Cancer immuno-oncology is fastest growing segment fueling the growth of Cancer Biomarkers Market

Cancer Biomarkers Market

The global Cancer Biomarkers Market is estimated to be valued at US$ 380.84 Bn or Million in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cancer biomarkers are molecules or proteins produced by tumor cells and are routinely detected in bodily fluids like blood or urine. They act as markers to detect and monitor cancer progression. Their identification and therapeutic targeting helps guide clinical management of cancer patients.

Market key trends:
Cancer biomarkers play a crucial role in drug development by measuring drug efficacy and safety during clinical trials. Their use enables more precise selection of patients who are most likely to benefit from targeted therapies. Advances in omics technologies like proteomics, genomics, and metabolomics have enabled discovery of novel biomarkers for early disease detection and prognosis. Liquid biopsies for non-invasive detection of biomarkers in blood or other body fluids are gaining popularity over tissue biopsies due to advantages like serial sampling and real-time monitoring of treatment response. Several companies are also developing combination biomarker panels to improve diagnostic accuracy.
Segment Analysis
The global Cancer Biomarkers market is segmented based on type, application, technology, and cancer type. Of these, the protein biomarkers segment dominated the market in 2023 owing to the high usage of protein biomarkers such as CA 15-3, CA 19-9, CA 125, etc. in detecting and monitoring the cancer progress. Protein biomarkers have high sensitivity and specificity in detecting various cancers and hence their demand remains high.

Key Takeaways
The global Cancer Biomarkers Market Share is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to increasing incidence of cancer cases globally.

Regional analysis
North America dominated the global market in 2023 and accounted for over 40% of the total market share. This is attributed to advanced healthcare infrastructure and high healthcare spending in this region. Asia Pacific is anticipated to witness the highest growth over the forecast period due to massive patient population, increasing awareness regarding biomarkers and rising healthcare expenditures in developing countries of this region.

Key players
Key players operating in the Cancer Biomarkers market include bioMérieux, Inc., INOVIQ, Bio-Rad Laboratories, Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare Private Limited. bioMérieux, Inc. and Thermo Fisher Scientific Inc. together account for over 25% share of the total Cancer Biomarkers market.

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