The global cancer biomarkers market is expected to grow at a CAGR of around 11.9% from 2019 to 2026 and reach the market value of around US$ 29.8 Bn by 2026.
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North America dominated the cancer biomarkers market in 2018 due to high ongoing research in the development of cancer biomarkers, mergers & collaborations for the development and commercialization of products, favorable reimbursement for cancer diagnosis & treatment, and awareness about companion diagnostics and personalized medicines. For instance, in January 2017, Gene News launched a blood-based biomarker test, Breast Sentry, for risk assessment of breast cancer in the U.S. Asia Pacific is anticipated to observe the fastest growth during the forecasts period in the market. This can be attributed to increasing investment by market players in this region due to the availability of large targeted patient population, supportive government regulations in many countries, and increasing disposable income. According to the recent cancer data published by the World Health Organization (WHO) in 2018, about half of new cases and more than half of cancer deaths in 2018 are estimated to occur in Asia as the region has about 60% of the global population.
Based on type, the cancer biomarkers market has been segmented into protein biomarker, genetic biomarker, and others. Other segment includes viral, cell, and carbohydrate biomarkers. Protein biomarkers accounted for the largest segment in the market in 2018 due to its ability for early diagnosis and the presence of several commercial biomarkers.
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On the basis of technology used for profiling, the market has been categorized into omics technology, immunoassay, imaging technologies, and cytogenetic testing. The omics technology segment accounted for the largest share of the market in 2018. This can be attributed to a revolution in the omics technologies since the last decade responsible for the increase in the applications of biomarkers.
Based on the application, the prognostics segment held the maximum share of the market in 2018 and is expected to maintain its dominance during the forecast period. However, the diagnosis segment is anticipated to witness the fastest growth in coming years.
Based on the cancer type, breast cancer accounted for the largest share of the market due to more awareness about screening, availability of commercialized products, and high sensitivity of markers to detect breast cancer. Lung cancer, colorectal cancer, prostate cancer, leukemia, thyroid gland cancer, kidney cancer, and bladder cancer are some of the other cancers where biomarkers are used for various applications.
The cancer biomarkers market dominated by Abbott Laboratories, Agilent Technologies, Becton Dickinson and Company, Hologic, Illumina, Merck & Co., Qiagen N.V., Roche Diagnostics, and Thermo Fisher Scientific. Growing need of cancer biomarkers for the detection and monitoring of cancer is the major reason to invest in the market. Research and development activities, commercialization of sensitive products, and collaborations for the development & commercialization have been the most adopted strategies by industry players to enhance their share in the market.
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Some of the key observations regarding cancer biomarkers industry include:
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