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 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cancer biomarkers are molecular indicators to evaluate the risk of developing cancer, detect cancer at early stage, identify the right treatment for patients, and monitor the response to treatment. There are various types of cancer biomarkers classified according to their functions including genetic, protein, glycomic, and epigenetic biomarkers. These biomarkers play a vital role in cancer diagnosis, prognosis, and monitoring treatment efficacy in various cancer types such as breast cancer, lung cancer, prostate cancer, and colorectal cancer.
Market key trends:
One of the key trends in the cancer biomarkers market is increasing research activities for developing novel cancer biomarkers. The major players in the market are focusing on research and development activities to develop effective and reliable biomarkers for early detection as well as advanced cancer diagnosis. For instance, in January 2022, bioMérieux announced the development of AI-powered molecular diagnostic solution capable of detecting cancer biomarkers in blood samples. Similarly, in March 2022, Abbott launched blood test to detect cancer markers and identify cancer signal in early stage across many cancer types. Such constant R&D efforts are expected to bring new biomarkers over the forecast period.
Threat of new entrants: The high capital investments required and stringent regulations make threat of new entrants low in the Cancer Biomarkers market.
Bargaining power of buyers: The buyers have moderate bargaining power due to availability of substitutes, however the increasing applications in cancer diagnosis and treatment reduces the impact.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to global presence of vendors and accessibility of raw materials.
Threat of new substitutes: There is low threat from substitutes due to lack of revolutionary technology with same effectiveness as Cancer Biomarkers in detection and management of cancer.
Competitive rivalry: The competitive rivalry is high among the key global players due to their focus on new product innovation and geographic expansion.
The global Cancer Biomarkers Market Share is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing prevalence of cancer worldwide. North America is anticipated to dominate the Cancer Biomarkers market during the forecast period owing to growing adoption of biomarkers, presence of major vendors, and rising cancer expenditure.
The Asia Pacific region is projected to grow at the fastest pace during the forecast period due to increasing demand for personalized medicine, rising healthcare expenditure, growing awareness about early diagnostics of cancer.
Key players operating in the Cancer Biomarkers market are bioMÃ©rieux, Inc., INOVIQ, Bio-Rad Laboratories, Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare Private Limited.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it