Cancer Biomarkers Market to Garner $26,979.50 Mn by 2027 at 11.8% CAGR Growth Rate
Pune, Maharashtra, India, November 10 2020 (Wiredrelease) Allied Analytics –:According to the report, the global cancer biomarkers industry was estimated at $10.94 billion in 2019, and is expected to hit $26.97 billion by 2027, registering a CAGR of 11.8% from 2020 to 2027.
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.
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The report offers a detailed segmentation of the global cancer biomarkers market based on profiling technology, biomolecule, cancer type, application, and region.
Based on profiling technology, the omic technologies segment accounted for more than half of the total cancer biomarkers market share in 2019, and will maintain its dominance by 2027. However, the immunoassays segment is estimated to portray the highest CAGR of 16.4% during the forecast period.
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.
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.
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The Major companies profiled Are:
Bio-Rad Laboratories, Abbott Laboratories, Exact Sciences Corporation, Bristol-Myers Squibb Company, Merck KGaA, F.Hoffmann-La Roche Ltd., Qiagen N.V., PerkinElmer, Inc., Thermo Fisher Scientific, Inc., and Siemens AG.
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