Cancer Biomarker Testing Market by Type Of Cancer (Cervical cancer, Lung Cancer, Collateral Cancer, Liver Cancer, Prostate Cancer, Breast Cancer, Others) and Application (Drug Discovery and Development, Personalised Medicine, Diagnosis, Others) End-User (Hospitals, Cancer diagnostic Centres, Research Institutes, Others)- Geography

 

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.