Cancer Biomarker Market Is Predicted To Grow Swiftly Due To Growing Prevalence Of Malignancies Till 2025: Grand View Research, Inc.
The global cancer biomarkers market is expected to reach a
value of USD 33.7 billion by 2025, based on a new report by Grand View
Research, Inc. Growing initiatives for development of drugs targeting novel
cancer biomarkers coupled with the introduction of technologically advanced
companion diagnostic kits is estimated to provide the market with high growth
potential. Increasing awareness about personalized medicines amongst patients
is further anticipated to boost adoption of cancer biomarkers.
In addition, presence of
favorable government initiatives for the development of novel cancer diagnostic
techniques is a key factor for market growth. For instance, the National Cancer
Institute (NCI) provides funding to more than 8 research areas pertaining to
cancer biomarker development. Cancer Research UK, Lung Cancer Research
Foundation, and National Institutes of Health are some of the organizations providing
funding for biomarker research.
People with high alcohol
consumption, tobacco usage, unhealthy food habits, and sedentary lifestyle are
reported to be 80% more at risk of developing cancer as compared to other
individuals. Infections such as Human papillomavirus (HPV), Epstein-Barr virus,
Hepatitis B virus, and Helicobacter pylori are also been studied to be related
in cancer development.
U.S. cancer biomarkers market, by application, 2014 -
2025 (USD Billion)
Browse full research report on Cancer
Biomarker Market Analysis:
Further key findings from the report suggest:
- Breast cancer
was the largest segment by revenue share in 2016 owing to high prevalence
of this type of cancer
- Lung cancer
is estimated to be the fastest-growing type due to increasing research
activities toward development of novel lung cancer biomarkers
- Genetic
biomarkers, being the highest used and easily detectable held the majority
share of cancer biomarker market by biomolecule in 2016
- However,
epigenetic biomarkers are anticipated to witness lucrative growth due to
increasing focus on finding the role of epigenetic modifications in cancer
development
- Cancer
biomarkers are majorly used for diagnostic purpose owing to their high
specificity
- The
personalized medicine segment is estimated to witness fastest CAGR of 15.0%
over the forecast period
- North America
dominated in terms of revenue share in 2016 due to established R&D
infrastructure and high acceptance of biomarker-based cancer testing in
this region
- Asia Pacific
is anticipated to grow at a substantial growth rate till 2025 with CAGR of
over 16.7%
- Some of the
major companies in the cancer biomarkers market are Abbott Laboratories;
F.Hoffmann-La Roche Ltd.; QIAGEN; Thermo Fisher Scientific Inc.;
Affymetrix Inc.; Illumina, Inc.; Agilent Technologies; Merck & Co. Inc.;
Hologic, Inc.; Sino Biological Inc.; and Becton, Dickinson and Company
For more information: http://www.grandviewresearch.com
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