July 19, 2024
Cancer Biomarkers Market

Unlocking Personalized Treatments: Cancer Biomarkers Market is driven by Increasing Adoption of Precision Medicine

The use of biomarkers in cancer management helps provide insights into a patient’s specific tumor biology and disease characteristics. Biomarkers play a critical role in disease diagnosis, prognosis prediction, determinng therapeutic response, and monitoring treatment efficacy. They aid oncologists in selecting optimal therapies for each patient based on the molecular features of their tumor. The global cancer biomarkers market encompasses a wide range of molecular diagnostics that detect genetic variations, expression levels of cancer-related genes, and circulating tumor markers. Increasing focus on precision medicine and development of targeted therapeutics have propelled the demand for cancer biomarkers in clinical settings.

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:

Next-generation sequencing (NGS) based multi-analyte cancer biomarker tests that can simultaneously analyze multiple biomarkers at a time are gaining popularity. These multi-parameter tests aid in comprehensive molecular profiling of tumors and help oncologists devise more effective treatment plans. Leading diagnostic companies have launched various qualitative and quantitative NGS-based tests for extensive biomarker analysis from liquid and tissue biopsies. In addition, growing adoption of liquid biopsy techniques for non-invasive monitoring of cancer progression is a major trend. Liquid biopsy aids in serial monitoring of tumor changes during and after treatment to help detect relapse early.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the cancer biomarkers market is moderate. High capital requirements and stringent regulations pose barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the specialized nature of cancer biomarkers and availability of alternative treatment options.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the intellectual property and regulations around biomarkers. However, consolidation among suppliers has increased their power.

Threat of new substitutes: Threat of substitutes is low as cancer biomarkers are highly specialized with no close substitutes available.

Competitive rivalry: The cancer biomarkers market is competitive with major players focusing on new product launches and mergers.

Key Takeaways

The Global Cancer Biomarkers Market Growth is expected to witness high at a CAGR of 7.3% during the forecast period of 2023 to 2030. The market size for 2023 is US$ 380.84 Bn.

Regional analysis: North America dominates the market and is expected to continue its lead due to high healthcare spending and early adoption of novel technologies. Asia Pacific is expected to grow at the fastest pace due to growing awareness and increasing healthcare expenditure.

Key players: 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. Key players operating in the cancer biomarkers market focus on new product launches and strategic collaborations to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it