Multiple factors are leading the global cancer biomarkers market to growth. From 2020 to 2025, the market is expected to grow at a 12.2% CAGR (Compound Annual Growth Rate). This will lead to an improvement in market worth. Besides, new avenues of growth would present themselves to market players operating the playfield.
Some of the top trends and drivers that are helping the market chart a significant trajectory over this period are availability of inexpensive prognosis, increasing incidence of cancer and increase in awareness. It is worth noting here that acceptance of treatment, particularly in the developing regions of the world, is also a factor that is contributing significantly to the growth of global cancer biomarkers market.
A leading cause of deaths worldwide, cancer is witnessing an increase in incidence, leading to higher demand for cancer biomarkers. In the year 2015, 8.8 million lives were lost to the disease. That translated to one in every six deaths. Besides, it is important to make note of the estimates of increase in incidence as made by World Health Organization. It states that over the next 20 years, increase in cases of cancer would be to the tune of 70%. Additionally, it is worth noting that a large portion of these deaths are noted in middle and low income countries of the world.
Additionally, a number of lifestyle disorders marking the global landscape will also lead the market on to a higher trajectory as biomarkers are crucial for early diagnosis, risk assessment, and treatment tracking.
North America to Account for a Sizeable Market Share over the Forecast Period
Massive increase in reported cases of cancer in the United States is contributing massively to the growth of the regional market, which is set to account for approximately 40% of the overall market share.
Additionally, it is worth noting here that the most prevalent forms of cancer in this region are those of prostate and breast. In the year 2015 alone, United States recorded 220800 new cases of prostate cancer. Besides, 27,540 deaths were caused due to prostate cancer.
Thus, it does not come as a surprise that the market is set to record opportunities worth USD 5.2 bn. over the stated period. Another significant factor driving the market higher is increase in availability of funding owing to government efforts towards improving healthcare outcomes.
It is worth noting here that in terms of growth, Asia Pacific (APAC) region would steal the show owing to a robust growth rate anticipated for the forecast period. As per market analysts, the region will chart a CAGR of approximately 14%. Factors that the growth is owed to are greater affordability and increasing awareness.
Innovation and Technology to Mark Competitive Landscape of Cancer Biomarkers Market
The consolidated vendor landscape of global biomarkers market will witness players directing massive efforts towards innovation in order to develop products that are transformative. Certain companies like Novartis AG are incorporating Artificial Intelligence (AI) to understand cancer pathology. Technologies such as this would be a major determinant of market share. It is also worth noting that collaborations form an important strategic manoeuver in terms of gaining an edge over competitors
Some of the most renowned names in the market include F. Hoffmann-La Roche, Abbott Laboratories, Novartis AG, Thermo Fisher Scientific Inc., Agilent Technologies, Illumina, Inc., bioMérieux SA, Hologic, Inc., Genomic Health, Inc. and QIAGEN.
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