Global Cancer Biomarker Market expected to reach XX Million By 2025, a fundamental shift in medicinal biology facilitating early diagnosis
According to a new report published by Reports Monitor titled, “Cancer Biomarker By Cancer Type, Biomarker Type, Profiling Technology & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Cancer Biomarker Market was valued at 10.3 billion in 2016, and is projected to reach at 33.7 billion by 2025, growing at a CAGR of 14.3% from 2017 to 2025. North America dominates the Cancer Biomarker Market, in terms of value, and is expected to maintain this trend throughout the forecast period.
Cancer Biomarkers are the Substances or reactions that are measurable indicator produced in body against malignancy or tumor. Cancer biomarkers have potential applications in oncology including screening, differential diagnosis, risk assessment, determination of prognosis and possible reaction to treatment and close monitoring of progression of disease. Cancer biomarkers could be specific genes or gene products, cells, molecules, hormones or enzymes and exist in blood, tissues body fluids or secretions. Considering, crucial role of the biomarkers at all stages of disease, they are subjected to meticulous evaluation, such as analytical and clinical validation along with studying their clinical utility, preceding to inclusion into routine clinical care.
Involvement of governmental organizations and private bodies by investing huge amount for research and development to introduce novel techniques in oncology chiefly drives the market growth. Moreover prevalence of cancer, technological breakthrough and cancer biomarker practices in drug discovery and developmental programme is fuelling the market growth in forecast period. Nonetheless, soaring cost of the cancer treatment, huge initial cost investment and sample collection and storage issue along with unfavourable reimbursement policies impediates the cancer biomarker market.
On the basis of cancer type, breast cancer is anticipated to have major share of the market owing to various organizations conducting awareness programmes, early diagnosis of the condition and focus of key market players on developing new diagnostic assays.
In terms of biomarker type, protein biomarker segment is expected to hold significant share of the market. Factors attributing to the growth of this segment include astounding potential of protein biomarker cancer detection, diagnostics, prognostics, and clinical & therapeutic applications and cost-effective protein biomarkers tests as compared to genetic biomarkers.
Key Finding and Scope:
• Breast Cancer was the major segment by values share in 2016 owing to high predominance of this type of cancer
• Lung cancer is anticipated to grow lucratively attributing to growing research exercise for introducing novel lung cancer biomarkers
• Protein biomarker segment accounts for largest market share in terms of value, as numerous pharmaceutical companies are focusing into discovery of protein biomarker.
• Advance infrastructure and growing research and development along with high adoption for biomarker based cancer testing facilitates high growth in North America dominating the cancer biomarker market region wise.
• Asia-Pacific is expected grow at high pace with CAGR of over 16.7 %
Major key players performing in the market are Thermo Fisher Scientific, Hoffmann-La Roche Ltd., Abbott Laboratories, Merck & Co. Inc., Becton, Dickinson and Company, Qiagen N.V., Danaher Corporation, Novartis AG, and GE Healthcare.
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