Cancer Biomarkers Market Quantitative Analysis From 2020 To 2026 To Enable The Stakeholders To Capitalize On The Prevailing Market Opportunities
Pune, Maharashtra, India, September 15 2020 (Wiredrelease) Allied Analytics –: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.
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Prevention of cancer by analyzing various cancer biomarkers using different diagnostic methods is an effective approach to obtain quick results for the treatment.So, although a number of industries have been badly affected by the pandemic, the medical diagnostics industry has, quite naturally, not confronted the impacts on a severe note.However, the global lockdown has led to postponement of the procedures and accordingly, there’s been a short-term decline in the revenue rate in cancer biomarkers market. But, it’s expected that the market would experience massive gains through the end of the pandemic.
The omic technologies segment to maintain the lion’s share by 2027-
Based on profiling technologies, the omic technologies segment accounted for more than half of the global cancer biomarkers market share in 2019, and is expected to rule the roost by the end of 2027. This is attributed to factors such as rise in use of personalized medicines for cancer treatment and growth in healthcare expenditure among people. The immunoassays segment, on the other hand, would register the fastest CAGR of 16.4% throughout the forecast period, owing to various advantages offered by immunoassays such as simultaneous analysis of multiple compounds, analysis at minute concentrations, and increased efficiency of diagnosis and treatment.
The genetic biomarkers segment to dominate during the estimated period-
Based on biomolecule, the genetic biomarkers segment contributed to nearly half of the global cancer biomarkers market revenue in 2019, and is anticipated to lead the trail till 2027. This is due to its accuracy and precision while detecting cancer and monitoring the effectiveness of the treatment. Simultaneously, the glycol-biomarkers segment would portray the fastest CAGR of 12.5% by 2027. Increase in awareness about the roles of glycosylation and other post translational modifications in cancer biology fuels the segment growth.
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North America to dominate in terms of revenue-
Based on geography, North America held the major share, garnering more than one-third of the global cancer biomarkers market, owing to strong focus on innovation and technological advancements in healthcare & diagnostics in the region. At the same time, Asia-Pacific is expected to manifest the fastest CAGR of 15.1% from 2020 to 2027. This is due to increase in prevalence of cancer, rise in patient awareness, and increase in disposable incomes in the province.
Frontrunners in the industry-
Bio-Rad Laboratories, Inc.Thermo Fisher Scientific, Inc.Bristol-Myers Squibb CompanyExact Sciences CorporationF.Hoffmann-La Roche Ltd.Abbott LaboratoriesQiagen N.V.Merck KGaAPerkinElmer, Inc.Siemens AG
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