Cancer Biomarkers Market to Reach USD 48.20 billion by 2026; Advent of Personalized Medicine for Cancer Treatment will Add Impetus to Market

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.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/cancer-biomarkers-market-100630

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:

• November 2018 –  VENTANA HER2 DUAL ISH DNA Probe Cocktail Assay was launched by F. Hoffmann-La Roche Ltd. for aiding in the diagnosis of gastric and breast cancers.


• May 2019 – Food and Drug Administration approved Therascreen PIK3CA RGQ PCR Kit by QIAGEN for the identification of breast cancer patients who are eligible for PIQRAY treatment.


• January 2018 – GE Healthcare and F. Hoffmann-La Roche collaboratively signed an agreement for creating embedded oncology and critical care therapy for digital diagnostics.

List of Key Players Functioning in the Cancer Biomarkers Market are as follows:

• Thermo Fisher Scientific


• Bio-Rad Laboratories, Inc.


• Sino Biological Inc.


• Myriad RBM


• R&D System


• F. Hoffmann-La Roche Ltd.


• Abbott


• Axon Medchem


• BioVision Inc.


• CENTOGENE N.V.


• Others

 Further Report Findings

• North America held the dominant oncology biomarker market share with a revenue generation of USD 6.88 billion in 2018. Factors responsible for regional dominance include the increasing adoption of personalized medicine.


• Europe ranked second in the market, with rising in the number of research and development activities for utilizing biomarkers in development and discovery. Asia Pacific will witness notable growth owing to the rise in funds from private and public organizations to invest in research and development of novel cancer therapeutics.


• Based on end-user, the diagnostics and research laboratories segment earned the dominant cancer biomarkers market share owing to the introduction of new products for diagnosis.

The Global Cancer Biomarker Market is categorized into: