Growing Use of Biomarkers in Drug Discovery and Cancer Biomarkers Market Development
Market growth influenced due to following factors-
- Increasing prevalence of cancer.
- Rising government support for research on cancer biomarkers.
- Growing use of biomarkers in drug discovery and development.
- Increasing use of biomarker tests for diagnostic purposes.
Global market size-
According to research report the cancer biomarkers market to reach $20.4 billion by 2022 and is estimated to grow at a CAGR of 12.2% during the forecast period.
The major players operating in the cancer biomarkers market are Abbott (US), Affymetrix (US), Roche (Switzerland), Illumina (US), QIAGEN (Netherlands), Agilent (US), Thermo Fisher (US), Merck (US), Becton Dickinson and Company (US), and Hologic (US).
Top Market Segments-
Based on biomarker type, the cancer biomarkers market is segmented into genetic biomarkers, protein biomarkers, and other biomarkers (cell, viral, and carbohydrate biomarkers). During the forecast period, the genetic biomarkers segment is estimated to grow at the highest CAGR majorly due to advancements in high-throughput technologies, such as next-generation sequencing, which have enhanced the speed and accuracy of genetic biomarker discovery and diagnosis.
Based on cancer type, the cancer biomarkers market is segmented into breast, lung, colorectal, prostate, melanoma, leukemia, thyroid, bladder, non-Hodgkins lymphoma, kidney, and other cancers (such as cervical, multiple myeloma, CNS, gastric, liver, pancreatic, oral cavity and pharynx, stomach, and ovarian cancers).
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Geographic Overview -
North America accounted for the largest share of the cancer biomarkers market in 2017, followed by Europe. North America is the largest market for cancer biomarkers majorly due to government support (in the US and Canada) for the discovery and development of biomarkers, rising use of biomarkers in drug discovery and development by pharmaceutical companies, adoption of advanced omics technologies for biomarker discovery, and the increasing demand for personalized medicine in the region.