Cancer Biomarkers Market Size To Worth Over US$ 33.7 Billion in Terms of Revenue by 2019 to 2025 | Industry Share, Trends, Growth, Demand | Finds CMI
Cancer Biomarkers Market – Insights
Tumor cells or human tissues produce biological molecules in response to cancer. These biomolecules are called as cancer biomarkers. These biomarkers act as indicators of cancerous processes within the body and are widely used in diagnosis and treatment of cancer. Healthcare professionals can conduct follow-up surveillance and check for possible recurrence of the disease in patients, who have undergone curative surgery for cancer, using cancer biomarkers. The use of molecular biomarkers in cancer diagnosis has significantly increased due to increasing R&D in cancer biomarkers.
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DNA, RNA, microRNAs, and proteins are employed in molecular alterations that are used in cancer diagnosis. Major governments around the world are focused on offering funding to support early detection and prevention of cancer. Various national healthcare departments are also focused on R&D in cancer treatment. Such scenario is expected to boost growth of the global cancer biomarkers market. High prevalence of cancer is also expected to boost growth of the market. For instance, according to the 2015 data findings, the U.K. Department of Health & Social Care invests US$ 7.5 billion on cancer-related treatment and services, annually.
The global cancer biomarkers market was valued at US$ 11.6 billion in 2017 and is expected to witness a CAGR of 14.2% over the forecast period (2017–2025).
Growing prevalence and incidence of various types of cancer coupled with increasing need for early diagnosis of cancers are the major factors driving growth of global cancer biomarkers market over the forecast period. Continuous research and development and technology advancements in cancer biomarkers had led to introduction of better and affordable biomarkers in the field of clinical diagnosis. For instance, according to the data published in Cell Metabolism Journal, in March 2018, a team of Australian researchers found a unique metabolic marker, which can detect adenocarcinomas, a form of lung cancer. These metabolic biomarkers respond to immunotherapies and offers simple, non-invasive blood test for early detection of lung cancer.
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Global Cancer Biomarkers Market Share (%), By Biomarker Type, 2017 & 2025
Source: Coherent Market Insights Analysis (2018)
Increasing Investment in R&D of Cancer Biomarkers is expected to Boost Growth of the Cancer Biomarkers Market
High prevalence of cancer has led to increasing government and private organizations initiatives to offer funding for R&D in cancer biomarkers, which is expected to boost growth of the market. For instance, in June 2018, Cancer Research UK proposed funding of US$ 140,922 per year, through biomarker project for biomarker assay development, validation, and qualification for use in cancer clinical diagnosis. Moreover, in March 2016, the National Cancer Institute (NCI) invested US$ 5.5 million in 2016, for setting up of laboratories to conduct research on biomarkers and biomarker assays for cancers of the breast, prostate, lung, and genitourinary organs, and also to those cancers, which have high incidence rate. In April 2016, University of Auckland received a US$ 10 million grant to conduct research in cancer biomarkers, from Auckland entrepreneur, Mr Liangren Li and his family. The grant was allocated for initiating the PROSPER (Profiling of Oncology Patients as part of Clinical care and Research) project. In 2016, National Cancer Institute (NCI) invested US$ 3.9 billion for cancer research activities, which accounts for 70.8% of overall NCI 2016 budget. It invested around US$ 533 million on cancer detection and diagnostic research activities. Moreover, in 2016, NCI allocated 40.4% of its funds for Research Project Grants (RPGs). Furthermore, in 2017, NCI budget increased by US$ 454 million (8.7%) from previous year (2016) for cancer research activities.
Increasing Cases of Cancer is expected to Propel Growth of the Cancer Biomarkers Market
Breast cancer is the second most common type of cancer in the U.S., after skin cancer. Although the cancer is evident in both genders, women are found to be at higher risk compared to men. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2014, 236,968 women and 2,141 men in the U.S. were diagnosed with breast cancer, while 41,211 women and 465 men in the U.S. died from breast cancer. According to the Cancer Research U.K., 2015 statistics, 55,122 new cases of breast cancer were registered in 2015, in the U.K. Moreover, according to the similar source, in U.K., breast cancer is the most common cancer, which accounted for 15% of all new cancer cases in 2015.
According to the International Agency for Research on Cancer (IARC), in 2012, an estimated 14.1 million new cancer cases were reported. Among these, the most common form of cancer was lung cancer (13%), breast cancer (11.9%), and colorectal cancer (9.7%). According to the World Cancer Research Fund (WCRF) International, 2015 data findings, 58% of the lung cancer cases were reported in emerging economies, in 2014. Hungary had the highest rate of lung cancer, followed by Serbia, and North Korea. Moreover, highest incidence of lung cancer was registered in North America and Europe, for the same year. According to the National Cancer Institute, in 2014, around 66,771 people were suffering from liver and intrahepatic bile duct cancer in the U.S. Liver and intrahepatic bile duct cancer represented 2.4% of all new cancer cases reported in the U.S. in 2014.
Common risk factors for liver cancer include, obesity, diabetes, alcoholic liver disease (cirrhosis), chronic hepatitis B, hepatitis C infections, tobacco, and smoking. According to the Centers for Disease Control and Prevention (CDC), February 2018 data findings, each year in the U.S., around 22,000 men and 9,000 women suffer from liver cancer and around 16,000 men and 8,000 women die from liver cancer. Therefore, high prevalence of liver cancer is expected to propel growth of the cancer biomarkers market over the forecast period.
Diagnosis and treatment of cancer is very expensive. Moreover, the reimbursement policies for cancer biomarkers are unfavorable. For instance, according to the Cancer Action Network, in 2014, cancer patients in the U.S. paid around US$ 4 billion out-of-pocket for cancer treatment. Moreover, around US$ 87.8 billion was spent in 2014, in the U.S., on cancer-related healthcare. These factors are expected to restrict growth of the cancer biomarkers market.
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Key players operating in the cancer biomarkers market include, Abbott Laboratories, Becton, Dickinson and Company, BioMerieux S.A., Bard1 Life Sciences Limited, Bio-Rad Laboratories, Merck & Co., Inc., Qiagen N.V., and Thermo Fisher Scientific Inc.About Us:
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