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(Health-NewsWire.Net, October 30, 2021 ) According to research report the cancer 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 cancer 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 cancer biomarkers 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 cancer 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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North America accounted for the largest share of the cancer biomarkers market in 2017, followed by Europe. North America is the largest market for cancer biomarkers majorly due to government support (in the US and Canada) for the discovery and development of biomarkers, rising use of biomarkers in drug discovery and development by pharmaceutical companies, adoption of advanced omics technologies for biomarker discovery, and the increasing demand for personalized medicine in the region.
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