Pune, India -- (SBWIRE) -- 01/14/2020 -- A recent report published by Infinium Global Research on Cancer Biomarkers Market (Biomolecule Type - Genetic, Epigenetic, Metabolic, and Proteomic; Cancer Type - Breast, Lung, Prostate, Colorectal, Stomach, Skin, Ovarian, Blood Cancer, and Others; Application - Diagnostics, Prognostics, Risk Assessment, drug discovery and development, and others; End-users - Hospitals, Speciality Centers, and Academic, Cancer Research Centers): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024 According to the report, the global cancer biomarkers market is projected to grow at a CAGR of 10.5% over the forecast period of 2018-2024.

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Cancer Biomarkers Market: Insight

Cancer biomarkers are biological molecules found in blood, other body fluids, or tissues that are secreted by the cancerous tumor. It is a specific response of the body due to the presence of cancer. Cancer biomarkers include proteins, gene mutations, gene rearrangements, missing genes, and other molecules. Cancer biomarkers have many potential applications including risk assessment, screening, differential diagnosis, determination of prognosis, prediction of response to treatment, and monitoring of progression of the disease. It is used for the diagnosis and prognosis of various types of cancers including liver cancer, breast cancer, ovarian cancer, melanoma, pancreatic cancer, and many more. The use of cancer biomarkers to guide treatment can have both clinical and economic advantages.

Rising Occurrence of Several Types of Cancer Drives the Growth of the Industry

Cancer is a major public health problem worldwide. The rising occurrence of several types of cancer drives the growth of the cancer biomarkers market. The Center for disease control and prevention estimated that 22.9 million adults were diagnosed with cancer in 2016 in the U.S. The growing demand for cost-effective methods for cancer diagnosis boosts the cancer biomarkers market. According to the World Health Organization, the total annual economic cost of cancer was estimated at approximately USD 1.16 trillion. In addition, several countries have a strong government focus on healthcare costs and are implementing cost-effective health technology assessments that contribute to the growth of the cancer biomarkers market.

The steady rise in the elderly population and the shift in behavioral patterns such as smoking, consumption of alcohol and lack of physical activity increase the risk of cancer. However, the high capital investment required for the development and installation of laboratories curtails the growth of the cancer biomarkers market. The safety and disposal considerations in specimen collection and storage are the major challenges for the growth of the cancer biomarker market. Moreover, increasing awareness among healthcare professionals and rising demand for personalized medicine is anticipated to provide fruitful opportunities for market growth. Besides, the recent advancements in biologics technologies offer favorable growth opportunities for biomarker-guided testing technologies for cancer treatment.

North America is the Dominant Region in the Industry

Geographically, North America is the dominant region in the cancer biomarkers market. The high rate of adoption of advanced medical technologies primarily drives the cancer biomarkers market in the North America region. The busy lifestyle increases the risk of cancer in the North America region, thus promoting the growth of the cancer biomarkers market in this region. Europe is the second-largest region in the portable medical devices market as the countries in this region such as New Zealand, Ireland, and France have the highest cases of cancer. Asia-Pacific regions are set to grow at an incredible pace in the cancer biomarkers market over the forecast period owing to the increasing aging population and the increasing occurrences of cancer in this region.

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Cancer Biomarkers Market: Segmentation

The report on the global cancer biomarkers market covers segments such as biomolecule type, cancer type, application, and end-users. On the basis of biomolecule type, the sub-markets include genetic, epigenetic, metabolic, and proteomic. On the basis of cancer type, the sub-markets include breast cancer, lung cancer, prostate cancer, colorectal cancer, stomach cancer, skin cancer, ovarian cancer, blood cancer, and others. On the basis of application, the sub-markets include diagnostics, prognostics, risk assessment, drug discovery and development, and others. On the basis of end-users, the sub-markets include hospitals, specialty centers, and academic and cancer research centers.

Cancer Biomarkers Market: Competitive Landscapes

The report provides profiles of the companies in the market such as F. Hoffmann-La Roche Ltd, Abbott Laboratories, GlaxoSmithKline plc, Novartis AG, Merck & Co., Inc, Becton, Dickinson and Company, Hologic, Inc., Genomic Health, Inc, Agilent Technologies, Inc., and Illumina, Inc.

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