- Cervical cancer
- Lung Cancer
- Collateral Cancer
- Liver Cancer
- Prostate Cancer
- Breast Cancer
- Others
Cancer Biomarker Testing Market was valued at USD 10.42 billion in 2021 and is anticipated to grow at USD 20.59 billion by 2028 recording a CAGR of 12.4% during the forecast period 2022-2028. The cancer biomarker test market is driven by rising prevalence of cancer worldwide. World Health Organization (WHO) stated that cancer is one of the leading causes of mortality and morbidity worldwide, with approximately 14 Mn new cases in 2012. The number of new cases is expected to rise about 70% over the coming 2 decades. In addition, increase in awareness in public and healthcare professionals regarding early diagnostic procedures, rise in government and NGO’s funding for oncology are expected to bolster the cancer biomarker testing market. Furthermore, the development of companion diagnostics and recent breakthrough in detection techniques such as proteomics, metabolomics, genomics and transcriptomics are further expected to boost the cancer biomarker test market. However, high cost for biomarker tests, low detection rates and regulatory policies are expected to hamper the cancer biomarker test market. The global market is expected to grow with significant CAGR during forecast period. Market players are carrying out collaborations, partnerships, and acquisitions as key development strategies to enhance the market share. For instance, in March 2017, Foundation Medicine and Bristol-Myers Squibb entered collaboration to understand tumour profile and its microenvironment to predict patient's response to cancer immunotherapy. Using Foundation Medicine's foundation genomic profiling assay, the firm will look at tumour mutational burden and microsatellite instability in patients enrolled in clinical trials for Bristol-Myers Squibb (BMS) cancer drugs. For instance, in October 2016, Arquer Diagnostics Ltd. (Arquer), and University of Sunderland are collaborated to investigate noninvasive specimen preparation techniques that will facilitate the use of Arquer’s MCM5-ELISA test in a wide range of cancers. In April 2016, Stemcentrix acquired by AbbiVe along with its lead late stage biomarker rovalpituzumab tesirine (Rova-T), that helps to identify tumour cells. In 2015, Abbot Laboratories acquired exclusive rights for FGFR3 gene mutations to detect bladder cancer. FGFR3 developed at Institute Curie, it is a gene mutation and useful for early detection, disease monitoring, and prognosis of bladder cancer through tissue and urine-based testing.
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Companion diagnostics, tailored medications, and other disease diagnostics, such as disease risk assessment and drug research and development, all rely heavily on cancer biomarkers. One of the primary reasons likely to boost cancer biomarkers market growth during the projected period of 2021-2027 is the increased utilisation of biomarkers in disease diagnosis. The rising global prevalence of cancer is driving the need for early disease detection, which is propelling the market forward. According to the National Cancer Institute, 1,735,350 new cancer cases were reported in the United States in 2018. In addition, the World Cancer Research Fund International estimates that 18.0 million individuals worldwide were affected by cancer in 2018. Lung and breast cancers were the most prevalent cancers reported globally in 2018, accounting for 12.3 percent of all cases diagnosed. The increased incidence of cancer biomarkers in both developing and developed countries is expected to boost demand for cancer diagnostics and therapy. During the projection period of 2021-2027, these factors are expected to boost demand for these biomarkers. Despite the rising global incidence of cancer and the increasing number of patients requiring diagnostic tests, the lack of reimbursement regulations for biomarker tests in emerging and industrialised nations is one issue restricting global demand for these biomarkers. Another key stumbling block to the market’s expansion is the high cost of cancer diagnosis and treatment in developing countries. This is reducing the number of patients who are tested for biomarkers, and patients are increasingly preferring other low-cost detection tests.
The cancer biomarker testing market is projected to expand at a CAGR of 12.4% during the forecast period.
Thermo Fisher Scientific (Affymetrix Inc.), Abbott Laboratories, F. Hoffmann-La Roche Ltd., AbbVie Inc.Arquer Diagnostics Ltd., Illumina, Inc.
North America is the fastest-growing region for cancer biomarker testing market
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