Cancer Biomarker Market: Current Analysis and Forecast (2022-2030)
Emphasis on Type (Protein, Genetic Biomarker, and Glycol-Biomarkers); Application (Prostate Cancer, Breast Cancer, Lung Cancer, Colorectal Cancer, Cervical Cancer, Stomach Cancer, Liver Cancer, and Others); Profiling Technologies (Omics Technologies, Imaging Technologies, Immunoassays, Bioinformatics, and Cytogenetics); Application (Drug Discovery & Development, Diagnostics, Prognostics, and Others); Region/Country.
The Cancer Biomarker Market was valued at USD 11.63 billion in 2021 & is expected to grow at a CAGR of 13% from 2022-2030.The market is growing with the increase in research and development funding from various government and private organizations for the development of cancer biomarkers. Moreover, the presence of various government and non-government organizations that aim to enhance awareness and promote research is also propelling market growth. For instance, Cancer Research Institute funded more than 120 clinical trials and invested around USD 474 million in research in 2020. Furthermore, rising investments by pharmaceutical companies is also driving the growth of the market. For instance, in March 2023, Scailyte AG collaborated with Turnstone Biologics to identify signature biomarkers predictive of clinical responses to tumor-infiltrating lymphocyte (TIL) therapy by applying ScaiVision®, Scailyte’s best-in-class single-cell sequencing analytical platform.
Some of the major players operating in the market Qiagen, Abbott Laboratories Inc., Agilent Technologies, Merck Millipore, Biomerieux, Quest Diagnostics, F. Hoffmann-La Roche Ltd, Hologic Inc., Illumina Inc., Thermo Fisher Scientific. 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 type, the protein biomarker segment to grow with high CAGR during the forecast period.”
Based on the type, the market is segmented into protein, genetic biomarker, and glycol-biomarkers. The protein biomarker is anticipated to grow with significant CAGR during the forecast period. This can be attributed to the surge in the usage of protein biomarkers in research in cancer treatment. Protein biomarkers are considered as one of the most common biomarker used for the accurate detection for various cancers. For instance, in January 2022, a data from China Kadoorie Biobank Study discovered new protein biomarkers which could improve diagnosis and save lives from pancreatic cancer.
“Amongst indication, the breast cancer category held a significant share of the market in 2021”
By indication, the market is segmented into prostate cancer, breast cancer, lung cancer, colorectal cancer, cervical cancer, stomach cancer, liver cancer, and others. The breast cancer category held a significant share of the market in 2021. . According to World Health Organization (WHO), breast cancer has affected 2.3 million women globally in 2020, with 685,000 fatalities. Breast cancer has been diagnosed in 7.8 million women in the previous five years as of the end of 2020, making it the most common cancer in the world. Thus, the growing prevalence of breast cancer is driving the growth of the segment.
“Amongst application, the diagnostics category held a significant share of the market in 2021”
By application, the market is segmented into drug discovery & development, diagnostics, prognostics, and others. Diagnostics held a significant share of the market in 2021. The factors such as the growing development of cancer biomarkers based on oncology tests with high efficiency and effectiveness and growing government initiatives are driving the growth of the segment during the forecast period.
“Asia Pacific to grow with high CAGR during the forecast period”
The Asia Pacific region is anticipated to grow with a significant CAGR during the forecast period. The cancer biomarkers market in Asia-Pacific region is being driven by the growing prevalence of cancer. In addition, the government and pharmaceutical companies is constantly funding development activities for developing new products. For instance, in June 2022, Karkinos Healthcare established India’s first oncology laboratory for comprehensive cancer diagnostic services. Thus, rising awareness of cancer biomarkers is also boosting the growth of the market in Asia-Pacific region.
Cancer Biomarker Market Report Coverage
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 portfolios, 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.
Customization Options:
The global cancer biomarker market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Cancer Biomarker Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global cancer biomarker market were the three major steps undertaken to create and analyze the adoption of cancer biomarker 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 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 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 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 type, indication, profiling technologies, and application. 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 cancer biomarker market. Further, we conducted factor analysis using dependent and independent variables such as type, indication, profiling technologies, and application of the cancer biomarker market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the 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 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 for 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 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 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 cancer biomarker market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, indication, profiling technologies, and application in the global cancer biomarker market.
The main objective of the Global Cancer Biomarker Market Study
The current & future market trends of the global 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 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 the type, indication, profiling technologies, and application
- Define and analysis of the regulatory framework for the 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 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 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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