Cancer Biomarkers Market

Cancer Biomarkers Market Size (2024 to 2029)

The global cancer biomarkers market size is estimated to be worth USD 34.29 billion by 2029 from USD 19.85 billion in 2024, registering a CAGR of 11.56% from 2024 to 2029.

MARKET DRIVERS

Technological advancements, rising healthcare spending, and the growing need for personalized medicine are primarily driving growth in the global cancer biomarkers market.

Increased focus on developing innovative products with the latest technology and the rising prevalence of minimally invasive or non-invasive surgeries worldwide accelerates the global cancer biomarkers market growth. In addition, increasing spending on healthcare, especially in urban areas, is another factor significantly expanding the market. 

Additionally, increasing knowledge of the utilization of biomarkers in the biotechnology field and a rise in the number of patients with various cancer diseases support the cancer biomarkers market growth. Cancer biomarkers have an immense role in diagnosing cancer diseases. It is entirely appropriate for screening and detecting cancer cells in various parts of the body, significantly influencing the growth rate of this market. Growing support from the government through investments is ascribed to bolstering the market growth.

The growing cases of cancer worldwide also lead to demand for the market. According to WHO reports, around 10 million cancer death cases were reported in 2020, meaning nearly one in every six persons had died of cancer. Therefore, the need for early cancer diagnosis is very eminent as it allows for appropriate early-stage treatment, giving the patient more chances of survival. In addition, the growing research and developments in the biomarkers field also support the market's growth. Some biomarker testing can be used to study new cancer treatments and record their efficiency, like a clinical trial. Additionally, biomarker testing is a precision testing methodology that allows for the development of personalized treatment regimes. Biomarker testing is available in different procedures for all types of cancers and patients like single biomarker testing, multigene biomarker testing, liquid biopsies, etc.; therefore, the wide range of options available to test the leads to more favorable treatment and research outcomes supporting the cancer biomarker market growth. 

MARKET RESTRAINTS:

However, fluctuations in the prices of the final products limit the market's growth rate. This equipment requires massive installation and maintenance, which also hinders the growth rate of the cancer biomarkers market. The need for more professionals to follow the procedures due to fewer training programs challenges market developers.

REPORT COVERAGE:

This research report on the global cancer biomarkers market has been segmented based on the disease, services, type, application, profiling technologies, and region.

Cancer Biomarkers Market - By Disease:

• Prostate Cancer
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Cervical Cancer
• Other Cancers

Based on disease, although every segment share goes simultaneously, the prostate cancer disease segment is leading with dominant market shares. Increasing awareness of the availability of treatment procedures among individuals is promoting the growth of this market.

The breast and lung cancer segments are also expected to grow significantly during the forecast period due to the growing cases of this cancer. For example, WHO reported 2.26 million cases of breast cancer and 2.21 million cases of lung cancer in 2020. The growing focus on EGFR and BRAF gene mutations for biomarker testing of small-cell lung cancers also supports the segment's growth. 

Cancer Biomarkers Market - By Services:

• Sample Preparation
• Assay Development
• Biomarkers Validation
• Testing

The sample preparation service type holds a prominent market share based on services. In addition, a rise in the construction activities of healthcare centers globally is ascribed to bolster the market's growth.

The biomarker testing segment is also expected to have grown during the forecast period due to the rising advancements in testing technologies and demand for early diagnosis and precision medicine. 

Cancer Biomarkers Market - By Application:

• Risk Assessment
• Development of Molecular Diagnostics
• Disease Diagnosis
• Drug Discovery & Development
• Drug Formulation

Based on the application, the Risk assessment application category has had the highest growth rate in the past few years with the demand for early diagnosis. Risk assessment is followed by the disease diagnosis segment, as it is essential to detect the stages of the disease and treatment pattern.

Due to the growing research and development in biomarkers, the drug discovery and development segment is also expected to grow during the forecast period.

Cancer Biomarkers Market - By Type:

• Protein Biomarkers
• Genetic Biomarkers
• Other Biomarkers

Based on type, the Protein biomarkers type holds a dominant share of the market. The growing priority for effective diagnosis of diseases to achieve better outcomes is lavishing the cancer biomarkers market's demand.

The genetic biomarkers segment is also expected to grow due to their efficiency and high usage rates, along with growing research in personalized medication based on DNA, RNA, etc., leading to the segment's growth. 

Cancer Biomarkers Market - By Profiling Technologies:

• Omics Technologies
  • Genomics
  • Proteomics
  • Metabolomics
  • Transcriptomics
  • Pharmacogenomics
• Imaging Technologies
• Immunoassays
• Cytogenetics
• Bioinformatics
• IVD Multivariate Index Assays

Based on profiling technologies, the omics technologies segment witnessed the largest share of the global market in 2022. However, the emergence of advanced technologies and the introduction of new devices that are simple and convenient for users are likely to outshine this market's growth.

Cancer Biomarkers Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

The Asia-Pacific cancer biomarkers market is poised to record the highest growth rate in the forecast period. It is due to the supporting government funding for cancer biomarker research, increasing the prevalence of cancer. In addition, the rising demand for advanced healthcare facilities in developing economies such as India and China, a growing number of clinical trials, and the increasing focus of international players in emerging markets further help market growth in this region.

The North American cancer biomarkers market is expected to witness a promising CAGR during the forecast period due to the growing technological advancements in the healthcare sector, the rising R&D in cancer diagnostics and treatment, and the need for early diagnosis procedures drive market growth. In addition, the growing number of cancer cases in countries like the US, with around 1.9 million new cancer cases estimated to be diagnosed, also supports the market's growth. Furthermore, the growing disposable incomes and rising awareness regarding the advantages of early diagnosis also support the market's growth and the presence of essential market research in the region. 

The European cancer biomarkers market occupied a substantial share of the global market in 2021 and is expected to grow at a prominent CAGR during the forecast period.

The Latin American cancer biomarkers market is anticipated to grow steadily in the coming years.

The cancer biomarkers market in MEA is expected to occupy a moderate share of the worldwide market during the forecast period.

TOP COMPANIES IN THE CANCER BIOMARKERS MARKET:

Some of the major players operating in this market are Abbott Laboratories, Agendia Bv, Biocurex Inc, Biomerieux S.A., Biomoda Inc, Astellas Pharma Us Inc, Correlogic Systems Inc, Beckman Coulter Inc, Becton, Dickinson and Company, Clarient Inc, Diadexus Inc, Ambrilia Biopharma, Affymetrix Inc and Aureon Laboratories Inc.

Recent Developments:

• In February 2023, LiquidHALLMARK, a next-generation sequencing liquid biopsy test by Lucene, obtained a foundational Local Coverage Determination (LCD) from Palmetto GBA, a Medicare administrative contractor. 
• In February 2023, Shuttle Pharmaceuticals Holdings, Inc. agreed to lease a laboratory/office space in the Maryland biotech corridor. The company plans to expand its capabilities on predictive biomarkers through this acquisition. In addition, as the company is already known for improving the outcomes of cancer patients treated with radiation therapy (RT), the laboratory is expected to support its pipeline research and development. 
• In February 2023, Jounce Therapeutics, Inc. announced that it reduced its workforce by around 57%. The company is a clinical-stage research-based enterprise active in discovering and developing novel cancer immunotherapies and predictive biomarkers. The reduction of the workforce is due to the need for more funding in research and its plans to start new projects in partnership with different businesses.