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The global cancer biomarkers market size is forecasted to reach USD 48.20 billion by 2026, owing to the increasing prevalence of cancer worldwide. Biomarkers are molecules that are extracted from a tumor in the body or any other specific part which indicates the presence of cancer. Biomarkers can detect cancer at an early stage and enables high-speed non-invasive diagnosis with the help of different proteomics and genomic tools. This information is presented in a recently published report by Fortune Business Insights™ titled, “Cancer Biomarkers Market Size, Share & Industry Analysis, By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer and Others), By Biomarker Type (PSA, HER-2, EGFR, KRAS and others), By End User (Pharmaceutical & Biotechnology Companies, Diagnostics & Research Laboratories, Hospitals & Specialty Clinics and Others), and Regional Forecast, 2019-2026.” According to this report, the value of the cancer biomarkers market was USD 18.94 billion in 2018 and is anticipated to exhibit 12.4% CAGR between 2019 to 2026.
Launch of New Assay for Detecting HER2 Biomarker by Roche to Drive Market
Roche launched a new assay for detecting the HER2 biomarker in gastric and breast cancer in May 2019. The inhibition and detection of HER2 (Human Epidermal Growth Factor Receptor-2) can help to manage aggressive cancer cases such as gastric and breast cancer more effectively.
Chief Executive Officer of Roche Diagnostics guarantees the commitment of the company towards personalized healthcare by providing critical information on gastric and breast cancer treatment options at a rapid pace. He says that the test has been launched in the Middle East and Africa, Latin America, Europe, and Asia Pacific and will soon be submitted to the US Food and Drug Administration for approvals. Such efforts are likely attracting high cancer biomarkers market revenue in the forecast period.
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Launching of Products for Cancer Diagnostics to Add Impetus to Market
The most important factor promoting the oncology biomarker market growth is the increasing prevalence of cancer worldwide and the growing demand for biomarkers for detecting cancer. Besides this, government efforts in the form of spreading awareness about cancer and massive investments in research and development of novel cancer therapeutics are anticipated to promote market growth. Companies are also launching various products to diagnose cancer, and this will also help attract high cancer biomarker market revenue in the coming years. For instance, the first FDA approved companion diagnostics for biomarkers PIK3CA was launched by QIAGEN in May 2019, for enhancing precision medicine in breast cancer. Such innovations are likely to aid in the expansion of the market in the forthcoming years. Furthermore, the current cancer biomarkers market trend of personalized cancer treatment worldwide is expected to create lucrative growth opportunities in the future.
Massive Investments to Develop Novel Therapeutics Will Raise Bars in Market Competition
Currently, the global cancer biomarkers is a semi-consolidated market, the major leading market players are Abbott, Thermo Fisher Scientific, Inc., and F. Hoffmann-La Roche Ltd. The primary strategy adopted by players is company collaborations and mergers and acquisition strategies, agreements and contracts, and joint ventures. They are also investing high sums into research and development of novel therapeutics for cancer.
Key Industry Developments of the Cancer Biomarkers Market are:
List of Key Players Functioning in the Cancer Biomarkers Market are as follows:
Further Report Findings
The Global Cancer Biomarker Market is categorized into:
Value (USD billion)
By Cancer Type
By Biomarker Type
By End User