Cancer Biomarkers Market Expected to Reach $26,979.50 Million by 2027 - Allied Market Research

According to a new report published by Allied Market Research, titled, “Cancer Biomarkers Market By Profiling Technology, Biomolecule, Cancer Type, and Application:  Opportunity Analysis and Industry Forecast, 2020 - 2027,” the global cancer biomarkers market size is expected to reach $26,979.50 million by 2027, registering a CAGR of 11.8% from 2020 to 2027, in terms of value.

The global cancer biomarkers market was valued at $10,944.08 million in 2019 and is expected to reach $26,979.50 million by 2027, registering a CAGR of 11.8% from 2020 to 2027. Cancer biomarkers are traceable substances or molecules that indicate the existence of cancerous cells in the body. Presence of these biomarkers in tissues, urine, serum, blood, and other body fluids that indicate an abnormal process or a disease.The prevention of cancer by diagnosing and analyzing various cancer biomarkers using different diagnostic techniques is a profound approach to obtain rapid results for treatment.As biomarkers are used for diagnostics, prognostics, personalized medicines, and surrogate endpoints, identification of different types of biomarkers is an integral part of various industries such as healthcare and pharmaceuticals.

The global cancer biomarker market has witnessed an unprecedented growth in past few years. Rise in importance of biological and targeted drug therapies, technological developments, and surgein prevalence of various types of cancers contribute toward the cancer biomarker market growth. Moreover, cancer biomarkers are commonly used, as they are more reliable and accurate than other diagnostic techniques. The market is expected to grow at a significant pace during the forecast period.The market is estimated to gain momentum in developing regions of Asia-Pacific and Latin America. Factors such as rapid urbanization, increase in geriatric population and undiagnosed patients, surge in the adoption of remote patient monitoring devices, rise in disposable income, and surge inawareness about the benefits of cancer biomarkers are expected to boost the market growth in these regions.

By profiling technologies, the market is bifurcated into omic technologies, imaging technologies, immunoassays, and cytogenetics-based tests. Amongst these, omic technologies and imaging technologies segments collectively accounted for 79.5% of the total cancer biomarker market share in 2019, with the former constituting 54%share. The omic technologies segment is expected to exhibit a prominent growth rate in the future, owing to its efficiency in early diagnosis of cancer.However, immunoassay is anticipated to be the fastest growing segment and is estimated to garner $4,581.08 million by 2027, registering a CAGR of 16.40%.

On the basis of biomolecule, the cancer biomarker market is segmented into genetic biomarkers, protein biomarkers, and glyco-biomarkers. Amongst these, genetic biomarkers are widely used in the market,as it is a better diagnostic and therapeutic technique as compared to protein and glyco-biomarkers. Thus, genetic biomarkers segment dominated the cancer biomarker market, governing 48.4% of the global cancer biomarker market value in 2019. It is estimated to garner $12,532.76 million by 2027, registering a CAGR of 11.2%. As glycan related molecules are more stable then proteins and nucleic acid, the popularity of glyco-biomarkers is on the rise. Thus, glyco-biomarker is the fastest growing segment and is estimated to garner $5,379.26 million by 2027, registering a CAGR of 12.5% during the forecast period.

On the basis of cancer type, the market is segmented into breast cancer, lung cancer, prostate cancer, colorectal cancer, stomach cancer, and others. Amongst these, lung cancer is the major cancer type where biomarkers are used for detection. Owing to high tobacco consumption and smoking, lung cancer has increased at an alarming rate. Thus, is the fastest growing segment and is estimated to garner $2,714.03 million by 2027, registering a CAGR of 14.7%. However, high prevalence of breast cancer has dominated the market, and is estimated to garner $2,648.98 million by 2027, registering a CAGR of 16.7%.

The cancer biomarker market is segmented across five categories by application diagnostics, drug discovery and development, prognostics, risk assessment, and others. The prognostics segment dominated the market in 2019 and is estimated to garner $7,181.49 million by 2027, registering a CAGR of 11.2%. However, the diagnostics segment is estimated to be the fastest growing segment and is expected to garner $7,077.51 million by 2027 registering a CAGR of 12.0%.

North America and Europe are the most lucrative markets due to increase in prevalence of various cancer cases, growth in awareness toward cancer, higher cancer biomarker testing, well-established reimbursement policies, and high disposable income. The North America cancer biomarker market generated $3,988.02 million revenue in 2019, and is estimated to garner an approximate revenue of $8,733.26 million by 2027, at an estimated CAGR of 10.1%. The Asia-Pacific cancer biomarker market is estimated to account for the fastest growing segment globally. It is estimated to garner an approximate revenue of $7,519.19 million by 2027, registering an estimated CAGR of 15.1%. The steady market growth in this region is primarily attributed to the presence of large patient population, improving access to healthcare systems, and high risk of developing diseases due to rapid urbanization.

North America accounted for the majority of the global cancer biomarkers market share in 2019, and is anticipated remain dominant during the forecast period. This is attributed to the urge in use of cancer biomarkers and high incidence rate of cancer in the region. However, Asia-Pacific is anticipated to grow at the fastest rate during the forecast period, owing to the rise in incidence rate of cancer in countries such as China, Japan, and India andrise inawareness and affordability for advanced cancer treatments.

Key Findings of the Study 

• By profiling technologies,the omic technologies segment accounted for the highest market share of 54% in 2019,and is anticipated to grow at the fastest rate during the forecast period.

• By region, North America was the major shareholder and accounted for the highest share of 36% in 2019. 

• Based on cancer type, thebreast cancersegment is expected to grow at a CAGR of 16.7% during the forecast period.

• On the basis of biomolecules, the genetic biomarkers segment dominated the market in 2019 and is anticipated to maintain its dominance during the forecast period.

Comprehensive competitive analysis and profiles of major market cancer biomarkers market players such as Abbott Laboratories, Bio-Rad Laboratories, Inc., Bristol-Myers Squibb Company, Exact Sciences Corporation, F.Hoffmann-La Roche Ltd., Merck KGaA, PerkinElmer, Inc.,  Qiagen N.V., Siemens AG, and Thermo Fisher Scientific, Inc. are provided in this report.