Cancer Biomarkers Market - Insights on Scope and Growing Demands 2022

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Market growth factors
Major growth drivers of the cancer biomarkers market are rising prevalence of cancer and rising demand for personalized medicine in cancer therapies. However, the high cost of various cancer diagnostic tests, need for high capital investments, poorly suited regulatory and reimbursement systems, and technical issues related to sample collection are restricting the growth of this market.
What experts says about the growth of this market?
The global cancer biomarkers market is projected to reach USD 20.48 Billion by 2022 from USD 11.53 Billion in 2017, at a CAGR of 12.2%.
Cancer Biomarkers Market by Type (Protein Biomarker, Genetic Biomarker), Cancer Type (Breast, Melanoma, Leukemia, Lung), Profiling Technology (Omics, Imaging, Immunoassay, Bioinformatics), Application (Diagnosis, Prognostics, R&D) - Global Forecast to 2022
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The cancer biomarkers market on the basis of cancer type is classified into breast, lung, colorectal, prostate, melanoma, leukemia, thyroid, bladder, non-hodgkin’s lymphoma, kidney, and other cancers, such as cervical, multiple myeloma, and CNS, gastric, liver, pancreatic, oral cavity and pharynx, stomach, and ovarian cancers.
In cancer type segment, breast cancer is expected to account for the largest share of the global cancer biomarkers market. Rising focus of various companies on developing new diagnostic assays is a major driver for market growth in this segment. Various initiatives are being organized across the globe to increase the awareness of breast cancer and the early diagnosis of the condition and thereby drive the number of diagnostic scans. This will further drive market growth in this segment.
On the basis of biomarker type, the cancer biomarkers market segmented into protein biomarker, genetic biomarker, and other biomarkers. The protein biomarkers segment is expected to account for the largest share of the global cancer biomarkers market. The large share of this segment is mainly attributed to the tremendous potential of protein biomarkers in cancer detection, diagnostics, prognostics, and clinical & therapeutic applications; and low cost of the protein biomarker tests as compared to genetic biomarker tests. Moreover, increasing focus of pharmaceutical companies towards the discovery of protein biomarkers is further expected to fuel the growth of this market during the forecast period.
(Source: MarketsandMarkets™)
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Key players
The cancer biomarkers market is dominated by established players such as Thermo Fisher Scientific Inc. (US), Roche (Switzerland), Agilent Technologies (US), Illumina Inc. (US), Abbott (US), QIAGEN N.V. (Netherlands), Merck (US), Becton, Dickinson and Company (US), and Hologic (US).
Know the strategies adopted by market players
Geographic Overview
North America (comprising the US and Canada) is accounted for the largest share of the global cancer biomarkers market in 2017, followed by Europe. The large share of this geographic segment is mainly attributed to the increasing government support for discovery and development of biomarkers, increasing demand for personalized medicine, adoption of advanced omics technologies for biomarker discovery, and rising use of biomarkers in drug discovery and development by pharmaceutical companies in that region.

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