Cancer Biomarkers Market shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Cancer biomarkers and nothing but processes or substances used to indicate the presence of cancer cells in the human body. They are created by either the cancer tissues themselves or any other cell to combat the response of cancer in the body. These elements are found in the bodily fluids, tumour tissues, urine, stool, blood and other such issues. The facility high-speed non-invasive process of diagnosis using the proteomics and genomics and stimulate the process of Cancer detection. The rise of cancer cells in different parts of the body has comparatively increased during the last few years, which has convulsively made Technology soaring and create a dish for the global cancer biomarkers market.
Growth factors and trends
With the ease of understanding of diseases and better target discoveries and biomarker enabled drug discovery facilities, the global market has registered a sale of 10.3 1 billion USD during the year 2016. It is only expected to show an upward rise in the curve with a CAGR of 12.2%, which is around 20 point 48 billion USD by the year 2022. With aggressive technological advancements in products and enhanced accuracy and speed of genetic biomarker diagnosis and discovery, the market players have created height throughput in terms of expansion of the genetic biomarkers market. With the dynamically aggressive technological discoveries and more key players making a way in the market, it can easily be estimated that by the year 2022 industry will segment itself further into discoveries and diagnosis of the fatal disease. Hence it is a safe bet to forecast that the cancer biomarkers industry is on an upward rise and will continue to do so through the year 2023.
The mounting prevalence of malignancies, especially breast, prostate, and lung malignancies, and their increase at a steep rate amalgamated with rising focus on the development of targeted therapies is a significant factor affirming positive growth of the Cancer biomarkers market. Fostering awareness among healthcare professionals and patients about the essentiality of early diagnosis of malignancies and growing demand for personalised medicine in recent times is expected to provide the cancer biomarker market with high growth opportunities especially in the coming decade. Early diagnosis facilitated by diagnostic biomarkers enable doctors to decide on healthier treatment alternatives, therefore ensuring a higher probability of successful recovery in lesser time. Additionally, the increase in regulatory approval of new drugs and diagnostics relating to cancer biomarkers is predicted to enhance the adoption rate. Increasing awareness regarding early testing and a growing base of population undergoing targeted therapy as treatment are key factors contributing towards the dominance of this market. Lung cancer being expected to witness the fastest growth over the next few years, which indicates a rise in the number of diagnostic tests targeting EGFR and BRAF mutations that are essential biomarkers for diagnosis of non-small cell lung cancer and are important factors that would accentuate growth in this segment. As a result of their extensive usage, high-reliability rate, and easier analysis genetic biomarkers hold a significant market share. Increased collaboration between pharmaceutical companies for developing new drugs targeting epigenetic biomarkers is estimated to accelerate the growth of this market.
Validity of results from biomarker studies using archived specimens is considerably dependent on the integrity of specimens along with the manner of their collection, processing, and storage. Specimen storage, detailed tracking, and retrieval software are necessary for proper handling and management of samples. These are possible expected to hinder growth of the cancer biomarkers market.
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