PUBLISHER: The Business Research Company | PRODUCT CODE: 1425309
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425309
Cancer Biomarker Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cancer biomarker market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cancer biomarker? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cancer biomarker market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A cancer biomarker is a biological molecule found in blood, tissues, or other bodily fluids that serves as an indicator of normal or abnormal activity and the presence of a specific condition or disease, particularly cancer. These biomarkers are crucial in characterizing alterations within tumors.
The primary types of cancer biomarkers include protein biomarkers, genetic biomarkers, and those utilizing omics technologies, imaging technologies, immunoassay, bioinformatics, and cytogenetics profiling technologies. Protein biomarkers are identifiable markers in a patient's blood that correlate with significant events or signal distinct states in a biological process, such as disease progression. They are employed for accurate disease diagnosis. Cancer biomarkers find applications in various cancer types, including breast cancer, lung cancer, colorectal cancer, prostate cancer, thyroid cancer, kidney cancer, and others. These biomarkers are utilized in diagnostics, research and development, prognostics, risk assessment, and various other applications.
The cancer biomarkers market research report is one of a series of new reports from The Business Research Company that provides cancer biomarkers market statistics, including cancer biomarkers industry global market size, regional shares, competitors with a cancer biomarkers market share, detailed cancer biomarkers market segments, market trends and opportunities, and any further data you may need to thrive in the cancer biomarkers industry. This cancer biomarkers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cancer biomarker market size has grown rapidly in recent years. It will grow from $19.74 billion in 2023 to $22.77 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The expansion observed in the historical period can be attributed to a shift towards personalized medicine, innovations in immunotherapy, the evolution of regulatory frameworks, collaborative research efforts, and a heightened focus on non-coding RNAs. These factors collectively contributed to significant growth and advancements in the specified historical timeframe.
The cancer biomarker market size is expected to see rapid growth in the next few years. It will grow to $40.66 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The anticipated growth in the forecast period can be attributed to a shift towards patient-centric diagnostics, the integration of biomarkers in clinical trials, the emergence of multiplex biomarker panels, exploration of non-coding RNAs, and the commercialization of biomarker tests. Key trends expected in the forecast period encompass advancements in genomics, the adoption of precision medicine approaches, the use of liquid biopsies, innovations in immunotherapy, and the integration of artificial intelligence (AI) in diagnostics and research.
The cancer biomarker market is experiencing substantial growth driven by the increasing incidence of cancer. The rise in cancer incidence rates, measured as the number of new cancers per 100,000 people at risk, has led to a widespread use of cancer biomarkers. These biomarkers play a crucial role in assessing disease risk, screening for occult primary tumors, distinguishing between benign and malignant signs, and categorizing different forms of malignancy. Notably, in January 2022, the American Cancer Society reported an anticipated 1.9 million new cancer cases and 609,360 cancer deaths in the US for 2022. With cancer claiming approximately 1,670 lives each day, the escalating incidence of cancer is expected to drive the growth of the cancer biomarker market in the foreseeable future.
The growth of the cancer biomarker market is further propelled by the increase in the geriatric population. As the percentage of people aged 65 and older rises globally, there is a heightened risk of cancer development among the aging population. This surge in risk amplifies the demand for cancer biomarkers, emphasizing the need for early detection, personalized treatment, and targeted interventions. According to a report by the World Health Organization (WHO) in October 2022, one in six people is projected to be 60 or older by 2030, with the global population of individuals aged 60 years and older expected to reach 2.1 billion by 2050. The increase in the geriatric population is a significant driver for the growth of the cancer biomarker market.
Technological advancement is a prominent trend shaping the cancer biomarker market, with major players adopting advanced technologies like artificial intelligence (AI), deep learning (DL), and machine learning (ML). These technologies address challenges associated with finding cancer biomarkers by processing large volumes of molecular and imaging data beyond the capabilities of traditional statistical studies and tools. For example, in December 2021, F. Hoffmann-La Roche AG introduced uPath Ki-67 (30-9), uPath ER (SP1), and uPath PR (1E2), utilizing pathologist-trained deep learning algorithms for image analysis in breast cancer diagnostics.
Innovation in products, specifically AI-powered cancer diagnostics solutions, is a key focus for major companies in the cancer biomarker market. AI-powered cancer diagnostics leverage advanced computational methods to analyze medical data and aid in the detection, diagnosis, and characterization of cancer. In September 2023, Ibex Medical Analytics launched Galen Breast HER2, an AI-powered solution for HER2 IHC scoring in breast cancer. This solution automates the detection of invasive tumor areas, identifies tumor cells, and calculates the HER2 IHC score with exceptional accuracy. It supports pathologists in achieving precise and consistent HER2 scoring in breast cancer patients.
Strategic acquisitions are also contributing to the evolution of the cancer biomarker market. In May 2021, GE Healthcare acquired Zionexa for an undisclosed amount, expanding its portfolio of neurology and oncology tracers. Zionexa, a France-based company, specializes in developing in-vivo biomarkers for guiding personalized treatments in oncology. This acquisition enhances GE Healthcare's capabilities in providing tailored diagnostic solutions for neurology and oncology.
Major companies operating in the cancer biomarker market report are F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., QIAGEN NV, Illumina Inc., Bio-Rad Laboratories Inc., Abbott Laboratories, bioMerieux SA, Becton Dickinson and Company, Merck & Co. Inc., Bristol-Myers Squibb Company, PerkinElmer Inc., Siemens AG, Exact Sciences Corporation, Novartis AG, Agilent Technologies Inc., Hologic Inc., Myriad Genetics Inc., Foundation Medicine Inc., Guardant Health Inc., Natera Inc., Sysmex Corporation, Biocartis Group NV, NanoString Technologies Inc., Veracyte Inc., Epic Sciences Inc., Cynvenio Biosystems Inc., Genomic Health Inc., Oncocyte Corporation, Exosome Diagnostics Inc., and Grail Inc.
North America was the largest region in the cancer biomarker market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cancer biomarker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cancer biomarker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cancer biomarker market consists of sales of epigenetic biomarkers, and metabolic biomarkers for various cancers such as melanoma, leukemia, bladder cancer, non-hodgkin's lymphoma, endometrial cancer, pancreatic cancer, and liver cancer. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.