Cancer Biomarkers Market is expected to reach US$ 31,206.00 million by 2027

Published Date: 17 Oct 2019

Report : Cancer Biomarkers Market to 2027 - Global Analysis and Forecasts By Biomarker Type (Protein Biomarkers, Genetic Biomarkers, Others); Profiling Technology (Omics Technologies, Imaging Technologies, Immunoassays, Cytogenetics, Bioinformatics); Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Leukemia, Bladder Cancer, Others); Application (Prognostics, Diagnostics, Research and Development, Others) and Geography

Cancer Biomarkers Market: Key Insights

 

According to our new research study on “Cancer Biomarkers Market Forecast to 2027 –  Global Analysis – by Biomarker Type, Profiling Technology, Cancer Type, Application, and Geography,” the global cancer biomarkers market size is expected to reach US$ 31,206.00 million by 2027 from US$ 12,175.69 million in 2018; it is estimated to grow at a CAGR of 11.1% during 2019–2027. The report highlights trends prevailing in the market and factors driving its growth. The cancer biomarkers market growth is attributed to new product launches and FDA approvals, increase in investments from governments and public & private sector toward R&D for cancer diagnostics, accuracy, and reliability of cancer biomarkers. However, the threat of failure associated with cancer treatments, and unfavorable government regulations and disadvantages associated with reimbursement policies may hinder the market growth.

 

North America accounted for the largest share in 2018 and is expected to continue with a similar trend over the forecast period. The North America cancer biomarkers market is segmented into the US, Canada, and Mexico. The US captured the largest share in 2018. The region is expected to witness the same trend over the forecast period. The market for cancer biomarkers in the US is expected to grow owing to rising prevalence of cancer both in adults and pediatric groups. For instance, as per the American Cancer Society, in 2019, approximately 1,762,450 new cancer cases were detected in the country. The common cancers include breast cancer, lung & bronchus cancer, colon & rectum cancer, prostate cancer, melanoma cancer, and liver cancer. Moreover, as per the National Cancer Institute, ~1,735,350 new cancer cases were diagnosed in the country in 2018. Furthermore, in 2019, there were around 268,600 new incidences of invasive breast cancer diagnosed in women in the country. Moreover, in recent years, there has been tremendous growth in advanced and improved medical technologies. This growth resulted in the development of advanced diagnostics and has catalyzed developments and advancements in the healthcare industry. Moreover, the US is home to various companies developing cutting-edge products for diagnosis. Thus, the above-mentioned factors are expected to significantly accelerate the growth of the cancer biomarkers market at a significant rate during the forecast period.

 

New Product Launches & FDA Approvals Fueling Cancer Biomarkers Market Growth

FDA approvals and product launches are driving the cancer biomarkers market. Market players are involved in the manufacturing of wide range of cancer biomarkers that offer maximum advantages and early diagnosis. For instance, in May 2019, QIAGEN launched its first FDA-approved companion diagnostic for PIK3CA biomarkers to enhance precision medicine in breast cancer. PIK3CA Kit, the [PB1] first companion diagnostic assay is used in any cancer indication to detect activating mutations in the PIK3CA gene. Additionally, it is the first FDA approved assay as guiding treatment decisions in breast cancer utilizing plasma specimens as a liquid biopsy. Moreover, in November 2017, Roche launched DISCOVERY [PB2] Teal HRP chromogen detection kit to improve tissue-based cancer research. This newest addition to the collection of modular-based detection kits is used to identify and profile biomarkers and cell populations in the tissue-based study.

 

Furthermore, in January 2018, Thermo Fisher Scientific launched new assay of Oncomine TCR Beta-SR; it is a new solution of next-generation sequencing (NGS) research of immuno-oncology intended to characterize T-cell clonality in the tumor microenvironment, which is a key way to identify possible biomarkers associated with immune response.

 

Cancer Biomarkers Market: Segmental Overview

 

Biomarker Type-Based Insights

The global cancer biomarkers market, based on biomarker type, is segmented into genetic biomarkers, protein biomarkers, and other cancer biomarkers. The protein biomarkers held the largest segment among the biomarker type segment in the cancer biomarkers market in 2018. On the other hand, the genetic biomarkers segment is expected to witness lucrative growth over the forecast period.

 

Profiling Technology-Based Insights

The global cancer biomarkers market, based on profiling technology, is segmented into omics technologies, imaging technologies, immunoassays, cytogenetics, and bioinformatics. The omics technologies was the largest segment among the profiling technology subsegments in the cancer biomarkers market in 2018 and is expected to witness growth in its demand at the fastest CAGR during 2019–2027.

 

Cancer Type-Based Insights

The global market, based on cancer type, is segmented into breast cancer, lung cancer, prostate cancer, leukemia, bladder cancer, and other types of cancer. The other cancer segment captured the largest share among the cancer type subsegments in the cancer biomarkers market in 2018.

 

Application-Based Insights

The global market, based on application, is segmented into diagnostics, research & development, prognostics, and others cancer. The prognostics segment was largest among the application subsegments in 2018 and expected to witness the highest growth during 2019–2027.

 

Cancer Biomarkers Market: Competitive Landscape and Key Developments

Bio-Rad Laboratories, Inc.; Thermo Fisher Scientific, Inc.; F. Hoffmann-La Roche Ltd.; Qiagen N.V.; Illumina, Inc.; Myriad Genetics, Inc.; Hologic Inc.; Quest Diagnostics Incorporated; BioMérieux SA; Abbott; BioVision Inc.; and Creative Diagnostics are among the leading companies in the cancer biomarkers market.

 

  • In April 2019, EA Genomics launched Illumina’s TruSight Oncology 500 (TSO 500) next-generation sequencing (NGS) assay services. It will be used for analysis of key immunotherapy biomarkers, namely, tumor mutational burden (TMB), and microsatellite instability (MSI).
  • In May 2019, F. Hoffmann-La Roche Ltd launched the VENTANA ROS1 (SP384) Rabbit Monoclonal Primary Antibody, an in vitro diagnostic ROS1 immunohistochemistry (IHC) assay. The launch has enabled the company to offer better innovative products in the market.
  • In January 2018, Thermo Fisher Scientific launched new Oncomine TCR Beta-SR Assay, a new next-generation sequencing (NGS) solution for immuno-oncology research designed to characterize T-cell clonality in the tumor microenvironment – a key approach to identify potential biomarkers associated with immune response.

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