Cancer Biomarkers Market by Type (Protein, Genetic), Cancer (Lung, Breast, Leukemia, Melanoma, Colorectal), Profiling Technology (Omics, Imaging, Immunoassay, Bioinformatics), Application (Diagnostics, R&D, Prognostics), Region - Global Forecast to 2029
The global cancer biomarkers market is projected to reach USD 38.2 billion by 2029 from USD 12.45 billion in 2021, at a CAGR of 17.9%. Market growth is driven by the increasing use of cancer biomarkers in drug discovery and development, increasing research on cancer biomarkers, technological advancements, and the increasing global incidence of cancer.
Market Dynamics
Driver: Rising technological advancements In the development of cancer biomarkers
The advancements in arrays and proteomics technologies have addressed the challenges in identifying and understanding the functions and interactions of various proteins. These technological advancements have simplified the process of discovery & development of novel cancer biomarkers to a great extent.
Opportunity: Personalized medicine
Personalized medicine identifies the most beneficial treatment path for individual patients. Cancer biomarkers play a very important role in certain aspects of personalized medicine. Consumables used in cancer biomarker testing enable the identification of these diseases. Cancer biomarker diagnostic products are also used as companion diagnostics for several investigational therapies. Thus, the field of personalized medicine is expected to offer potential growth opportunities for players operating in the cancer biomarkers market.
Restraint: Technical issues related to sample collection
sample collection is one of the key issues for service providers, followed by access to these samples. Stringent quality control of these samples is required, and they need to be stored under the right conditions to avoid any loss. Also, different samples are required for risk detection, screening, diagnosis, and monitoring processes.
Challenge: Challenges associated with cancer biomarker validation
The cancer biomarker validation process includes evaluating assays or measuring performance characteristics such as sensitivity, specificity, and reproducibility. Validation is critical for establishing cancer biomarkers as reliable tools to support development, medical care, and biopharma investment decisions.
