Cancer biomarkers are biological molecules found in blood, tissues, or other body fluids whose presence indicates normal or abnormal processes, or conditions of concern regarding health. They are used in patient diagnosis, staging, treatment selection, monitoring of cancer progression or recurrence.
Cancer biomarkers help in early cancer detection and assessing the likelihood of cancer recurrence after treatment. They play an important role in cancer risk assessment, screening, diagnosis, prognosis, and predicting treatment response for a variety of cancers. With increasing technological advancements, more personalized and targeted treatment options are emerging. This is fueling the demand for cancer biomarkers to help physicians detect cancer in early stages, determine the best treatment for each patient, monitor the effectiveness of treatment, and check for signs of recurrence.
The Global Cancer Biomarkers Market is estimated to be valued at US$ 25.60 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Cancer Biomarkers are Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd. The increasing prevalence of cancer globally has boosted the usage of cancer biomarkers. Rising demand for non-invasive diagnostic techniques along with increasing funding for cancer research are fueling the market growth. Growing awareness regarding the benefits of early detection of cancer is further driving the demand for cancer biomarkers.
The growing Cancer Biomarkers Market demand for personalized medicine is also propelling the demand for cancer biomarkers. Personalized medicine focuses on classifying individuals based on their susceptibility and likely response to particular treatment. This allows clinicians to choose the most safe and effective treatment for each patient. Many companies are increasingly investing in biomarker research and development to introduce innovative cancer diagnostics and targeted therapies.
The increasing global incidence of cancer has encouraged market players to expand their geographical presence. Emerging countries in Asia Pacific and Latin America offer lucrative opportunities for players due to growing healthcare investments, favorable government policies, and rising patient disposable incomes in these regions. Players are also focusing on partnerships, mergers, acquisitions, and collaborations with research institutes and biotechs to strengthen their product portfolios and geographical footprints.
Market Key Trends
Next-generation sequencing (NGS) has emerged as a key trend in the global cancer biomarkers market. NGS helps to discover and validate novel biomarkers by generating huge amounts of DNA sequence data from tumor and normal samples. It allows comprehensive genomic profiling of tumors to guide treatment decisions. NGS enables the analysis of multiple biomarkers simultaneously compared to traditional techniques. This allows physicians to obtain a complete molecular profile of the tumor specific to each patient for precision diagnosis and treatment selection.
Porter’s Analysis
Threat of new entrants: High capital requirements and strong intellectual property rights protections limit new entrants in this competitive market.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over biotech companies developing novel biomarkers, putting pricing pressure.
Bargaining power of suppliers: Suppliers of analytical instruments and clinical testing kits have some bargaining power as they provide core tools and technologies needed by most companies in this space.
Threat of new substitutes: Biomarkers able to better diagnose, monitor, or predict therapeutic responses could emerge as substitutes over time.
Competitive rivalry: Intense competition exists among large pharmaceutical companies and smaller biotech firms to develop and commercialize novel cancer biomarker diagnostic tests and services.
Geographical Regions
North America currently accounts for the largest share of the global cancer biomarkers market, in terms of value, owing to the high adoption of advanced cancer diagnostic techniques and presence of leading biomarker testing companies in the region. The Asia Pacific market is expected to grow at the fastest rate during the forecast period, due to growing awareness regarding early cancer detection, increasing healthcare expenditure, and expanding base of pharma & biotech companies in China, India, and other Asia Pacific countries.
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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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