The global cancer biomarkers market is predicted to achieve a value of USD 28.2 billion by 2026, showing a compound annual growth rate (CAGR) of 17.7% during the forecast period, compared to USD 12.4 billion in 2021. The market growth is primarily attributed to factors such as the increasing utilization of cancer biomarkers in drug discovery and development, as well as the rising research and development (R&D) efforts in the field. Nevertheless, limitations in patent protection of cancer biomarkers and restricted battery life represent significant obstacles to market expansion.
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Key players in this market include F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., QIAGEN N.V., Illumina, Inc., Bio-Rad Laboratories, Inc., Abbott Laboratories, bioMérieux SA, Becton, Dickinson and Company, Merck Millipore, Agilent Technologies, Myriad Genetics, Inc., Sysmex Corporation, Hologic, Inc., Quest Diagnostics, Centogene N.V., PerkinElmer, Inc., Siemens Healthineers, Exact Sciences, R&D Systems, Inc., BioVision, Inc., Olink, Asuragen, Inc., Meso Scale Diagnostics, LLC, Invivoscribe, Inc., and Seegene Technologies, Inc.
F. Hoffmann-La Roche Ltd. emerged as the leading player in the cancer biomarkers market in 2020. The company’s market share is sustained through a focus on innovation, with substantial investments directed towards research and development. The majority of the company’s revenue comes from the United States, and its strong R&D capabilities, solid balance sheet, and high-quality assets position it for higher growth in the forecast period.
Thermo Fisher Scientific, Inc. held the second position in the cancer biomarkers market in 2020. Similar to F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific places emphasis on innovation to maintain its market share and allocates a significant portion of its revenue to research and development. The company’s primary revenue source is also the United States, and its robust R&D capabilities, strong balance sheet, and high-quality assets position it for increased growth in the forecast period.
Qiagen N.V. was the leading player in the cancer biomarkers market in 2020. The company enjoys a strong global market presence, primarily due to its extensive customer network and efficient delivery system. Its widespread reach and the critical nature of its service portfolio contribute to expanding healthcare access in emerging and developed countries.
Opportunities in the cancer biomarkers market lie within personalized medicine, which aims to determine the most suitable treatment approach for individual patients. Cancer biomarkers play a vital role in certain aspects of personalized medicine, as they aid in disease identification and are used as companion diagnostics for investigational therapies. Consequently, the field of personalized medicine presents potential growth prospects for companies operating in the cancer biomarkers market.
Technological advancements in array and proteomics technologies have overcome challenges related to the identification and understanding of protein functions and interactions. These advancements have greatly simplified the process of discovering and developing novel cancer biomarkers.