Cancer Biomarkers Market to Surpass US$ 63,377.8 Mn by 2030 - Coherent Market Insights

Global Cancer Biomarkers Market, by Biomarker Type (Protein Biomarkers, Genetic Biomarkers, and Other Cancer Biomarkers), by Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Kidney Cancer, Liver Cancer, and Other Cancers), by End User (Hospitals, Academic and Cancer Research Institutes, Ambulatory Surgical Centers, and Cancer Diagnostic Laboratories), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 21,643.9 Million in 2022 and is expected to exhibit a CAGR of 14.4% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.

Increased adoption of inorganic strategies such as acquisitions by key players in market is expected to drive market growth over the forecast period. For instance, in May 2021, GE Healthcare, a leading medical technology and diagnostics innovator, announced the acquisition of Zionexa, a leading innovator of in-vivo oncology and neurology biomarkers that help enable more personalized healthcare. The company aims to develop and bring to market Zionexa’s pipeline biomarkers, as well as the U.S. Food and Drug Administration-approved positron emission tomography (PET) imaging agent, Cerianna (fluoroestradiol F-18), which is used as an adjunct to biopsy for the detection of estrogen receptor (ER) positive lesions to help inform treatment selection for patients with recurrent or metastatic breast cancer.

Global Cancer Biomarkers Market– Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.

The COVID-19 pandemic had a negative impact on the cancer biomarkers market, owing to its impact on the diagnosis, treatment, and research of cancer. For instance, according to an article published by Dove Press Ltd, an academic publisher of open access peer-reviewed scientific and medical journals, in September 2021, the shortage of medical staff due to the admission of a large number of COVID-19 patients reduced the interaction frequency between patients and oncologists by 20% in the U.S., which postponed more than 22 million malignant tumor screening tests.

Global Cancer Biomarkers Market: Key Developments

In June 15, 2022, Paige, a global leader in clinical AI applications in pathology, announced a collaboration with Janssen Research & Development, LLC, a subsidiary of Johnson & Johnson Services, Inc., to evaluate the potential of a hematoxylin and eosin (H&E)-based, artificial intelligence (AI)-powered biomarker test to predict the presence of certain actionable alterations in the fibroblast growth factor receptor (FGFR) genes in patients with advanced urothelial cancer, also known as bladder cancer.

On June 10, 2022, NAMIDA LAB, a biotechnology company, initiated a clinical research study designed for women with dense breast tissue to evaluate the performance of Melody, a tear-based breast cancer screening test, as a supplemental tool to current methods

Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Cancer Biomarkers Market”-  Forecast to 2030, Global Cancer Biomarkers Market, by Biomarker Type (Protein Biomarkers, Genetic Biomarkers, and Other Cancer Biomarkers), by Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Kidney Cancer, Liver Cancer, and Other Cancers), by End User (Hospitals, Academic and Cancer Research Institutes, Ambulatory Surgical Centers, and Cancer Diagnostic Laboratories), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

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Moreover, increasing prevalence of cancer is expected to drive market growth over the forecast period. For instance, according to data provided by the Centers for Disease Control and Prevention, 1,752,735 new cancer cases were reported and 599,589 people died of cancer, in the U.S. in 2019.

Key Takeaways of the Global Cancer Biomarkers Market:

• Global cancer biomarkers market is expected to exhibit a CAGR of 14.4% during the forecast period due to the increasing adoption of strategies such as collaborations and partnerships by key players to carry out research activities for developing cancer biomarkers. For instance, in May 2019, Biotech Support Group (BSG), a leading provider of proteomics and genomics sample preparation products, and Leiden University Medical Center (LUMC), a modern university medical center for research, education and patient care, announced a research collaboration with the goal of developing stromal conditioning biomarkers in cancer (protein biomarkers).
• Among end users, the diagnostic laboratories segment is expected to hold dominant position over the forecast period, owing to its ability to provide advanced laboratory testing and research services for cancer research to researchers and oncologist
• On the basis of region, North America is estimated to account for the largest market share in the global cancer biomarkers market over the forecast period, owing to increasing adoption of strategies such as collaborations and partnerships by the key players in the region to develop cancer biomarkers. For instance, in June 2020, Akoya Biosciences, a spatial biology company, collaborated with University of California, San Francisco (UCSF) Helen Diller Family Comprehensive Cancer Center, an National Cancer Institute  (NCI) designated Cancer Center, for developing predictive and prognostic biomarkers, particularly for use in selecting the most effective neoadjuvant and adjuvant immunotherapies for patients with early breast cancer.
• Major players operating in the global cancer biomarkers market include bioMérieux, Inc., INOVIQ, Bio-Rad Laboratories, Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare Private Limited