Cancer Biomarkers are substances secreted by tumors or responses produced by the body due to the presence of cancer. So, Cancer Biomarkers basically indicate the presence of cancer in the body and therefore, they are used during cancer diagnosis. They can be found in the blood and other tissues and body fluids of the affected individual.
Apart from detecting the presence or absence of cancerous tumors in the body, Cancer Biomarkers help find out the stage of cancer, and predict how aggressive the condition is and how a patient is likely to respond to treatment. Some of the key biomarkers used are CEA, NSE Cyfra 21-1, SCC, TPA, CA 15-3, EGF R, PSA, and Cytokeratin 14.
The global Cancer Biomarkers market is expected to grow at a CAGR of 11.8% during 2017 to 2025 and reach USD 27.63 billion by the end of 2025. The main drivers for Cancer Biomarkers market are increasing incidence of cancer across the globe and rising research on Cancer Biomarkers. Cancer is one of the major causes of death globally. According to the WHO, the number of people affected by cancer is likely to increase by 70% over the next two decades.
The rising global burden of cancer will give a major boost to the biomarkers market, as biomarkers can play a vital role in early diagnosis, risk assessment, and effective monitoring of treatment. For this reason, various healthcare organizations and governments are investing in Cancer Biomarkers, which will play a major role in the growth of the market.
The growth of the Cancer Biomarkers market will also be augmented by increasing use of Cancer Biomarkers in drug discovery and development, growing adoption of personalized medicine, development of advanced genomic analysis techniques, and increasing awareness about the importance of early diagnosis of cancer.
However, the market may face some constraints in the form of certain manufacturing and pharmacological issues, regulatory hurdles, lack of proper storage facilities, high initial costs, the low benefit cost ratio, and high capital investment required. Lack of reimbursement policies can also limit the growth of the market to some extent. However, increasing geriatric population and increasing disposable incomes of consumers will provide growth opportunities in the coming days.
The global Cancer Biomarkers market is currently being dominated by North America and the region is likely to maintain its dominance by holding the highest share in the market in terms of revenue. The growth of the North American market can be attributed to the initiatives taken by governments to increase research and development of Cancer Biomarkers and rising incidence of cancer in the region.
In the coming years, the Asia-Pacific Cancer Biomarkers market is expected to record the highest growth due to the rising cancer burden and increasing geriatric population in the region. The major players operating in the global Cancer Biomarkers market include Genomic Health, Novartis AG, F. Hoffmann-La Roche Ltd., Illumina, Inc., bioMérieux SA, Thermo Fisher Scientific Inc., Agilent Technologies, Qiagen, Merck & Co., Abbott Laboratories, and Hologic, Inc., among others.