Albany, NY, April 25, 2018 (GLOBE NEWSWIRE) -- According to the report, the global cancer biomarkers market was estimated to be US$10.25 bn in 2016. Over the forecast duration of 2017 to 2025, the market is anticipated to exhibit a robust 11.8% CAGR, placing the value of the market at US$27.63 bn by 2025. Based on the type of test, the segment of CTC tests is predicted to account for a substantial market share. This could be ascribed to the rising incidence of cancers related to vital organs, the quick and easy order processing, and availability of the product from contracted manufacturers.
Rising Incidence of Cancer to Fuel Growth of Cancer Biomarkers Market
According to statistics provided by the World Health Organization (WHO), in 2012, there were nearly 14 million new cancer cases reported all over the world. The incidence of the disease is predicted to rise by 70% by 2020. Cancer is currently the second among the leading causes of death globally. In 2015, reports WHO, only 35% of economically weak countries reported availability of high functioning pathology services. With the growing awareness regarding cancer over the globe, the demand for cancer biomarkers is predicted to rise in the coming years.
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Biomarkers primarily indicate an individual’s health condition and the underlying disease condition. Various types of biomolecules such as proteins, DNA, and hormones are utilized widely to detect the condition. These biomarkers could be found in urine and stool samples, blood, tumor tissue, or any other body fluids. Different cancer biomarkers react differently to various cancer treatments. Researchers are making every effort to diagnose cancer at an early stage, and this is a major factor driving the growth of the global cancer biomarkers market.
Emergence of Minimally Invasive Diagnostic Techniques to Present Opportunity
Cancer biomarkers find applications in a number of fields such as drug development, drug discovery, diagnostics, and personalized medicine. Diagnostics is expected to emerge as a key application of the market on account of factors such as increasing development of biomarker-based oncology tests with high specificity and sensitivity. The consumer inclination towards use of minimally invasive diagnostic tests is rising, paving the way for novel opportunities for the growth of the cancer biomarkers market in the arena.
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Personalized or customized medicine is witnessing popularity due the rising awareness amongst medical professionals, and the area is anticipated to flourish. Moreover, the incrementing need for approval for companion diagnostic tests for cancer drugs is predicted to cater to the growth of the global cancer biomarker market as well.
Geographically, North America is predicted to emerge as the leading market segment over the forecast period, on account of the high incidence of lung cancer, alarming surge in number of smokers, and easy availability of technologically improved devices to detect the disease at an early stage.
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The global cancer biomarkers market is prognosticated to undergo a solid growth in the forthcoming years, according to Transparency Market Research (TMR). The vendor landscape of this market comprises of highly competitive players, wherein each vendor is decidedly focusing on the research and development of innovative products that may help them thrive in the market. Along with ensuring product differentiation, market participants are also expected to engage in mergers and acquisitions, and expand their market presence around the world. Key players in the global cancer biomarkers market are Illumina, Inc., QIAGEN, Thermo Fisher Scientific Inc., Genomic Health, Inc., and Agilent Technologies.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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