November 2024
The global cancer biomarkers market was estimated at US$ 30.39 billion in 2023 and is projected to grow to US$ 113.54 billion by 2034, rising at a compound annual growth rate (CAGR) of 12.73% from 2024 to 2034. The advancement in technology and growing integration of AI in R&D and other aspects of oncology is increasing the growth of the market.
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Because they offer important insights into illness diagnosis, prognosis, response to therapy, and tailored medicine, biomarkers are essential in the healthcare industry. In particular, developments in molecular biology technologies created for the detection of tumor biomarkers have greatly advanced personalized medicine and improved the outcomes for cancer patients. Over the past few decades, there has been a steady advancement in the exploration and discovery of novel, sensitive, specific, and accurate tumor biomarkers.
The cost of developing biomarkers for cancer is rising steadily. Companies in the pharmaceutical and research industries are looking for new biomarkers to increase their ability to diagnose and treat patients. Research on cancer biomarkers received USD 2.8 billion in fiscal year 2023, a 15% increase, according to the National Institutes of Health (NIH).
Funding recessions may have an impact on investments in cancer biomarker research, causing R&D (Research and Development) operations to be delayed or scaled back. Both businesses and research institutions may be impacted, leading to budget cuts that restrict funding for creating novel cancer biomarkers or enhancing current tests.
North America dominated the cancer biomarkers market in 2023.
Over the course of the forecast period, factors, including the increasing incidence of cancer and the actions of major market players, are anticipated to propel market growth. The U.S. has seen a sharp rise in the number of cancer sufferers. Breast cancer may strike both men and women. However, breast cancer is quite uncommon in men and typically occurs in women. In March 2022, there will likely be 51,400 new cases of non-invasive (in situ) breast cancer and 287,850 new cases of invasive breast cancer found in women in the United States, according to Breastcancer.org. It is anticipated that the growing number of cancer cases will improve the utilization of cancer biomarkers for diagnosis, propelling the market for cancer biomarkers in North America.
For instance,
Throughout its long history, the Canadian Cancer Society has contributed to advancements in cancer prevention, diagnosis, treatment, and living with and beyond the disease. The group spent $44.7 million on cancer research and innovation initiatives in 2023.
Asia Pacific is expected to grow at the fastest rate during the forecast period.
The Asia Pacific area has become the most advantageous regional cancer biomarkers market firm worldwide due to the increasing incidence of various cancer kinds. Due to the increased desire for improved cancer diagnosis and therapies, this area has seen significant expenditures in oncology research, which has increased demand for cancer biomarkers. For cancer biomarker suppliers operating in this area, India, China, and Japan are expected to be the top three markets. In addition, it is anticipated that this area will eventually draw a large number of cancer biomarker firms due to its easier regulatory clearances than North America and Europe.
Affordable cancer treatments will be the main focus of the five-year India-UK Cancer Research Initiative, a cooperative bilateral research project between Cancer Research UK (CRUK) and the Department of Biotechnology, Ministry of Science & Technology, India. For this five-year project, CRUK and DBT will each provide £5 million, and they will look for additional money from other possible partners. The Department of Biotechnology (DBT) in India and Cancer Research UK are planning to start a £10 million bilateral research project that would concentrate on low-cost cancer treatment methods.
By type, the breast cancer segment held the major share of the cancer biomarkers market in 2023. In 2020, there were more than 2.3 million new instances of breast cancer and 685,000 fatalities. It is estimated that the number of new cases and annual deaths from breast cancer will reach over 3 million by 2040 due to population growth and aging alone.
By biomolecule, the genetic biomarkers segment dominated the market in 2023. Genetic biomarkers are used as a therapeutic guide to help patients choose the best course of treatment. Targeted medicines, which directly target the molecular processes implicated in cancer, are beneficial for patients with certain genetic alterations.
By biomolecule, the epigenetics segment is estimated to grow at the fastest rate during the forecast period. One of the characteristics of cancer is a global shift in the epigenetic landscape. The potential subject of epigenetic therapy has emerged as a result of the reversible nature of epigenetic aberrations. The FDA has approved three epigenetic medications for the treatment of cancer, indicating that this discipline is already making progress.
By application, the diagnostics segment accounted for dominating the cancer biomarkers market in 2023. Since they may be used to detect and comprehend the risk of developing cancer and the underlying causes, diagnose a tumor early, track the course of the illness, and assess the efficacy of treatment resistance, biomarkers are essential. It is anticipated that biomarkers will become increasingly more important in the future for the diagnosis, treatment, and prevention of cancer.
By application, the personalized medicine segment is estimated to grow at the fastest rate during the forecast period. Because biomarkers allow oncologists to customize therapies based on the distinct molecular profile of each patient's tumor, personalized medicine marks a paradigm shift and a turning point in the management of cancer.
By technology, the imaging technologies segment held the major share of the cancer biomarkers market in 2023. In oncology, imaging biomarkers (IBs) and biospecimen-derived biomarkers are widely used. The healthcare industry often uses a large number of IBs. IBs offer easily accessible, affordable, non-invasive methods for screening, tumor detection, and patient serial monitoring, which includes evaluating treatment response and spotting side effects. IBs may be used to map the geographic variability inside tumors, follow a specific tumor over time, and independently assess many lesions within a single person.
By technology, the OMICS segment is estimated to grow at the fastest rate in the cancer biomarkers market during 2024-2034. Many potential biomarkers have been quickly found in recent years thanks to the application of high-throughput omics technology. High throughput methods known as omics technologies enable the collection of vast quantities of information on a particular class of molecules in a single experiment. Healthcare is getting closer to the reality of precision medicine thanks to the advancements in technology that support these omics technologies.
In November 2024, to transform cancer research and care through ethical AI, the Cancer AI Alliance brings together leading cancer centers and AI experts. CAIA is coordinated by the Fred Hutch Cancer Center with assistance from AWS, Deloitte, Microsoft, and NVIDIA, totaling more than $40 million.
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November 2024
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Deepa has certified the degree of Master’s in Pharmacy in the Pharmaceutical Quality Assurance department from Dr D.Y. Patil College of Pharmacy. Her research is focused on the healthcare industry. She is the author or co-author of four Review Articles, which include Solid dispersion a strategic method for poorly soluble drugs and solubility improvement techniques for poorly soluble drugs, Herbal Drugs Used In Treatment Of Cataracts, Nano sponges And Their Application in Cancer Prevention and Ayurvedic Remedies of Peptic ulcer. She has also published a Research Article on the Formulation and Evaluation of Mucoadhesive Tablets of Miconazole cocrystal which was published in GIS Science Journal Volume 9 Issue 8. Her passion for secondary research and desire to take on the challenge of solving unresolved issues is making her flourish is the in the research sector.
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