Rising Government Support for Research on Cancer Biomarkers - Know the Market Growth
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 cancer type, the 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). The breast cancer segment accounted for the largest share of this market owing to the high and growing prevalence of breast cancer, increasing awareness about breast cancer, rising number of breast cancer screening programs, and growing research on breast cancer.
Based on biomarker type, the 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.
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Geographic Overview -
Growth in the developed markets of North America and Europe is primarily driven by the high adoption of advanced technologies like NGS, increasing number of research studies for the discovery and development of novel biomarkers, presence of a large number of pharmaceutical companies, rising funding and investments from public and private organizations, and increasing use of biomarkers in patient stratification and drug development process.