PUBLISHER: The Business Research Company | PRODUCT CODE: 1486814
PUBLISHER: The Business Research Company | PRODUCT CODE: 1486814
Cancer biomarkers refer to biological molecules found in blood, other body fluids or tissues that are indicative of the presence of cancer in the body. These biomarkers can be proteins, genetic material or other types of molecules that provide critical information about the health status of an individual, especially in the context of cancer.
The cancer biomarker market consists of sales, by entities (organizations, sole traders and partnerships), of diagnostic products and services related to cancer biomarkers that are utilized by healthcare professionals and researchers for a variety of purposes, including the early detection of cancer, monitoring the progression of the disease, evaluating the effectiveness of treatment and predicting prognosis and the likelihood of cancer recurrence. They play a crucial role in personalized medicine, allowing for tailored treatment plans based on the specific biomarkers present in an individual's cancer.
The global cancer biomarker market was valued at $10,473.92 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 13.50%.
Increase In Demand For Personalized Medicine
An increase in demand for personalized medicine propelled the growth of the cancer biomarker market. Personalized medicine, also known as precision medicine or individualized medicine, is an approach to medical care that aims to tailor treatments and interventions to the specific characteristics of each patient. Personalized medicine seeks to customize medical care to each patient's unique attributes, including genetic composition, biomarker profile and other variables. When compared to conventional, one-size-fits-all methods, targeted medicines can be developed with greater efficacy and fewer adverse effects thanks to the use of biomarkers in the identification of specific molecular targets for therapy. For instance, in October 2022, according to the Personalized Medicine Coalition, a US-based organization that represents scientists, patients and providers, promoting the understanding and adoption of personalized medicine to benefit patients and the healthcare system) estimated that more than 75,000 genetic testing products and 300 personalized medicines are on the market for people with multiple types of cancers, genetic rare diseases and a range of chronic and infectious diseases. Additionally, in 2022, according to the Personalized Medicine Coalition (PMC), a US-based company that advocates for personalized medicine, personalized medicines will account for 34% of new drug approvals by the US Food and Drug Administration in 2022 and have accounted for at least 25% of approvals in each of the previous eight years. Therefore, the increase in demand for personalized medicine supported the growth of the cancer biomarker market during the historic period.
Focus On AI Solution For Advancing Cancer Diagnostics And Cancer Drugs
Major companies are focused on an AI-driven solution for advancing cancer diagnostics utilizes machine learning algorithms to analyze medical imaging data such as X-rays, MRIs, CT scans and histopathology slides. These algorithms can detect subtle patterns and anomalies indicative of cancerous growths, enabling earlier and more accurate diagnoses. For instance, in September 2023, Ibex Medical Analytics, an Israel-based medical technology manufacturing company and leader in AI-powered cancer diagnostics, announced Galen Breast HER2, an artificial intelligence (AI) solution enhancing accurate and reproducible HER2 scoring in breast cancer patients. Galen Breast HER2 employs AI to detect invasive tumor areas and quantify HER2 expression into standard categories, aiding in patient identification for targeted therapies. The solution offers pathologists a comprehensive AI platform for analyzing H&E and IHC-stained slides, supporting quick and consistent HER2 scoring and enabling full review of breast biopsies with automated quantification of additional biomarkers.
The global cancer biomarker market is highly concentrated, with a few large players dominating in the market. The top ten competitors in the market made up to 51.6% of the total market in 2022
Cancer Biomarker Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global cancer biomarker market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider cancer biomarker market; and compares it with other markets.