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| Cancer Biomarkers Market |
The Cancer Biomarkers Market is estimated to be valued at US$ 380.84 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer biomarkers are biological molecules found in blood, urine or body
tissues that indicate the presence of cancer in the body. They help in early
detection of cancer, monitoring response to treatment and predict recurrence.
Cancer biomarkers aid in development of targeted therapies and personalized
medicine by helping clinicians select the appropriate treatment for individual
patients.
Market key trends:
One of the major trend in the cancer biomarkers market is the increasing focus
on early cancer detection. Early detection of cancer improves treatment
effectiveness and survival rates. Biomarkers play a key role in early cancer
screening by detecting cancer at precancerous or early stages when treatment
can be most effective. For example, biomarkers such as CA-125, CEA, and AFP are
used for early detection of ovarian, colorectal and liver cancers respectively.
Researchers are also discovering newer biomarkers for improved early detection
of various cancers using advanced technologies such as genomics and proteomics.
This is expected to drive the demand for cancer biomarkers over the forecast
period.
Porter’s Analysis
Threat of new entrants: The cancer biomarkers market has a high barrier for new
entrants due to required funding for research and development activities. New
companies also need to gain customers' trust in their product quality and
testing effectiveness.
Bargaining power of buyers: Buyers have moderate bargaining power as there are
many established players providing a variety of cancer biomarker tests in the
market. Buyers can choose tests based on their needs, pricing and brands.
Bargaining power of suppliers: Suppliers have low bargaining power owing to the
presence of substitutes and as they do not contribute significantly to the
overall cost of the final product. Most raw materials used in manufacturing are
commodity chemicals.
Threat of new substitutes: Threat from substitutes is low as biomarkers are
currently irreplaceable for cancer screening, diagnosis and monitoring
treatment response. Alternatives are not available for most forms of cancer
currently.
Competitive rivalry: The market is competitive with established global players
offering a variety of cancer biomarker tests.
SWOT Analysis
Strength: Advanced diagnostic solutions, rising R&D investments and wide
global presence of key players. bioMérieux and Thermo Fisher Scientific have
the largest global footprint and product portfolios.
Weakness: High costs associated with development and lack of reimbursement
policies in some countries. Inadequate technical expertise and infrastructure
in developing nations.
Opportunity: Growing cancer incidence, need for early detection, government
support and increased healthcare spending present lucrative growth prospects.
Emerging economies with large patient populations offer untapped opportunities.
Threats: Alternative emerging diagnostic methods, regulatory hurdles and
reimbursement issues pose challenges. Biosimilars threaten pricing and market
share of leading brands once patents expire.
Key Takeaways
The global Cancer
Biomarkers Market Share is expected to witness high growth, exhibiting CAGR of 14% over the forecast period,
due to increasing prevalence of cancer worldwide driven by rapidly growing and
aging global population as well as changing lifestyle habits. The market size
for 2023 is estimated to be US$ 380.84
billion.
The North American region currently dominates the global cancer biomarkers
market owing to the presence of advanced healthcare infrastructure,
availability of skilled professionals and favorable reimbursement policies.
Asia Pacific is expected to exhibit fastest growth during the forecast period
attributed to rising incidence of cancer, growing awareness regarding early
detection and rapidly improving healthcare sector in emerging economies like
India and China.
Key players operating in the cancer biomarkers market are 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. Leading market players are
investing heavily in R&D to develop
Read More,
https://www.newsstatix.com/cancer-biomarkers-market-trends-size-and-share-analysis/
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