Genetic Cancer Biomarker Market: Current Analysis and Forecast (2023-2030)

Report Description

Global Genetic Cancer Biomarker Market is expected to grow at a significant rate of around 18.4% during the forecast period. Genetic cancer biomarker services mainly gained prominence due to the increased consumption of alcohol and tobacco. There has been a significant rise in the market due to this driving factor. In addition to this, investments in oncology departments as well as government awareness programs regarding cancer have increased significantly in recent years, which are the key factors that are creating opportunities for the market. For instance, in December 2022, secondary data on participation in screening for cervical, breast, and oral cancer in India, the highest percentage of cervical and breast cancer screening participation was reported in Tamil Nadu (9.8% and 5.6%, respectively), followed by Puducherry (7.4% and 4.2%) and Mizoram (6.9% and 2.7%). Many other factors were identified that helped in propelling the market in the forecast period such as the surge in awareness programs regarding cancer, the increasing smoking population, and rising alcoholism culture are also driving the growth of the market.

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Hoffmann-La Roche Ltd.; Thermo Fisher Scientific Inc.; QIAGEN N.V.; Illumina Inc.; Bio-Rad Laboratories Inc.; Exact Sciences; Merck KGaA; Pfizer Inc.; Seegene Technologies Inc.; Siemens Healthineers are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst cancer type, prostate cancer category to witness higher CAGR during the forecast period”

Based on cancer type, the market is segmented into breast cancer, prostate cancer, leukemia cancer, and others.  The prostate cancer segment is expected to grow with a high CAGR during the forecast period as there is a growing trend of tobacco use, including smoking and chewing tobacco and excessive alcohol use. Also, a diet lacking in fruits and vegetables, an increasing geriatric population, and rising cases of prostate cancer are boosting its growth in the market. For instance, according to the World Cancer Research Fund International, there were more than 1.4 million new cases of prostate cancer in 2020. Oncology-specific pharmaceutical companies keep on launching enhanced therapeutics for the sake of the well-being of patients. Thus, the prostate category is expected to witness higher CAGR during the forecast period.

“Amongst technology, bioinformatics held a significant share in the market in 2022”

Based on technology, the market is categorized into OMICS, bioinformatics, and others. The bioinformatics segment is dominating the market owing to its critical role in developing personalized medicine. Bioinformatics has helped in making advanced medical discoveries and the development of efficient treatments. Additionally, there has been increased incidences of cancer globally which is a driving factor for this segment. Thus, bioinformatics held a significant share of the market in 2022.

Genetic Cancer Biomarker Market Report Coverage

“Amongst regions, APAC is expected to witness a higher CAGR during the forecast period”

APAC is expected to grow with a high CAGR in the global genetic cancer biomarker market in the forecast period. Several factors such as a surge in the development of a wide range of therapeutics for throat cancer treatment, enhanced accessibility, and diversified healthcare costs are driving the market’s growth during the forecast period. Further, the increase in incidences of throat cancer is also having a positive impact on the market’s growth. There have been significant improvisations and enhancements in genetic cancer biomarkers in the region. For instance, according to the National Institute of Health in 2022, there were approximately 4,820,000 and 2,370,000 new cancer cases in China. Thus, APAC is expected to witness a higher CAGR during the forecast period.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Genetic Cancer Biomarker Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Genetic cancer biomarker market were the three major steps undertaken to create and analyze the adoption of Genetic cancer biomarkers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Genetic cancer biomarker market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Genetic cancer biomarker market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Genetic cancer biomarker market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as cancer type, technology, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Genetic cancer biomarker market. Further, we conducted factor analysis using dependent and independent variables such as cancer type, technology, and regions of genetic cancer biomarkers. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Genetic cancer biomarker market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Genetic cancer biomarker market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 00for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Genetic cancer biomarker market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Genetic cancer biomarker market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Genetic cancer biomarker market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of cancer type, technology, and regions in the global Genetic cancer biomarker market.

The main objective of the Global Genetic Cancer Biomarker Market Study

The current & future market trends of the global Genetic cancer biomarker market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Genetic cancer biomarker market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of cancer type, technology, and regions
• Define and analyze the regulatory framework for the Genetic cancer biomarker industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Genetic cancer biomarker market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Genetic cancer biomarker market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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