Cancer Biomarkers Demand Is Likely to Surge at a 12% CAGR by 2032

Rockville, United States, 2023-Jun-20 — /EPR Network/ —

The market for cancer biomarkers is anticipated to grow by a factor of three from 2022 to 2032, surpassing US$ 34 billion. A little bit more than 11 billion dollars are currently being spent on the market. The market for cancer biomarkers is anticipated to rise at an astounding 12% CAGR over the expected period. Prospects for expansion are being fueled by the increased incidence of cancers that are incapacitating.

The increased use of biomarkers in drug development and the rising incidence of cancer worldwide are all factors driving the global market. Other factors include the increased use of cancer treatments in emerging nations, the shift in healthcare from illness diagnosis to risk assessment or early diagnosis, and the rise in early diagnosis of cancer.

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Key Takeaways from the Market Study

• The European cancer biomarkers market is expected to grow at a CAGR of nearly 11.6% during the forecast period
• North America is the most important market, accounting for more than 40% of the global market for cancer biomarkers.
• PSA cancer biomarker tests to account for nearly 50% of global market revenue
• APAC to emerge as a lucrative market, expected to document a 12% value CAGR until 2032

Competitive Landscape:

Cancer biomarkers have a fiercely competitive global market. Half of the market is controlled by the top three companies. F. Hoffmann-La Roche Ltd is a major player in the cancer biomarkers industry, providing a wide range of tumor biomarker test options. The following are some noteworthy developments:

• F. Hoffmann-La Roche Ltd. (Switzerland) launched the Elecsys Anti-p53 immunoassay in April 2021 to aid in the diagnosis of various cancer types.
• Thermo Fisher Scientific (US) received FDA approval for an NGS-based companion diagnostic for EGFR Exon20 insertion mutant non-small cell lung cancer tumor tissue in December 2020.
• Qiagen N.V. (Netherlands) launched therascreen BRAF as a companion diagnostic to a BRAFTOVI (encorafenib)-based regimen in metastatic colorectal cancer in April 2020.

Key Segments Covered in the Cancer Biomarkers Industry Report:

·         By Test Type

• PSA Cancer
• CTC Cancer
• AFP Cancer
• CA Cancer
• HER2 Cancer
• BRCA Cancer
• ALK Cancer
• CEA Cancer
• EFGR Mutation Cancer

·         By Illness Indication

• Blood
• Prostate
• Ovarian
• Stomach
• Liver
• Other

·         By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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How will be insights and market estimations provided in the Fact.MR report on the Demand Cancer Biomarkers make a difference?

• The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
• The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
• The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
• Provides scrutiny of the industry trends that have shaped recent government policies
• Provides an account of major breakthroughs in all segments that might change the course of the market considerably
• Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
• Evaluates the role of various stages of funding on new growth avenues in key regional markets

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