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(Health-NewsWire.Net, September 01, 2021 ) According to research report the oncology biomarkers market to reach USD 20.4 billion by 2022. and is estimated to grow at a CAGR of 12.2% during the forecast period.
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Major growth drivers of the cancer biomarkers market are rising prevalence of cancer and rising demand for personalized medicine in cancer therapies. However, the high cost of various cancer diagnostic tests, need for high capital investments, poorly suited regulatory and reimbursement systems, and technical issues related to sample collection are restricting the growth of this market.
Based on cancer type, the oncology biomarkers market is segmented into breast, lung, colorectal, prostate, melanoma, leukemia, thyroid, bladder, non-Hodgkins lymphoma, kidney, and other cancers (such as cervical, multiple myeloma, CNS, gastric, liver, pancreatic, oral cavity and pharynx, stomach, and ovarian cancers). The breast cancer segment accounted for the largest share of this market owing to the high and growing prevalence of breast cancer, increasing awareness about breast cancer, rising number of breast cancer screening programs, and growing research on breast cancer.
Based on biomarker type, the market is segmented into genetic biomarkers, protein biomarkers, and other biomarkers (cell, viral, and carbohydrate biomarkers). During the forecast period, the genetic biomarkers segment is estimated to grow at the highest CAGR majorly due to advancements in high-throughput technologies, such as next-generation sequencing, which have enhanced the speed and accuracy of genetic biomarker discovery and diagnosis.
The oncology biomarkers market is dominated by established players such as Thermo Fisher Scientific Inc. (US), Roche (Switzerland), Agilent Technologies (US), Illumina Inc. (US), Abbott (US), QIAGEN N.V. (Netherlands), Merck (US), Becton, Dickinson and Company (US), and Hologic (US).
Thermo Fisher is the largest player in the global cancer biomarkers market. The company has set the healthcare industry standard in this market by providing innovative cancer biomarkers. The company offers a wide range of products in the immunoassay, omics, and cytogenetics technologies. With its strong geographic presence and extensive product portfolio the company is expected to witness a strong growth in the cancer biomarkers market during the forecast period. The company focuses on organic as well as inorganic strategies such as product launches, acquisitions, agreements, and partnerships to maintain its position in the market and strengthen its product portfolio. For Instance, in 2016, Thermo Fisher acquired Affymetrix (US) to strengthen its bioscience product portfolio.
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Roche is another leading provider of diagnostics systems and tests for clinics, laboratories, and other healthcare facilities. This is mainly attributed to its continued focus on the development of new products and technologies for diagnostics. This allows it to introduce innovative products in the market, from which the company maintain its presence in the cancer biomarkers market.
In addition, the company has a strong presence across the globe, with manufacturing facilities in Europe and the US and strong distribution channels to serve markets in Europe, the Middle East, Africa, Asia Pacific, and Latin and North America.
The company focuses on organic as well as inorganic strategies such as product launches, expansions, agreements, and partnerships to maintain its position in the market and strengthen its product portfolio. For Instance, in 2015, Roche acquired Signature Diagnostics (Germany), a developer of blood plasma and tissue biobanks for cancer.
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