Brainy Insights launched a study titled Global Cancer Biomarkers Market Size By Cancer Type (Breast, Lung, Leukemia, Colorectal, Melanoma, and Others), By Technology, By Application, Regions, Global Industry Report, Share, Growth, Trends, and Forecast 2022 to 2030
The global cancer biomarkers market is expected to grow from USD 15.8 billion in 2021 to USD 48.2 billion by 2030, at a CAGR of 13.2% during the forecast period 2022-2030. The market has been growing owing to the increasing demand for personalized medicines to treat different types of cancer, such as breast cancer, lung cancer, leukemia, and colorectal cancer, etc. is driving the growth of the market. The technological advancement in the development of proper diagnostics for the treatment of diseases is also propelling the market growth.
The breast cancer segment dominated the market with a market revenue of 3.4 billion in 2021
The cancer type segment of the cancer biomarkers market is divided into breast, lung, leukemia, colorectal, melanoma, and others. In 2021, the breast cancer segment dominated the market with market revenue of 3.4 billion. The increase in awareness regarding diseases and improvement in the diagnosis process of breast cancer using biomarkers is driving the market growth.
The omic technologies segment is expected to grow at the fastest CAGR of 15.3% over the forecast period.
The technology segment is divided into cytogenetics-based tests, imaging technologies, omic technologies, and immunoassays. Over the forecast period, the omic technologies segment is expected to grow at the fastest CAGR of 15.3%. The rising research and development on proper disease diagnosis and increased investment by the government and private sectors are driving the market growth of omics technologies.
The diagnostics segment accounted for the largest share of the market with 33%
The application segment is divided into drug discovery and development, diagnostics, risk assessment, prognostics, and others applications. In 2021, the diagnostics segment dominated the market, accounting for around 33% of global revenue. The increasing cases of cancers such as breast, lung, leukemia, colorectal, and melanoma worldwide are rising the need for diagnosis, which is driving the market growth.
Regional Segmentation Analysis:
The market is analyzed based on five regions namely Europe, Asia Pacific, North America, South America, and the Middle East and Africa. During the forecast period, North America is expected to be the largest market. The cancer biomarkers market in North America has been expanding rapidly due to the growing support from the government and private sector to improve the diagnosis process of cancer using biomarkers. The regions such as the US have the highest cases of breast cancer which drives the growth of the cancer biomarker market in the region during the forecast period.
Competitive Analysis:
The major players in the market include Abbott Laboratories, Bristol-Myers Squibb Company, Merck KGaA, Bio-Rad Laboratories, PerkinElmer, F.Hoffmann-La Roche Ltd., Qiagen N.V., Exact Sciences Corporation, Thermo Fisher Scientific, and Siemens AG. among others.
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