Global Cancer Biomarkers Market - 2023-2030

Global Cancer Biomarkers Market - 2023-2030

The global cancer biomarker market reached US$ 13.2 billion in 2022 and is expected to witness lucrative growth by reaching up to US$ 32.5 billion by 2030. The global cancer biomarker market is expected to exhibit a CAGR 12.3% during the forecast period (2023-2030). The emergence of liquid biopsy, use of genomic biomarkers, immuno-oncology biomarkers, and integration of artificial intelligence (AI) are driving up demand for cancer biomarker market trends.

The global cancer biomarker market has been expanding continuously in recent years biomarkers are measurable indicators that can provide useful information regarding the presence or progression of cancer. They are essential in cancer diagnosis, risk assessment, treatment selection, and treatment response monitoring.

The global cancer biomarker market scope comprises components encompassing biomarker types, profiling technologies, and others which has increased usage of cancer biomarker market share. The global market for cancer biomarker is expanding as a result of factors including increasing prevalence of cancer, shift towards personalized medicine, technological advancements in biomarkers, increasing focus on early detection, and rising adoption of targeted therapies.

Market Dynamics
Rising Geriatric Population is Estimated to Drive the Growth of the Cancer Biomarker Market

The growing geriatric population is driving the cancer biomarkers market. Cancer is becoming more common among the elderly as the world population ages. Because of variables such as continuous exposure to carcinogens in the environment, age-related genetic alterations, and a weaker immune system, older persons are at a higher risk of acquiring cancer.

For instance, according to World Health Organization (WHO) 2022 report, by 2030, about one out of every six people on the planet will be 60 or older. Within this time span, the share of the world population aged 60 and up is expected to increase from 1 billion in 2020 to 1.4 billion.

Growing R&D Activities is the Major Driver in the Global Cancer Biomarker Market

The cancer biomarkers market is expected to rise due to increased research and development (R&D) activities. R&D plays an important role in expanding the scientific understanding of cancer biomarkers by identifying novel biomarkers, developing novel diagnostic tests, and exploring new treatment targets.

For instance, on April 2023, Florida State University scientists have developed a novel test for detecting biological markers linked to several types of cancer. Their findings, published in the Journal of the American Chemical Society, describe a sensing platform made up of a gold nanoparticle and labeled peptides linked together by chemical bonds.

The gold nanoparticle keeps the dye from glowing in the presence of UV radiation. When a patient sample carrying the biomarker MMP-14, which is typically present in breast cancer, is injected, the bonds in the peptides are broken. As a result, a dye-containing particle separates from the gold, causing the sample to glow. This new breakthrough highlights the growing R&D efforts devoted to advancing cancer biomarkers, propelling the market growth, and improving diagnostic capabilities.

Technical Difficulties in Collecting and Storing Samples will Hamper the Growth of the Market

Sample collection and access are important market constraints. Service providers have challenges in getting samples, and once obtained, strong quality control techniques are required. To prevent sample loss or degradation, proper storage conditions must be maintained.

Furthermore, different samples are required for distinct stages of cancer management, such as risk detection, screening, diagnosis, and monitoring. These criteria add complexity and logistical challenges to the process, possibly limiting the efficient and seamless deployment of biomarker-based testing and treatments.

COVID-19 Impact Analysis
The COVID-19 pandemic has had a tremendous influence on the cancer biomarkers industry. It delayed cancer diagnoses and interrupted research and development operations, including treatment studies. Supply chain disruptions resulted in a lack of biomarker testing instruments and materials. The shift in healthcare priorities toward managing COVID-19 patients had an impact on the uptake of biomarker-based diagnostics and treatments.

Moreover, telemedicine and remote monitoring gained popularity, but they posed obstacles to in-person assessments and biomarker testing. Financial restrictions and market uncertainty influenced the uptake and reimbursement of biomarker-based treatments. Long-term ramifications, such as changes in cancer incidence and the availability of novel biomarkers, further complicate the market.

Russia-Ukraine War Impact Analysis
The Russia-Ukraine conflict has the potential to have a wide-ranging influence on the cancer biomarker market. Among the potential consequences include disruptions in the supply chain of biomarker-related products, economic instability leading to reduced healthcare spending, diversion of resources away from research and development, strain on healthcare infrastructure, and regulatory issues.

These effects may result in biomarker availability delays or shortages, lower investment in biomarker technology, slowed biomarker research advancement, restricted access to healthcare services, and increased regulatory uncertainties. The magnitude of the impact will be determined by the duration and intensity of the conflict, as well as the mitigation measures implemented.

Segment Analysis
The global cancer biomarker market is segmented based on cancer indication, biomarker type, profiling technology, end user and region.

OMICS Technologies Segment Accounts for 31.1% of Market Share Owing to the Advancement in Technologies in Cancer Research and Collaboration

The cancer biomarkers market is expected to be dominated by the omics technologies segment. The field of cancer research and diagnostics has been completely transformed by omics technologies, which include genomes, proteomics, metabolomics, and transcriptomics. With the use of these technologies, molecular biomarkers may be thoroughly analyzed, revealing important details about the fundamental processes underlying cancer formation, progression, and therapeutic response.

For instance, on June 2023, Owkin committed $50 million to advance cancer research using spatial omics technology in association with NanoString technology and prestigious research institutes. The MOSAIC project, which stands for Multi Omic Spatial Atlas in Cancer, aims to collect the largest spatial omics dataset ever with 7,000 tumor samples. In order to analyze the data and identify immuno-oncology disease subtypes, MOSAIC will use spatial omics approaches, which will aid in the search for biomarkers and medications.

The coalition will promote innovation and advancements in cancer research by utilizing Owkin's AI-based data science technologies as well as NanoString's GeoMx digital spatial profiler and CosMx spatial molecular imager platforms. Thus, owing to the above factors the segment is expected to grow over the forecast period.

Geographical Analysis
North America Accounted for Approximately 40.1% of the Market Share Owing to the Increase in Prevalence of Cancer

North America's market dominance has been facilitated by the higher prevalence of cancer disease, rising aging population, presence of established and influential companies such as technological behemoths, higher collaboration of companies, high purchasing power, and better reimbursement policies.

For instance, according to Centers for Disease Control and Prevention (CDC) statistics of June 2023, There were 1,603,844 newly diagnosed cancer cases in the United States in 2020, and there were 602,347 cancer-related fatalities. This was roughly 144 deaths and 403 new cancer cases for every 100,000 people.

Furthermore, in April 2023, Guardant Health, Inc., a leading precision oncology company, and the Parker Institute for Cancer Immunotherapy (PICI), a network with the world's highest concentration of immuno-oncology (IO) expertise, announced a research collaboration agreement to study the relationship between molecular cancer biomarkers and patient response to immunotherapy treatment across more than 14 different types of cancer. Thus owing to the above factors the region is expected to dominate the market over the forecast period.

Competitive Landscape
The major global players in the cancer biomarker market include F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Inc., QIAGEN N.V., Illumina, Inc., Bio-Rad Laboratories, Inc., Abbott Laboratories, bioMérieux SA, Enzo Biochem, Inc., Merck Millipore, Micron Technology, among others.

Why Purchase the Report?
• To visualize the global cancer biomarker market segmentation based on cancer indications, biomarker type, profiling technology, end user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of cancer biomarker market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global cancer biomarker market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies