Global cancer biomarkers market projected to grow at CAGR of 12.2% 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% from 2017 to 2022. Over the years, the cancer biomarkers market has evolved significantly owing to the rising prevalence of cancer, advancements in omics technologies, increasing healthcare expenditure, growth in R&D funding from government and private bodies, and rising demand for personalized medicine in cancer therapies. However, an unfavorable regulatory and reimbursement scenario and the high capital investments required for biomarker development and validation are some factors expected to restrain the market.
The lung cancer segment is expected to register the highest CAGR’
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.The lung cancer segment is expected to register the highest CAGR during the forecast period.
The increasing company focus on research on lung cancer biomarkers is the key driver for this market. Increased understanding of the morphology of lung carcinogenesis, development of the high-throughput techniques for biomarker discovery, and increased focus on early detection of cancer are propelling the growth of this market.
North America is expected to dominate the cancer biomarkers market and APAC growing at the highest CAGR North America (comprising the US and Canada) is expected to account for the largest share of the global cancer biomarkers market in 2017.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.
While the APAC region is expected to register the highest CAGR during the forecast period. The APAC cancer biomarkers market, particularly in China, Japan, and India is expected to witness high growth during the forecast period.
Break of primary participants was as mentioned below: • By Company Type – Tier 1–40%, Tier 2–30%, and Tier 3–30% • By Designation – Director level–18%, C-Level–27%, and Others–55% • By Region – North America–50%, Europe–20%, Asia-Pacific–20%, and RoW–10%
Major players in this market that are profiled in the report includes Abbott (US), Affymetrix (US), Roche (Switzerland), Illumina (US), QIAGEN (Netherlands), Agilent (US), Thermo Fisher (US), Merck (US), Becton Dickinson (US), Hologic (US), Danaher (US), and Shimadzu (Japan).
Research Coverage: From an insight perspective, this research report focuses on qualitative data, market size, and growth of various segments and subsegments, competitive landscape, and company profiles.The qualitative data covers various levels of industry analysis such as market dynamics (drivers, restraints, opportunities, and challenges).
The report also offers market sizes and data on the growth of various segments of the industry.It focuses on emerging and high-growth segments, and high-growth regions.
The competitive landscape covers growth strategies adopted by industry players in the last three years.The company profiles comprise basic views on key players in the cancer biomarkers market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future.
The above-mentioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in approach, R&D investments for innovations in products and technologies, and levels of output to remain successful.
Reasons to buy this report: The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on products offered by the top players in the cancer biomarkers market • Product/Service Enhancement/Innovation: Detailed insights on the upcoming technologies, research & development activities, and new product launches in the cancer biomarkers market • Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for profiling technologies across various regions • Market Diversification: Exhaustive information about new products, untapped geographies, and recent developments in the cancer biomarkers market • Competitive Assessment: In-depth assessment of market ranking, strategies, products, and manufacturing capabilities of the leading players in the cancer biomarkers market
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