Cancer Biomarkers Market to Exceed US$ 34 Billion by 2032 as Need for Early Detection in Lung & Prostate Cancer Rises
23 Nov 2022
Cancer Biomarkers & Pharmaceutical Companies Lining Up for Clinical Trials to Cater to Growing Demand, Pushing Sales Past US$ 11 Billion in 2022
In its latest report, Fact.MR presents an elaborate analysis of various factors influencing the global cancer biomarkers market, including drivers, opportunities, restraints, and trends. It further delves deeper into major observations concerning prominent expansion parameters prevailing across key segments, including test type, illness indication, and regions.
As per the study, the demand in the market is expected to increase at 12% CAGR over the forecast period of 2022 and 2032. As awareness regarding regular health check-up is increasing, the demand for early diagnosis is expected to propel the use of cancer biomarkers. Hence, key companies are investing in research activities to develop novel diagnostic products and gain competitive edge.
Several pharmaceutical companies are also investing in development of novel biomarkers for cancer treatment and diagnosis. As per the National Library of Medicine, around 1,515 cancer biomarkers are currently in clinical trials. In addition to this, as prevalence of lung cancer is increasing, the governments across the globe are increasing their initiatives to curb the global burden.
The growing footfall of patients related to this disease is creating the need for cancer biomarkers. As per the Lung Cancer Facts 2022, around 236,740 people are expected to be diagnosed with lung cancer in 2022. As passive smoking, air pollution, and toxic environment due to industrial mills and factories continues to surge, the global burden of lung cancer is predicted to increase, resulting in growing need for biomarkers.
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Apart from lung cancer, breast cancer is expected to be the leading cause resulting in the dire need for cancer biomarkers. With growing awareness regarding the early detection of breast cancer and cyst in breast, the governments worldwide are investing extensively in developing the biomarkers to detect the disease at an early stage.
As per the study, breast cancer held the largest share in 2021 and is expected to remain dominant over other illness indication during the upcoming decade. However, due to the growing incidence of prostate cancer, especially among men, the demand for PSA testing is expected to increase over the next decade. Fact.MR opines, Europe is expected to account for significant portion for prostate-specific antigen (PSA) testing, contributing nearly 50% of sales.
North America is expected to account for nearly 2/5th of revenue, creating an absolute US$ 5.2 Billion market opportunity in 2032.
Asia Pacific is projected to register 12% CAGR during the forecast period, with China and Japan leading the growth in the region.
Europe cancer biomarkers market is expected to exhibit growth at 11.6% CAGR over the upcoming decade.
Over half the revenue in the global market is expected to come from the PSA testing technology, in terms of test type.
Based on indication, breast cancer is expected to account for highest share, followed by prostate cancer.
Growth Drivers:
Growing need for cancer biomarkers for drug discovery and development will propel the growth in the market.
Rising awareness towards the personalized medicine and need for early detection to curb the global burden will fuel the demand in the market.
Restraints:
High cost of investments and extensive timeline issues in development and sample recovery might limit the growth.
Unfavorable regulatory scenarios in low income countries and unavailability of skilled professionals & diagnostic centers might hamper the demand.
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Fact.MR estimates, the market for cancer biomarkers to be fiercely competitive. F. Hoffmann-La Roche is considered to be the leading company dominating the market, followed by two other leading players, namely Thermo Fisher Scientific and Qiagen N.V. Key players in the market are investing extensively in research and development activities to develop novel products and stay ahead in the competition.
For instance,
In September 2022, Bertis announced the launch of proteomic based research results of new biomarker for ovarian cancer diagnosis.
Oxford cancer biomarkers,
in September 2022, announced the availability of ToxNav, pharmacogenomics test for predicting genetic susceptibility to toxicity from chemotherapy to clinicians in Europe.
Key Companies Profiled by Fact.MR
More Valuable Insights on Cancer Biomarkers Market
In the latest study, Fact.MR reveals key factors expected to boost the growth in global cancer biomarkers market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of cancer biomarkers through detailed segmentation as follows:
Test Type:
CTCCTC Cancer Biomarker Tests
AFP Cancer Biomarker Tests
BRCA Cancer Biomarker Tests
ALK CancerCancer Biomarker Tests
EFGR Mutation Cancer Biomarker Tests
KRAS Mutation Cancer Biomarker Tests
Other Cancer Biomarker Tests
Illness Indication:
Blood Cancer Biomarkers
Liver Cancer Biomarkers
Other Cancer BiomarkersCancer Biomarkers
Regions:
North America
Latin America
Europe
Oceania
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Key Questions Covered in the Cancer Biomarkers Market Report
What will be the demand outlook for the cancer biomarkers market during the forecast period?
Which are the challenges faced in the cancer biomarkers market?
Which region will lead the growth in the global cancer biomarkers market during 2022-2032?
What is the projected market valuation of the cancer biomarkers market in 2032?
Which are the factors driving the cancer biomarkers during 2022-2032?
Which test type will generate maximum revenue in the global cancer biomarkers market?
Explore Fact.MR's Coverage on the Healthcare Domain
Biomarker Detection Systems Market: With increasing prevalence of chronic disorders, the demand for biomarker detection systems is expected to surge. These systems measure the presence and severity of particular disease. As incidence of cardiovascular diseases, cancer, and neurological disorders rise, hospitals and diagnostic centers are improving the adoption of these systems.
Biomarkers Market: As per the study, the biomarkers market is expected to witness impressive growth over the next decade. Demand in the market is predicted to increase by 4.1x, reaching nearly US$ 278 Billion by the end of 2032. Country-wise, Japan is expected to be the fastest growing market, registering 17.2% CAGR between 2022 and 2032.
Tuberculosis Biomarkers Market: Growing awareness regarding the health check-ups and medication of tuberculosis in developing nations will drive the demand for tuberculosis biomarkers. Further, rising prevalence of multi-drug resistant tuberculosis and growing footfall of patients is accelerating the need for tuberculosis biomarkers.
About Fact.MR
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