They can be used to assess a patient's prognosis and monitor the effectiveness of treatment. The global cancer biomarkers market is witnessing high demand due to the increasing prevalence of cancer worldwide and growing focus on precision medicine for early cancer detection & treatment management.
The Global Cancer Biomarkers Market is estimated to be valued at US$ 25.60 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Cancer Biomarkers market are Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd.
The key opportunities in the Cancer Biomarkers Market demand include increasing funding for biomarker research, growing demand for personalized medicine, and rising focus on companion diagnostics. Advancements in bioinformatics and next-generation sequencing technologies are enabling the discovery and development of novel cancer biomarkers.
Market Drivers
The rising incidence and prevalence of cancer worldwide is the major factor driving the growth of the cancer biomarkers market. According to WHO, cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. Biomarkers play a vital role in improving cancer diagnosis and management, and this is expected to increase their demand over the forecast period.
Current challenges in Cancer Biomarkers Market
The cancer biomarkers market is currently facing challenges related to high cost of discovery, development and validation of new biomarkers. It requires huge investments and takes considerable time to discover a novel biomarker and validate it. Lack of reimbursement policies for various cancer biomarker diagnostic tests is another major challenge. Complex regulatory pathways for approval of new cancer biomarker tests is also slowing down the market growth. Other challenges include lack of skilled professionals, difficulty in standardizing detection methods and lack of data sharing between research organizations.
SWOT Analysis
Strength: Biomarker use can improve cancer screening, diagnosis, prognosis and monitoring of treatment response. Biomarker tests offer non-invasive alternatives to tissue biopsy.
Weakness: Discovery of novel cancer biomarkers is a lengthy and expensive process. Validation of potential biomarkers is difficult. Not all biomarker tests have high accuracy.
Opportunity: Rising cancer incidence worldwide is driving the need for advanced screening and diagnostic tools. Surging demand for personalized medicine is creating opportunities.
Threats: Competitive pricing pressure from generic diagnostic tests. Stringent regulatory requirements can delay approvals. Reimbursement barriers can restrict adoption of new tests.
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