The global cancer biomarkers market is accounted for USD 10.31 billion in 2016 and is expected to grow at a CAGR of 12.2% to USD 20.48 billion by 2022 during the forecast period. Cancer biomarkers are substances or processes that are indicative of the presence of cancers in the human body. Biomarkers may be produced by the cancer tissue itself or by other cells in the body in response to cancer. They can be found in the blood, stool, urine, tumor tissue, or other tissues or bodily fluids. They enhance cancer detection and facilitate high-speed noninvasive diagnosis using genomics and proteomics.
Pharmaceutical and biotech companies are increasingly focusing on the use of biomarkers in their drug discovery and development process and have formed strategic alliances for sharing technology for biomarker applications in large-stage clinical trials are fueling the growth of this market. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
Cancer biomarkers Market Dynamics
Drivers
- Technological advancements
- Rising incidence of cancer
- Enhanced accuracy and speed of diagnosis
- Increasing use of cancer biomarkers in drug discovery and development
- Increasing research on cancer biomarkers
Restraint
- Poorly suited regulatory and reimbursement systems
- High capital investment and low benefit-cost ratio
- Technical issues related to sample collection and storage
Opportunities
- Personalized medicine
- Companion diagnostics
- Emerging economies
Challenges
- Proving clinical validity and utility of biomarker-based tests leading to their insufficient acceptance
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