Cancer Biomarkers Market to Reach Valuation of USD 31.8 Billion by 2028 - Increasing Demand for Cancer Biomarkers Market for Drug Discovery and Development for Personalized Medicine to Drive the Market Growth

From the period of 2022 to 2028, the Global Cancer Biomarkers Market is expected to reach USD 31.8 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 17.30%.

In oncology, biomarkers are substances secreted by a tumor or a distinct human body reaction that indicates the existence of cancer. Using diverse genomes and proteomics technologies, biomarkers enable early cancer detection and ease high-speed noninvasive diagnosis. Biomarkers are employed in a variety of applications, including cancer diagnosis, medication research, prognostics, and customized medicine. Furthermore, the growing need for biomarkers in drug research and development for personalized medicine is propelling the global market forward. One of the primary factors expected to drive demand for Cancer Biomarkers is a paradigm shift toward personalized medicine for cancer therapy due to a lack of conventional diagnosis and treatment. Biomarkers are also becoming more important in personalized medicine, with applications in diagnosis, prognosis, and the selection of targeted therapy. Collaborations between various key industry players and research institutes with the goal of developing novel Cancer Biomarkers for personalized treatment are also expected to boost market expansion over the projected period.

Key Highlights from the Report

• On the basis of Application, the market is segmented into Diagnostics, Research & Development, Prognostics, Risk Assessment, and Other Applications. The diagnostics & research laboratories segment dominated the Cancer Biomarkers Market among applications. One of the major factors fueling the segment's growth is the development of new diagnostic products. One factor driving demand for Cancer Biomarkers from pharmaceutical and biotechnology businesses is the increased investment by key market players and the growing importance of biomarker tests in drug research and development. The hospitals & specialty clinics category is growing due to an increase in the number of tests performed at hospitals for inpatients suffering from various malignancies.

• On the basis of Profiling Technologies, the market is segmented into Omics Technologies, Imaging Technologies, Immunoassay, Bioinformatics, and Cytogenetics. The Omics Technologies and Imaging Technologies categories accounted for the highest share of the total market share in 2021 and are predicted to increase at a rapid rate in the future due to their effectiveness in cancer early detection. Furthermore, demand for safe and cost-effective cancer medications, advances in profiling technology, increased healthcare expenditure, lower genome sequencing costs, and demand for better cancer diagnostics and therapeutic procedures are projected to fuel market expansion.

• Asia Pacific is the fastest regional segment in terms of growth. Due to the increased usage of biomarker-based tests for cancer detection and the deployment of technologically sophisticated instruments by laboratories in the area, Asia Pacific is expected to rise at a considerable Compound Annual Growth Rate (CAGR) over the forecast period. Furthermore, increased funding and investments from public and commercial organizations in biomarker research and development, as well as the use of biomarkers in patient stratification and the medication development process, is expected to propel the market in the area forward.

Market Dynamics:

Rising technological advancements in the development of cancer biomarkers

The difficulty of finding and understanding the functions and interactions of diverse proteins has been addressed by advances in array and proteomics technology. The process of discovering and developing novel Cancer Biomarkers has been greatly simplified because of technological breakthroughs.

Challenges associated with cancer biomarker validation

The validation of Cancer Biomarkers entails assessing tests or determining performance criteria like sensitivity, specificity, and repeatability. Validation is essential for establishing Cancer Biomarkers as trustworthy instruments for development, medical treatment, and biopharma investment decisions.

Over the projection period, North America is expected to have tremendous growth. North America's dominance is ascribed to higher adoption of modern technologies such as next-generation sequencing, as well as an increase in the number of research studies demonstrating the efficacy of biomarkers in drug discovery and development, as well as cancer detection. The ability for researchers to invest more in the use of biomarkers in drug discovery, drug development, detection of specific tumors, monitoring biological response to cancer therapy, and genetic studies for the identification of predisposed cancer candidates has been made possible by the ease of US government regulations and the availability of funds from various organization such as the National Institute of Health.