Albany, NY -- (SBWIRE) -- 03/13/2018 -- The global cancer biomarkers market currently has numerous players. With several unique customer segment in the market pushing up demand for various kinds of products, it holds out a lot of opportunities. In the years ahead, the market is likely to see increased competition as keen players try to bolster their positions using different means. Already, players are seen banking upon product differentiation to outshine their competitors. To that end, they are channeling substantial money into research and development. Apart from that, companies are also taking the inorganic route of acquisition to expand their share.
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Some of the prominent names operating in the global market for cancer biomarkers are Abbott Laboratories, Thermo Fisher Scientific, Inc., Merck & Co., Inc., Illumina, Inc., and bioMérieux SA.
According to a research study by Transparency Market Research (TMR) the global market for cancer biomarkers will clock a solid 11.8% CAGR over the course of the forecast period from 2017 to 2025.
Based on disease indication, the global market for cancer biomarkers can be classified into lung cancer, breast cancer, melanoma, colorectal cancer, prostate cancer, blood cancer, stomach cancer, ovarian cancer, liver cancer, etc. Among them, the segment of lung cancer generated maximum demand for cancer biomarkers. At present, it accounts for almost a share of 25.8% in the market.
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Geography-wise, the prominent segments of the cancer biomarkers market are Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. North America, of them, holds a leading share in the market. In the near future too, the region is expected to hold on to its dominant share. This is because of the rising instances of cancer, increasing spends on healthcare resulting in demand for improved diagnostic tests and healthcare services, and continued technological progress leading to superior quality cancer biomarkers. In 2016, the share of North America came to around 42.5%.
Increasing funding for cancer research is providing tailwinds to the global market for cancer biomarkers. Governments, particularly in developed nations are upping the allocations on research for cancer diagnostics and cure. With such initiatives, the market for cancer biomarkers is expected to gain pace in the next couple of years. Apart from that, steps taken by various governments to up awareness about cancer is also proving beneficial to the demand for cancer biomarkers.
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Posing a challenge to the global market for cancer biomarkers, on the other hand, is the reluctance of healthy people to partake in clinical research. "While cancer cases are increasing worldwide, not many patients have access to proper treatment. This is to some extent because of people abstaining from clinical trials and unavailability of patient surveillance systems. This coupled with limited knowledge and ambiguity over blood tests such as tumor biomarkers are serving to restrict the market for cancer biomarkers," elaborates the lead analyst behind the TMR report.
Nevertheless, with the emergence of minimally-invasive diagnostic tests for cancer diagnosis, the market is predicted to overcome the growth challenges in the future.
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