Market Research Report
Cancer Biomarkers Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||390624|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|Cancer Biomarkers Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: September 1, 2019||Content info: 115 Pages||
Global Cancer Biomarkers market is expected to witness a CAGR of 12.6% over the forecast period. Certain factors that are driving the market growth include increased incidences of cancer globally and higher acceptance for treatment in developing regions, the paradigm shift in healthcare from disease diagnosis to risk assessment or early diagnosis, and increasing usage in drug development.
Cancer is one of the leading causes of death globally, with 8.8 million victims in 2015, accounting for nearly one in six deaths. The disease has witnessed significant growth in the last few decades and is expected to grow rapidly over the forecast period. The WHO expects this number to increase to 70% over the next two decades. This increased burden of several lifestyle disorders is also expected to drive the global market, as biomarkers have a vital role in risk assessment, early diagnosis, and effective monitoring of treatment. According to WHO, almost 70% of deaths from cancer occur in low and middle-income countries, and only one in five low and middle-income countries has the necessary data to drive cancer policy. As data is being generated aggressively in the healthcare sector, the lack of data has already become outdated in a few developing countries, and it will likely become so in the remaining countries. This augmentation of data is expected to provide the basis for any national policy on cancer. In turn, this will possibly lead to an increase in the percentage of people opting for cancer treatment. This improved demand in low and middle-income countries is projected to boost the cancer biomarker market.
Biomarkers are chemical, physical or biological parameters, which can be used to indicate disease states. Oncology biomarkers offer high speed, non-invasive cancer diagnosis, and are believed to enhance cancer detection and screening.
Prostate Cancer is Expected to Hold Significant Market Share in Types of Diseases
Prostate cancer is the second-most common form of cancer that affects men, worldwide. As per the American Cancer Society, in 2018, the United States witnessed around 164,690 new cases of prostate cancer, with over 26,430 deaths from the same. About 60% of the total prostate cancer cases diagnosed are among men aged 65 years or older. In order to tackle these challenges, extensive research in the field of diagnostics has been undertaken. The popular biomarker, Prostate-Specific Antigen (PSA), was introduced in the late 1980s and has guided prostate cancer diagnosis for over 20 years. The next generation of prostate cancer biomarkers has introduced new assays in serum and urine that are expected to replace PSA. Moreover, with such a high rate of prevalence of prostate cancer across the globe, the demand for diagnostic devices is sure to rise, in turn, leading to the growth of this particular segment in the years to come.
North America Dominates the Market and is Expected to do Same Over the Forecast Period
The number of cancer patients in the United States has seen a considerable rise. Prostate and breast cancer are the most prevalent forms of cancer in the region. The American Cancer Society estimates that there are around 220,800 new cases of prostate cancer diagnosed, and about 27,540 deaths from this cancer in 2015, in the United States. It is also estimated that there are nearly three million American men currently living with prostate cancer. In 2015, an estimated 246,660 new cases of invasive breast cancer, and 60,290 additional cases of in-situ breast cancer were diagnosed among women in the US. The ease in US government regulations, and availability of funds from various organizations, like the National Institute of Health and others, have provided the potential for researchers to invest more into the use of biomarkers in drug discovery, drug development, detection of specific tumors, monitoring biological response to cancer therapy, and genetic studies for the identification of predisposed candidates of cancer.
The global Cancer Biomarkers market is highly competitive and consists of a number of major players. Companies like 23andMe, Abbott Laboratories, Inc., Agilent Technologies, Ambry Genetics, Biomerieux, Celera Corporation (Quest Diagnostics), F. Hoffmann-La Roche Ltd, Hologic, Inc., Illumina, Inc., Thermo Fisher Scientific, among others, hold the substantial market share in the Cancer Biomarkers market.