Cancer Biomarker Market Size Research Report: By Types (Protein Biomarker, Genetic Biomarker), By Applications (Diagnostic, Prognostic, Therapeutic), By End Users (Pharmaceutical and Biotechnology Companies, Diagnostic Companies) – Forecast till 2023
Cancer biomarkers biochemical entities that are released during the presence of a tumor, indicating the presence of cancer in the body. Targeting biomarkers in cancer treatment are becoming a standard in the era of precision medicine. Market Research Future (MRFR) has thoroughly studied the trends and patterns in the global
over the forecast period of 2017-2023 in a detailed study. MRFR asserted that the cancer biomarker is likely to strike a CAGR of 15.8% over the forecast period.
The increasing burden of oncological disorders has resulted in the move towards early detection and preventive approach towards cancer. Extensive research is being carried out to further understand the role of biomarkers and come up with new biomarkers to predict treatment effectiveness and treatment activity in various oncology disorders. This coupled with massive investment by both public, and private entities have augmented the growth of the Cancer Biomarker Market Size. The growing popularity of personalized medicine is a key factor in enhancing the growth of the Cancer Biomarker Market Size. Personalized medicine hinges on biomarkers in extracting information that is relevant for diagnosis, prognosis, and therapy and is core to the personalized medicine field. Biomarker-driven approach can accelerate the drug development process in cancer, and various pharmaceutical companies are outlaying massive investments in R&D activities which are expected to augment the growth of the market over the forecast period. Furthermore, cancer biomarkers are an area of active research of the US FDA. Recent years have witnessed the approval of various cancer biomarkers and has paved the way for the expansion of the Cancer Biomarker Market Size.
On the contrary, low benefit-cost ratio associated with the development of cancer biomarkers is likely to restrain the growth of the global Cancer Biomarker Market Size.
The global Cancer Biomarker Market Size has been segmented based on type, application, and end user.
By type, the Cancer Biomarker Market Size has been segmented into protein biomarker, genetic biomarker, and others.
By application, the Cancer Biomarker Market Size has been segmented into diagnostic, prognostic and therapeutic. The diagnostic segment has been further segmented into imaging and non- Imaging.
By end user, the Cancer Biomarker Market Size has been segmented into pharmaceutical and biotechnology companies, diagnostic tool companies, healthcare it/big data companies, clinical laboratories
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By region, the Cancer Biomarker Market Size has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas account for the largest share of the Cancer Biomarker Market Size. The high incidence rate of cancer and rapid advances in the cancer biomarker arena to come up with new drugs and effective therapies is supporting the growth of the market.
The Europe market is driven by rigorous clinical trials and government funding for the same.
The influx of investment for R&D by both public and private sector is driving the growth of the APAC Cancer Biomarker Market Size. In addition, increasing prevalence of cancer has evoked extensive R&D activities for the development of new therapies and drugs.
MRFR projects relatively slow growth in the MEA Cancer Biomarker Market Size. Low penetration of advanced diagnostics and treatment facilities and lack of awareness hinders the growth of the market.
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