The global cancer biomarkers market is projected to reach USD 28.2 billion by 2026 from USD 12.4 billion in 2021, at a CAGR of 17.7% during the forecast period. Growth in the cancer biomarkers market is mainly driven by factors such as the increasing use of cancer biomarkers in drug discovery & development and increasing R&D on cancer biomarkers. However, patent protection of cancer biomarkers and limited battery life are the major factors hampering the growth of this market.
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Opportunity: Personalized medicine
Personalized medicine identifies the most beneficial treatment path for individual patients. Cancer biomarkers play a very important role in certain aspects of personalized medicine. Consumables used in cancer biomarker testing enable the identification of these diseases. Cancer biomarker diagnostic products are also used as companion diagnostics for several investigational therapies. Thus, the field of personalized medicine is expected to offer potential growth opportunities for players operating in the market.
Challenge: Challenges associated with cancer biomarker validation
The cancer biomarker validation process includes evaluating assays or measuring performance characteristics such as sensitivity, specificity, and reproducibility. Validation is critical for establishing cancer biomarkers as reliable tools to support drug development, medical care, and biopharmaceutical investment decisions.
The major players in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific, Inc. (US), QIAGEN N.V. (Netherlands), Illumina, Inc. (US), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), bioMérieux SA (US), Becton, Dickinson and Company (US), Merck Millipore (US), Agilent Technologies (US), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Hologic, Inc. (US), Quest Diagnostics (US), Centogene N.V. (Germany), PerkinElmer, Inc.; (US), Siemens Healthineers (Germany), Exact Sciences (US), R&D Systems, Inc. (US), BioVision, Inc. (US), Olink (Sweden), Asuragen, Inc. (US), Meso Scale Diagnostics, LLC (US), Invivoscribe, Inc. (US), Seegene Technologies, Inc. (South Korea).
F. Hoffmann-La Roche Ltd. held the leading position in the cancer biomarkers market in 2020. La Roche focuses on innovation to maintain its market share. It invests a significant amount of its revenue in R&D activities for this purpose. These investments are used to develop new and innovative products. The company’s major share comes from the US. With its high R&D capabilities, excellent balance sheet, and asset quality, the company is expected to witness a higher growth rate in the forecast period.
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North America is the largest regional market for global cancer biomarkers market
The global market is segmented into five major regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2020, North America accounted for the largest share of the global market. The North American market’s growth can be attributed to the correlation between an increasing population and increased research activities.
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