The global cancer biomarker market size is expected to reach USD 118.08 Billion in 2030 and register a revenue CAGR of 17.6% over the forecast period, according to the latest report by Reports and Data.
The global cancer biomarker market size is expected to reach USD 118.08 Billion in 2030 and register a revenue CAGR of 17.6% over the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth of cancer biomarker is due to various factors such as technological advancements and increasing use of personalized medicine. However, high capital investments and low benefit-cost ratio are certain restraints that can affect market revenue growth.
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Biomarkers plays a crucial role in identifying the presence of cancer within the body. It also helps in identifying the intensity to which cancer has spread within the body. A biomarker is a biological molecule found in blood, other body fluids, or tissues and signals a normal or abnormal process, or of a condition or disease. Increasing R&D in laboratories has led to introduction of new biomarkers for identifying specific cancers. Rise in number of cancer patients across the globe has led to a demand for better diagnostic techniques. If a patient is diagnosed early and has been confirmed with cancer, then it becomes easy for doctors to treat him or her well. Biomarkers help in detecting cancer at an early stage via different profiling technologies. Rise in awareness programs for early diagnosis of cancer has also led to increase in demand of profiling technologies.
Biomarkers help in identifying the presence of tumor cells within the body with a high efficacy rate instead of going through large number of tests. During diagnosis, if biomarker is used for identifying the cancer then it can reduce the cost of testing. Low cost, easily accessibility and quick results are certain benefits of using biomarkers for diagnosing cancer, which is expected to drive market revenue growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Illumina, Inc., QIAGEN N.V., Bio-Rad Laboratories, Inc., Abbott., Merck Millipore, bioMérieux SA, Eurofins Scientific, Inc., and Myraid Genetics, Inc.
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Cancer Biomarkers Market Segmentation:
Type Outlook:
- Genomic
- Proteomic
- Epigenetic
- Imaging
Application Outlook:
- Drug Discovery & Development
- Diagnostics
- Prognostics
- Pharmacokinetics
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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