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The global cancer biomarkers market size is expected to reach USD 33.22 Billion in 2032, and register a revenue CAGR of 12% during the forecast period.

NEW YORK, NEW YORK, UNITED STATES, May 5, 2023 /EINPresswire.com/ -- The Global Cancer Biomarkers Market experienced a significant growth, with a value of USD 11.98 billion in 2022 and a projected increase to USD 33.22 billion by 2032, showing a compound annual growth rate (CAGR) of 12% during the forecast period. The growth is driven by various factors, including the rising prevalence of cancer, the high demand for personalized medicine, and the increasing use of biomarker-based diagnostic tests.

Cancer biomarkers are substances found in the body that indicate the presence of cancer. They play a crucial role in detecting cancer, determining its stage, and monitoring its progression. These biomarkers can be identified in bodily fluids such as blood, tissue, or urine.

The increasing prevalence of cancer worldwide is a major driver of market expansion. According to the World Health Organization (WHO), cancer ranks as the second leading cause of death globally, with over 10 million cancer-related deaths in 2020. The growing incidence of cancer has created a strong demand for early detection and accurate diagnosis. Biomarker-based tests offer a non-invasive and effective means of detecting cancer, leading to their rapid adoption in clinical practice.

Furthermore, there is a growing demand for personalized medicine, which tailors treatment to individual patients based on their unique characteristics, including genetics, lifestyle, and environment. Biomarker-based diagnostic tests provide precise information about a patient's condition, enabling healthcare professionals to deliver personalized care. This demand for personalized treatment further drives the use of biomarker-based tests in cancer management.

The rising utilization of biomarker-based diagnostic testing is another factor contributing to market revenue growth. These tests offer advantages over conventional diagnostic methods, such as increased accuracy, cost-effectiveness, and faster results. Moreover, biomarker-based testing enables the monitoring of disease progression and treatment response, which is crucial for effective cancer management.

Technological advancements in biomarker discovery and development also play a role in market growth. High-throughput technologies like genomics, proteomics, and metabolomics have facilitated the discovery of novel biomarkers for cancer detection and diagnosis. Additionally, the application of artificial intelligence and machine learning in biomarker research is expected to further drive market growth.

However, the high cost of biomarker-based diagnostic tests remains a challenge that could impede market growth. These tests are often more expensive than conventional diagnostic procedures, limiting their use in resource-constrained settings. Moreover, the regulatory environment for biomarker-based tests is still evolving, posing potential hurdles for market participants.

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Segments Covered in the Report –
This report provides a comprehensive analysis of the global cancer biomarkers market, including historical data and revenue forecasts from 2019 to 2032. The market analysis is conducted at a global, regional, and country level, offering insights into market trends for each segment and sub-segment.

The global cancer biomarkers market is segmented based on type, cancer type, application, and region. The types of biomarkers considered in the report include protein biomarkers, genetic biomarkers, and others. The market revenue for each biomarker type is projected from 2019 to 2032.

In terms of cancer type, the market is segmented into various categories such as breast cancer, lung cancer, colorectal cancer, ovarian cancer, prostate cancer, and others. The revenue forecast for each cancer type is provided for the entire forecast period.

The report also analyzes the application of cancer biomarkers, which includes diagnosis, prognosis, and treatment. The revenue generated from each application segment is forecasted from 2019 to 2032.

The regional outlook of the market covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In North America, the market is further segmented into the United States, Canada, and Mexico. The European region is divided into Germany, the United Kingdom, France, Italy, Spain, Sweden, BENELUX, and the rest of Europe. The Asia-Pacific region includes China, India, Japan, South Korea, and the rest of APAC. Latin America consists of Brazil and the rest of LATAM. The Middle East & Africa region covers Saudi Arabia, the United Arab Emirates, South Africa, Israel, and the rest of MEA.

The report provides a comprehensive analysis of market trends, growth opportunities, and challenges in each region throughout the forecast period. It serves as a valuable resource for businesses and individuals interested in the cancer biomarkers market, helping them make informed decisions based on historical data and reliable revenue forecasts.

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Strategic development:
Thermo Fisher Scientific Inc. made an announcement on 3 March 2020 regarding its acquisition of QIAGEN N.V. for an estimated amount of USD 11.5 billion. The primary objective of this acquisition was to enhance Thermo Fisher's presence in the molecular diagnostics market and reinforce its position in the life sciences sector.

Illumina, Inc. disclosed on 18 August 2021 that it had successfully acquired GRAIL, a company dedicated to developing a blood test for the early detection of cancer. The acquisition was valued at approximately USD 8 billion and aimed to expedite the progress of a non-invasive cancer screening test.

Bristol-Myers Squibb Company, on 20 November 2019, unveiled its acquisition of Celgene Corporation for an approximate amount of USD 74 billion. The strategic purpose behind this acquisition was to expand Bristol-Myers Squibb's portfolio of products in the oncology market and reinforce its position as a prominent leader in the industry.

Competitive Landscape:
The global market for cancer biomarkers is highly competitive and encompasses several key players. Some of the major companies operating in the market include F. Hoffmann-La Roche Ltd., QIAGEN N.V., Thermo Fisher Scientific Inc., Illumina, Inc., Bristol-Myers Squibb Company, Becton, Dickinson and Company, Novartis AG, Bio-Rad Laboratories, Inc., Abbott Laboratories, and Siemens Healthineers AG.

F. Hoffmann-La Roche Ltd. is a leading pharmaceutical and diagnostics company that focuses on developing innovative solutions for cancer diagnosis and treatment. The company offers a wide range of cancer biomarker products and has a strong presence in the global market.

QIAGEN N.V. is a prominent player in the field of molecular diagnostics and offers a diverse portfolio of cancer biomarker assays. The company specializes in providing solutions for sample preparation, genomic analysis, and molecular testing, catering to the needs of researchers and healthcare professionals.
Thermo Fisher Scientific Inc. is a renowned provider of scientific solutions and services, including cancer biomarker testing. The company offers a comprehensive range of products for cancer research, diagnosis, and personalized medicine, contributing to advancements in the field.

Illumina, Inc. is a leading developer of genetic sequencing and array technologies, with a focus on improving cancer detection and monitoring through biomarker analysis. The company's cutting-edge platforms enable the identification of genetic alterations associated with cancer, facilitating targeted therapies and personalized treatment approaches.

Bristol-Myers Squibb Company is a global biopharmaceutical company that develops and markets innovative therapies for various diseases, including cancer. The company's portfolio includes several cancer biomarker-driven drugs that target specific genetic alterations in tumors, enhancing treatment efficacy and patient outcomes.

Other key players in the market, such as Becton, Dickinson and Company, Novartis AG, Bio-Rad Laboratories, Inc., Abbott Laboratories, and Siemens Healthineers AG, also contribute significantly to the development and commercialization of cancer biomarkers. These companies offer a wide array of products and services for cancer diagnosis, prognosis, and treatment, playing a vital role in advancing the field of oncology.

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