PUBLISHER: The Business Research Company | PRODUCT CODE: 1428229
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428229
Oncology biomarkers are biological molecules within a patient's body indicating the presence of cancer. These biomarkers offer insights into the occurrence of cancer in an individual.
The primary categories of oncology biomarkers include protein biomarkers, genetic biomarkers, and others. Protein biomarkers involve the use of one or multiple proteins for diagnosing diseases, understanding prognosis, and monitoring a patient's biological response to treatment. Profiling technologies encompass omics technologies, imaging technologies, immunoassays, bioinformatics, and others. Cancer types covered by oncology biomarkers include breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, leukemia, ovarian cancer, liver cancer, and others. These biomarkers find various applications such as diagnostics, research and development, prognostics, risk assessment, and more, predominantly utilized in hospitals, academic and cancer research institutes, ambulatory surgical centers, and diagnostic laboratories.
The oncology biomarkers market research report is one of a series of new reports from The Business Research Company that provides oncology biomarkers market statistics, including oncology biomarkers industry global market size, regional shares, competitors with a oncology biomarkers market share, detailed oncology biomarkers market segments, market trends and opportunities, and any further data you may need to thrive in the oncology biomarkers industry. This oncology biomarkers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oncology biomarkers market size has grown rapidly in recent years. It will grow from $13.68 billion in 2023 to $15.69 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The rise observed in the historical period can be credited to the adoption in emerging economies, precision medicine initiatives, advancements in diagnostics, support for drug development, and the increased incidence of cancer.
The oncology biomarkers market size is expected to see rapid growth in the next few years. It will grow to $26.09 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The anticipated expansion in the forecast period can be ascribed to the integration of next-generation sequencing (NGS), the extension of biomarker informatics, emphasis on predictive pharmacogenomics, swift progress in exosome-based biomarkers, and the adoption of spatial transcriptomics. Noteworthy trends expected in the forecast period encompass the standardization and quality assurance efforts, a transition towards functional biomarkers, the significance of biomarkers in clinical trials, the broadened applications in immunotherapy, and the real-time monitoring of treatment responses.
The anticipated growth in the oncology biomarker market is expected to be driven by the increasing incidence of cancer. Cancer is characterized by the uncontrolled growth of certain cells in the body, gradually spreading to other parts of the body. Oncological biomarkers play a crucial role in providing detailed information about the type of cancer by analyzing genes, proteins, and other substances within an individual's body. For instance, a report published by the American Cancer Society in February 2021 revealed an estimated 19.3 million new cancer cases and nearly 10.0 million cancer-related deaths in 2020. Additionally, reports from the American Society of Clinical Oncology (ASCO) in March 2023 estimated that over 12,000 individuals in the US were diagnosed with neuroendocrine tumors annually, with approximately 171,000 people living with this diagnosis in 2023. Thus, the rising incidence of cancer is poised to propel the oncology biomarker market.
The significant factor contributing to the growth of oncology biomarkers is the increasing adoption of personalized medicine. Personalized medicine is an innovative healthcare approach that tailors medical treatment to the individual characteristics of each patient. In the context of oncology biomarkers, personalized medicine utilizes specific biomarkers to identify unique genetic or molecular characteristics of an individual's cancer. As an illustration, in 2022, the Food and Drug Administration's Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs), with approximately 34% (12 of them) classified as personalized medicines by the Personalized Medicine Coalition (PMC). Hence, the growing adoption of personalized medicine serves as a driving force for the expansion of the oncology biomarker market.
The adoption of innovative and advanced technologies stands out as a prominent trend in the oncology biomarker market. Leading companies in this market are actively introducing new and groundbreaking technologies to enhance their position. In 2022, OncoDNA, a Belgium-based precision medicine company in oncology, launched OncoDEEP, a distinctive kit designed for laboratories to conduct comprehensive biomarker testing. OncoDEEP utilizes Next-generation sequencing (NGS) technology and cloud-based software tools, empowering laboratories to perform large-panel sequencing, acquire the molecular characterization of tumors, analyze raw data, and access robust quality controls.
Major players in the oncology biomarkers market are also focused on developing innovative products, such as clinical assays, to gain a competitive advantage. Clinical assays are biochemical tests used in healthcare to measure the presence or amount of a specific substance in biological samples such as blood, tissue, or urine. For instance, in December 2022, Adaptive Biotechnologies, a US-based biotechnology company, introduced the clonoSEQ Assay for detecting minimal residual disease (MRD) in blood for patients with diffuse large B-cell lymphoma (DLBCL). Leveraging circulating tumor DNA (ctDNA), clonoSEQ enables the assessment of MRD status in DLBCL, providing clinicians with a sensitive and quantitative measure of disease burden for earlier relapse detection and more precise treatment planning. Notably, it is the first and only MRD test in DLBCL with Medicare coverage across all lines of therapy, treatment regimens, and timepoints.
In May 2023, Freenome, a US-based biotech company, completed the acquisition of Oncimmune Ltd., a UK-based company specializing in developing immunodiagnostics. This strategic acquisition is poised to enhance Freenome's cancer screening efforts by providing additional clinical and commercial resources. Moreover, it will contribute to augmenting Freenome's multi-omics platform, offering a more comprehensive view of the tumor microenvironment.
Major companies operating in the oncology biomarkers market report are F Hoffmann-La Roche AG, Novartis AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Eli Lilly and Company, Merck KGaA, Siemens Healthcare GmbH, Becton Dickinson and Company, GE Healthcare Technologies Inc., Eurofins Scientific SE, Agilent Technologies Inc., Hologic Inc., Illumina Inc., Charles River Laboratories International Inc., bioMerieux SA, Bio-Rad Laboratories Inc., Bruker Corporation, QIAGEN NV, Exact Sciences Corporation, Sysmex Corporation, PerkinElmer Inc., Leica Biosystems, Myriad Genetics Inc., Guardant Health Inc., Enzo Biochem Inc., Biocartis Group NV, Bristol -Myers Squibb Company, Agendia Inc., Epigenomics AG, OncoDNA SA.
North America was the largest region in the oncology biomarkers market in 2023. The regions covered in the oncology biomarkers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the oncology biomarkers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The oncology biomarkers market consists of sales of epigenetic biomarkers, metabolic biomarkers and proteomic biomarkers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Oncology Biomarkers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oncology biomarkers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oncology biomarkers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The oncology biomarkers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.