Cancer accounts for 8.3 million deaths annually. Over the next two decades, 7 out of 10 patients are likely to suffer from this deadly disease. The increasing prevalence of cancer has facilitated extensive research in the diagnosis and treatment of cancer. Governments are increasingly funding clinical trials to assist companies in developing effective diagnostics and treatment for cancer. In April 2016, the National Cancer Institute (NCI) received a federal grant of US$ 5.2 Bn to aid it in its research. Aggressive funding initiatives by governments on cancer diagnostics are boosting the growth of the cancer biomarkers market.
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The aforementioned trends are anticipated to leverage growth within the global cancer biomarkers market which is estimated to reach a staggering CAGR of 12.2% during the forecast period (2020-2025). Factors, such as availability of inexpensive and less-invasive prognosis, will further augment demand for cancer biomarkers, propelling the market to hurtle towards a valuation of US$27Bn by the end of the forecast period
Key Takeaways of Global Cancer Biomarkers Market Study
- Based on test type, the Circulating Tumor Test (CTC) segment is expected to hold the maximum market share (34.7%) during the forecast period. This is followed by the Prostate Specific Antigen (PSA) test, pegged at 22.7%.
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- Lung Cancer is the most common type of disease, owing to higher incidence of cigarette smoking. The segment accounts for one-fourth of the total market share. However, breast cancer is becoming equally prevalent. This is attributed to increased life expectancy, rapid urbanization and sedentary lifestyles.
- North America is set to remain the most lucrative market for cancer biomarkers, due to increased access to healthcare. It is expected to account for more then 2/5th market share, registering an absolute $ opportunity of US$ 5.2 Bn between 2020 and 2025.
- However, Asia-Pacific is buckling up, owing to increased incidences of cancers in emerging economies. Projected CAGR for Asia-Pacific is estimated at 13.8% during the forecast period.
“The global cancer biomarkers market possesses immense potential for future growth, driven primarily by increased prevalence of cancer and the subsequent investment in its research and development. Favorable government policies, in terms of extending grants, has facilitated path-breaking innovations in the treatment and prognosis of cancers,” concludes a Fact.MR analyst.
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AI Capabilities and Product Innovations to Shape the Competition Landscape
The global cancer biomarkers market is highly consolidated, with key players such as F. Hoffmann-La Roche Ltd., Abbott Technologies & Merck & Co., Inc. holding the maximum market share. Innovations and product launches constitute their key market strategies. For example, La Roche’s TECENTRIQ prescription medicine has been cleared by the Food & Drug Administration (FDA) to treat patients suffering from non-squamous and squamous non-small cell lung cancer (NSCLC). Smaller players, like Novartis AG, have concentrated on building up their Artificial Intelligence capabilities to detect cancers with zero-error margins. The presence of these market players and their strategies is expected to significantly boost their share in the cancer biomarkers market.
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