The Global Cancer Biomarkers Market is expected to exceed $157.37 Billion by 2022 at a compound annual growth rate (CAGR) of 13.3%, fueled by increasing incidences of cancer worldwide and emerging technologies, according to a report.
Cancer biomarkers are used to indicate the biological state of a tumor and to more accurately diagnose, treat, and manage cancer. Some key biomarkers include CEA, SCC, NSE Cyfra 21-1 and TPA (lung cancer), PSA (prostate cancer) and CA15-3, EGF R, BRCA 1/2 and Cytokeratin 14 (breast cancer).
Cancer Incidences on the Rise
About 14 million new cancer cases are reported every year, an alarming figure that is expected to further increase over the next two decades by 70%, according to the World Health Organization. WHO research from 2012 indicated that developing and under-developed countries accounted for 57% of new cancer cases due to lagging healthcare infrastructure.
Growth by Biomarker Type
The report covers three biomarker segments: genetic, protein, and glycoprotein. The analysis expects little change in market share among these three biomarker segments from 2017 to 2025 but does anticipate significant growth in each.
The protein biomarkers segment is expected to grow by more than $88 Billion in the same period.
Driving Factors of Market Growth
- Rising incidence and prevalence of cancer globally
- Advances in the research and development of cancer biomarkers
- Growing demand for personalized medicine and cancer therapies
- Investments from government, public, and private sectors
- Increasing acquisitions and collaborations
Restraining Factors to Market Growth
- Unfavorable government regulations and reimbursement policies
- High cost of drug development
- Technical issues in sample collection and storage
- Adverse effects of cancer therapies
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