By 2027 , Cancer Biomarkers Market To Grow at a CAGR of 11.8%

Several players operate in the global cancer biomarkers market, catering to niche segment. The
global biomarkers market offers a favorable environment for competitors as there are several unique
customer segments within the industry, exhibiting demand for distinct product type. However, as
market players target multiple pathways, in the near future the market could witness increased
competition. Abbott Laboratories, Merck & Co., Inc., Thermo Fisher Scientific, Inc., Illumina, Inc.,
and bioMérieux SA are among the leading market players, finds Transparency Market Research
(TMR) in a new study.
Considering the dynamic business environment, a majority of the market players are focusing on
achieving greater market share via product differentiation. The research and development spending
is thus significantly high in the market. Besides this, several companies are aiming at expanding
their footprint through acquisitions and disinvestments. As the companies continue spending on
product development and technological advancements, consequently the cancer biomarkers market
will witness greater opportunities for growth.
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According to TMR, the global cancer biomarkers market, which stood at US$10.25 bn in 2016, is
expected to reach US$27.63 bn by the end of 2027. If these figures hold true, the global cancer
biomarkers market will exhibit a CAGR of 11.8% between 2017 and 2025. By disease indication,
the demand for cancer biomarkers was the highest for the treatment of lung cancer, which is likely
to hold nearly 25.8% of the market by the end of 2017. Regionally, North America held the
dominant share of 42.5% of the global market in 2016.
Rising Funding for Cancer Research to Boost Growth Opportunities
The market is majorly gaining from the rising discretionary funding for cancer research.
Governments across most developed countries are engaged in raising funds for cancer research to
aid in diagnosis and research. They are also funding clinical trials for breakthroughs in cancer
treatment. As their initiatives gain pace, the cancer biomarkers market will witness greater growth
opportunities. Also steps taken by the government to spread cancer awareness will help the market
gain momentum. In lines with the same, the demand for cancer biomarkers will therefore rise in
response to the rising incidence of cancer worldwide.
To gain a stronger foothold, the leading market players are forging strategic collaborations. They are
also keen on acquiring established regional players to expand their geographic footprint. Such
strategies adopted by companies will have a positive influence on the market. Besides these,
growing acceptance of patients towards innovative technologies and tests and novel product
launches will enable the market exhibit strong growth during the forecast period.
Lack of Awareness to Act as Major Restraint to Growth
On the downside, the unwillingness of healthy population to participate in clinical research is acting
against the market’s growth prospects. While overall, the incidence of cancer cases is surging
around the world, but not many of them have access to proper treatment. This is partly due to the
lack of participation in clinical trials and unavailability of patient surveillance systems. Given the
scenario, low awareness and ambiguity regarding blood tests such as tumor biomarkers are
inhibiting the cancer biomarker market’s trajectory. Also the high attrition rate in product
development cycle is restricting the market’s growth to an extent.
Nevertheless, with the advent of minimal-invasive diagnostic tests for cancer diagnosis will support
the market’s growth in the near future. Minimally invasive diagnosis will provide simple and
comparatively less expensive method of detecting cancer. These innovations will bring in fresh
opportunities for the market players to capitalize on. Also the market will witness considerable
growth opportunities as governments across emerging nations boost their healthcare spending and
take steps to deliver healthcare services at par with the international standards.
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Cancer is a complex and potentially fatal disease that is primarily caused through environmental factors resulting in gene mutations affecting critical cell-regulatory proteins. These factors may act together or in a sequence to trigger tumor formation. Rising incidences of cancer and increasing healthcare expenditure are expected to aid the global cancer biomarkers market. The global market for cancer biomarkers is expected to grow at an exponential rate benefiting from the recent advances in technology, favorable government initiatives and funding.