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(IT-NEWSWIRE.COM, February 23, 2018 ) Cancer biomarkers are molecules released due to tumor which are indicative of the presence of cancer in the body and are used for the diagnosis and prognosis, of the disease and its stages. The global cancer biomarker market is anticipated to generate a spectacular CAGR growth of 15.8% during the forecast period ending 2023.
The Global Cancer Biomarker Market is expected to grow at a CAGR of 15.8% during the forecast period, 2017-2023.
The cancer biomarker market is primarily driven by factors including adoption of western lifestyles in the developing regions, extensive research of cancer biomarkers, encouragement for biomarker development by FDA, improved precision and speed of diagnosis, high investment through government and private funds in cancer-related research, and development of highly specific drugs. The global population has witnessed an alarming surge in cancer, with about 14 million new cancer cases reported each year. According to WHO, it is anticipated to further increase over the next two decades by 70% with 22 million new cancer cases in 2012.
Key Players in Global Cancer Biomarker Market
Some of key the players in the market are F. Hoffmann-La Roche AG (Switzerland), Becton Dickinson (U.S.), Abbott Laboratories (U.S.), PerkinElmer, Inc. (U.S.), Bristol-Myers Squibb (U.S.), Bio-Rad Laboratories (U.S.), Eli Lilly and Company (U.S.), Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), GlaxoSmithKline plc. (U.S.), QIAGEN N.V (U.S.), Novartis AG (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Illumina Inc. (U.S.)
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Dynamics of Cancer Biomarker Market:
Drivers:
Early detection remains the elusive holy grail of cancer diagnosis due to its imminent importance in determining the mortality rate and quality of life of the patient. Thus early detection is the critical driver of the market, which can reduce the end cost of the treatment due to lower frequency of treatment needed.
The growing prevalence and incidence of cancer is the second most important driver of the market, as it drives the demand directly. The world health organization estimates that cancer was responsible for 8.8 million deaths in 2015 with a mortality rate of nearly 1 in 6 patients. The lung cancer immunotherapy is anticipated to witness fastest growth during the forecast period. In 2015 alone, lung cancer, liver cancer, colorectal cancer, stomach cancer, and breast cancer claimed 1.69 million, 788,000, 774 thousands, 754 thousands, and 571 thousands lives respectively. Cancer is expected to witness an alarming growth, with world health organization estimating about 14 million new cancer cases each year which is expected to increase further by 70% over the next two decades.
Restraints:
Prohibitive costs of cancer biomarker technology coupled with scarcity of trained manpower due to the nascent stage of the technology are prime restraints on the market. However the faster results obtained by the technology coupled with the ability to detect the prognosis of the disease lowers the end cost. The added benefit of leveraging the diagnosis molecular data for selecting the course of the treatment on the basis of the molecular characteristics of the cancer will negate the cost disadvantage of the technology. The high cost of development is another constraint on the market.
Segmentation of Cancer Biomarker Market:
The report is segmented on the basis of types, applications and end users to get a comprehensive grasp of the market in terms of growth potential.
Types - protein biomarker, genetic biomarker and others
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Application – diagnostic (imaging and non- Imaging), prognostic and therapeutic. The diagnostic sub-segment is further classified into.
End users - pharmaceutical and biotechnology companies, diagnostic tool companies, healthcare it/big data companies, clinical laboratories
…Continued
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