Cancer Biomarkers Market
The global cancer biomarkers market is projected to register a good CAGR during the forecast period of 2018–2023. Biomarkers are chemical, physical or biological parameters that can be used to show conditions of disease. Biomarkers of oncology offer high-speed, non-invasive diagnosis of cancer and are thought to improve cancer detection and screening. Simplified drug delivery method, non-invasive technology, and enhanced survival rates are major driving factors for the market.
Higher Incidences of Cancer Driving the Cancer Biomarkers Market:
Cancer is one of the world’s major causes of death, with nearly one in six fatalities representing 8.8 million people in 2015. Over the past few decades, the disease has seen important development and is anticipated to develop quickly over the forecast period. In 2002, there were 10.9 million fresh instances, up to 14.1 million in 2012. This is an increase of about 30 percent in a century. Over the next two decades, the WHO expects this amount to rise to 70%. It is anticipated that this increased incidence of multiple illnesses will drive the worldwide market as biomarkers play a crucial role in risk assessment, early diagnosis, and efficient therapy tracking.
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Nearly 70 percent of cancer fatalities happen in low- and middle-income nations, according to WHO, and only one in five low- and middle-income countries has the information needed to drive cancer policy. For many years, this information shortage has been a limiting factor, but the trend is evolving. As information is aggressively produced in the healthcare industry, in a few developing countries, the absence of information has already become obsolete, and it is likely to become so in the remaining nations. It is anticipated that this increase in information will provide the foundation for any domestic cancer policy. This, in turn, may lead to an rise in the proportion of individuals who choose therapy for cancer. This enhanced demand is expected to increase the market for cancer biomarkers in low and middle-income nations. Other factors, such as paradigm shift from disease diagnosis to risk assessment or early diagnosis in healthcare and increased use in drug development, drive the global biomarker market for cancer.
High Cost of Diagnosis:
Approximately 13 percent of all fatalities around the globe are caused by cancer, according to a latest report. The total cancer expense in the United States is estimated to have exceeded USD 263 billion in a single year. Using biomarkers to screen, monitor, diagnose, and optimize treatment has the potential to improve the outcomes of patients. On the contrary, it is both complicated and costly to discover cancer biomarkers and to develop and validate assays. Because biomarkers play a critical role at all phases of the disease, it is essential that they undergo strict evaluation, including analytical validation, clinical validation, and clinical utility assessment, before being incorporated into routine clinical care. All of these procedures add up to and make them costly to the real price of cancer biomarkers. Because of these factors, the cost of developing and validating biomarkers today is greater. This refers especially to the field of cancer with the emergence of new biomarkers of cancer. Many of these new-generation techniques cost thousands of bucks per patient, such as prognostic or predictive biomarkers. This elevated cost of diagnosis, problems of reimbursement, and the need for instant handling hinder the market.
United States Leads the Cancer Biomarkers Market:
Due to the existence of high-quality healthcare systems and the high rate of cancer incidence, the United States cancer biomarker industry retained the biggest market share in the North America area in 2017. China and India were recognized as future emerging markets in the Asia-Pacific industry.
Key Trends in the Cancer Biomarkers Market:
In January, 2018: Roche and GE entered into a collaboration to create an embedded oncology and critical care therapy platform for digital diagnostics. This collaboration will apply sophisticated analytics to in-vivo information from GE s medical imaging and tracking facilities with in-vitro information from Roche s portfolio of biomarkers, pathology of tissues, genomics, and sequencing.
In January 2018: New biomarkers found for colorectal cancer MYO5B.
In November, 2017: Researchers have discovered a fresh breast cancer biomarker GIRK1.
In October, 2017: ABBOTT acquired ALERE.
In September, 2017: Roche announced at the European Society for Medical Oncology Congress its advancement in biomarker science in cancer immunotherapy.
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Cancer Biomarkers Market Major Players:
• Agilent Technologies.
• Abbott Laboratories.
• Affymetrix Inc., Thermo Fisher Scientific.
• Hologic Inc.
• Roche Holding AG.
• Ambry Genetics.
• Celera Corporation Quest Diagnostics.
• Illumina Inc.
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