regulatory and reimbursement systems, and technical issues related to sample collection are restricting the growth of this market.
The cancer biomarkers market is dominated by established players such as Thermo Fisher Scientific Inc. (US), Roche (Switzerland), Agilent Technologies (US), Illumina Inc. (US), Abbott (US), QIAGEN N.V. (Netherlands), Merck (US), Becton, Dickinson and Company (US), and Hologic (US).
Roche is another leading provider of diagnostics systems and tests for clinics, laboratories, and other healthcare facilities. This is mainly attributed to its continued focus on the development of new products and technologies for diagnostics. This allows it to introduce innovative products in the market, from which the company maintain its presence in the oncology biomarkers market. In addition, the company has a strong presence across the globe, with manufacturing facilities in Europe and the US and strong distribution channels to serve markets in Europe, the Middle East, Africa, Asia Pacific, and Latin and North America. The company focuses on organic as well as inorganic strategies such as product launches, expansions, agreements, and partnerships to maintain its position in the market and strengthen its product portfolio. For Instance, in 2015, Roche acquired Signature Diagnostics (Germany), a developer of blood plasma and tissue biobanks for cancer.
Thermo Fisher is the largest player in the global cancer biomarkers market. The company has set the healthcare industry standard in this market by providing innovative cancer biomarkers. The company offers a wide range of products in the immunoassay, omics, and cytogenetics technologies. With its strong geographic presence and extensive product portfolio the company is expected to witness a strong growth in the oncology biomarkers market during the forecast period. The company focuses on organic as well as inorganic strategies such as product launches, acquisitions, agreements, and partnerships to maintain its position in the market and strengthen its product portfolio. For Instance, in 2016, Thermo Fisher acquired Affymetrix (US) to strengthen its bioscience product portfolio.
Agilent is a global life sciences and diagnostics technology company that provides laboratories across the globe instruments, services, consumables, applications, and expertise. The company operates through five business segments, namely, instrumentation, analytical lab services, analytical lab consumables, diagnostics & genomics solutions, and informatics & others. Agilent operates in the Americas, Europe, the Middle East, Asia, and Africa. The company focuses on organic as well as inorganic strategies such as product launches, collaborations, agreements, and partnerships to maintain its position in the market. For instance, in 2016, the company launched diagnostic tests complementary to cancer biomarker products.
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North America accounted for the largest share of the cancer 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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