by Cancer biomarkers play a pivotal role in cancer diagnosis, prognosis, and monitoring response to therapy. They aid in early detection of cancer by detecting genomic, proteomic, or metabolic alterations in biological specimens like blood, urine, or tumor tissue. Biomarkers help understand cancer development at the molecular level and identify patients who may benefit most from specific therapies. Protein biomarkers like CEA, CA19-9, and CA125 are extensively used for screening, diagnosis, and monitoring treatment response in cancers of the gastrointestinal tract, lungs, ovaries, and breast. Emerging technologies like next-generation sequencing enable detection of DNA and RNA biomarkers from liquid biopsies in a non-invasive manner.
The global cancer biomarkers market is estimated to be valued at US$ 380.84 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Liquid biopsy based biomarker tests are transforming cancer management. These tests enable detection of genetic alterations by extracting and analyzing circulating tumor DNA or RNA from blood samples of cancer patients. They allow repeated sampling, real-time monitoring of cancer progression or recurrence, and analysis of genomic alterations without the need for invasive tissue biopsies. Companies are increasingly launching liquid biopsy panels that can detect multiple biomarkers from a single blood draw to enable personalized treatment decisions and monitoring of therapy response across different cancer types. This trend is expected to boost the cancer biomarkers market during the forecast period.
Porter’s Analysis
Threat of new entrants: The cancer biomarkers market requires large investments in R&D to identify new biomarkers. Established players have achieved economies of scale in production and distribution, making it difficult for new players to enter.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative tests. However, biomarkers help in early detection and accurate diagnosis, increasing buyer dependence.
Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of substitutes and focus on intellectual property and patents by players.
Threat of new substitutes: The threat is moderate as new cancer diagnostic technologies can replace biomarkers. However, biomarkers help precision oncology with non-invasive procedures.
Competitive rivalry: The market is competitive due to the presence of large multinational players. Players differentiate through biomarker discovery and precision oncology.
Key Takeaways
The Global Cancer Biomarkers Market Size is expected to witness high growth over the forecast period. The global cancer biomarkers market is estimated to be valued at US$ 380.84 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
North America dominates the market currently due to rising cancer incidence, advanced healthcare infrastructure, and availability of reimbursements. The Asia Pacific region is expected to witness the fastest growth due to growing healthcare spending, increasing cancer awareness, and expanding private healthcare sectors. Europe is also expected to grow at a steady rate due to increasing funding for cancer research. Countries like Germany, United Kingdom, and France are major markets in the region.
Key players: Key players operating in the cancer biomarkers market are Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd. Players are focusing on strategic acquisitions and partnerships for commercialization of novel biomarkers and expansion in emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
