ALBANY, New York, May 8, 2019 /PRNewswire/ -- Rising number of various types of cancer is supposed to boost growth in the global cancer biomarkers market. The global cancer biomarkers market is projected to grow at a CAGR of 11.8% during the forecast period 2017 to 2025. The cancer biomarkers market registered revenue of US$10.25 bn in 2016 and it is anticipated to go up to revenue worth US$27.63 bn by the end of forecast period.
In terms of region, North America is expected to hold its dominance in the global cancer biomarkers market. Increasing number of cancer cases across the region is expected to boost the market in this region. Simultaneously, Asia Pacific is also register a splendid growth in the global cancer biomarkers market during the forecast period. There are several types of cancer such as breast cancer, lung cancer, blood cancer, prostate cancer, melanoma, ovarian cancer, colorectal cancer, stomach cancer, and liver cancer. However, lung cancer is expected to register a higher growth in the global cancer biomarkers market during the forecast period.
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Research and Development to Encourage Cancer Biomarkers Market
Cancer seems to be prevailing like a wildfire across the globe. Due to increasing prevalence of cancer, it rises the need for research and development in the cancer biomarkers sector. After lung cancer, the second most common cancer is breast cancer. Cancer biomarkers have relatively less as compared to conventional line of treatment. This promotes the global cancer biomarkers market to expand during the forecast period. Using cancer biomarkers in the drug discovery and drug development sector is projected to boost the global cancer biomarkers market to grow substantially. Alternatively, cancer biomarkers are being used in studying genomics to provide personalized treatments than symptomatic treatments. Moreover, increasing consumption of smoking tobacco and cigarettes increases the threat of cancer such as mouth cancer. This further nudges the global cancer biomarkers to broaden during the forecast period.
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High Investment in Healthcare Sector Elevates Growth
Healthcare organizations and governments are investing in cancer biomarkers to provide early intervention and treatment of cancer. The objective of high investments in cancer biomarkers market is to provide support to patients and their families who go through physical and emotional trauma. Several healthcare providers and national healthcare departments are relentlessly focusing on technological advancement in cancer biomarkers. Thus, the global cancer biomarkers is expected to grow at a steady rate during the forecast period.
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Additionally, rising geriatric community and availability of disposable income at consumers end stimulates the global cancer biomarker market to augment.
Cancer treatment is quite high and with the emergence of cancer biomarkers makes it highly expensive, thereby restricting the growth of the global cancer biomarkers market. However, avenues that cancer biomarkers open up in cancer diagnosis and treatment are supposed to drive the global cancer biomarkers to scale up in upcoming years.
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The global cancer biomarkers market is highly competitive and fragmented, says Transparency Market Research as per a recently published research report. The key players in the market are majorly focusing on technological advancements. They are also entering into mergers and acquisitions to expand their presence in the global market and win over the competitive nature of the global cancer biomarkers market. Some of the key player operating in the global cancer biomarkers are Abott Laboratories, Agilent Technologies, Thermo Fisher Scientific Inc., Novartis AG, and F. Hoffman-La Roche Ltd.
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The above review is based on a TMR report, titled, "Cancer Biomarkers Market (Test Type - PSA Tests, CTC Tests, AFP Tests, CA Tests, HER2 Tests, BRCA Tests, ALK Tests, CEA Tests, EGFR Mutation Tests, and KRAS Mutation Tests; Disease Indication - Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Blood Cancer, Prostate Cancer, Ovarian Cancer, Stomach Cancer, and Liver Cancer) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025"
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