Cancer Biomarkers Market Size, Industry Trends, COVID-19 impact Analysis With $26,979.50 million by 2027
Pune, Maharashtra, India, December 16 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. 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.
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.
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.
Get detailed COVID-19 impact analysis on the Cancer Biomarkers Market
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 accounted for the majority of the global cancer biomarkers market share in 2019, and is anticipated remain dominant during the forecast period. This is attributed to the urge in use of cancer biomarkers and high incidence rate of cancer in the region. However, Asia-Pacific is anticipated to grow at the fastest rate during the forecast period, owing to the rise in incidence rate of cancer in countries such as China, Japan, and India andrise inawareness and affordability for advanced cancer treatments.
Frontrunners in the industry-
Bio-Rad Laboratories, Inc.
Thermo Fisher Scientific, Inc.
Bristol-Myers Squibb Company
Exact Sciences Corporation
F.Hoffmann-La Roche Ltd.
Qiagen N.V.Merck KGa
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Key Findings of the Study
By profiling technologies,the omic technologies segment accounted for the highest market share of 54% in 2019,and is anticipated to grow at the fastest rate during the forecast period.
By region, North America was the major shareholder and accounted for the highest share of 36% in 2019.
Based on cancer type, thebreast cancersegment is expected to grow at a CAGR of 16.7% during the forecast period.
On the basis of biomolecules, the genetic biomarkers segment dominated the market in 2019 and is anticipated to maintain its dominance during the forecast period.
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