Cancer Biomarkers Market is Estimated to Witness High Growth

Author : Sneha Biswal | Published On : 17 Jan 2024

Cancer biomarkers are bio-molecules found in blood, urine, or tissue that are used to detect and predict cancer development or response to treatment. Biomarkers aid in identifying cancer, determining the aggressiveness of cancer, deciding treatment options, and monitoring the effectiveness of treatment. Common cancer biomarkers include proteins, DNA, RNA, and metabolites. The demand for cancer biomarkers is rising globally owing to their role in non-invasive liquid biopsies that help detect cancer without the need for surgery.

Market Opportunity:

The growing adoption of liquid biopsy for cancer screening and management is a major opportunity in the cancer biomarkers market. Liquid biopsy uses biomarkers detected in blood or other body fluids to identify cancer. It provides a non-invasive alternative to tissue biopsy and enables real-time monitoring of cancer progression and treatment response through serial sampling. Factors such as its simplicity, safety, and repeatability are fueling the popularity of liquid biopsy around the world. This rising demand for liquid biopsy based on cancer biomarkers is expected to significantly drive the growth of the cancer biomarkers market over the forecast period.

Porter’s Analysis

Threat of new entrants: The Cancer Biomarkers Market has moderate threat from new entrants due to high capital requirements and strong industry consolidation of existing players. Bargaining power of buyers: Individual buyers have low bargaining power due to high costs of switching to alternatives for life sciences companies and healthcare providers. Bargaining power of suppliers: Suppliers of raw materials and components have moderate bargaining power due to availability of substitutes and accessibility of information on supplier power by buyers. Threat of new substitutes: Low threat of substitutes as cancer biomarkers offer unique advantages for early cancer detection and monitoring treatment response over alternative diagnostic techniques. Competitive rivalry: Intense competitive rivalry exists between existing players due to technological innovations, brand loyalty, and differentiated product offerings.

Swot Analysis

Strength: Extensive R&D and growing use of biomarkers for personalized medicine. Wide array of cancer types where biomarkers help diagnose and monitor treatment. Weakness: High costs associated with developing and validating novel biomarkers. Regulatory compliance requirements lengthen product development cycles. Opportunity: Untapped growth potential in emerging markets. Expanding applications to detect recurrence and monitor treatment responses. Threats: Reimbursement issues discourage adoption despite clinical effectiveness. Intense competition from alternative diagnostic modalities.

Key Takeaways

The Global Cancer Biomarkers Market Demand is expected to witness high growth during the forecast period of 2023 to 2030.

Regional analysis indicates North America will continue dominating the market due to presence of leading biomarker manufacturers and research organizations, while Asia Pacific exhibits fastest growth due to increasing cancer incidence, improving healthcare infrastructure, and expanding base of biotech and pharmaceutical companies.

Key players operating in the Cancer Biomarkers Market include Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd. These established market players are engaged in new product launches, collaborations, and acquisitions to strengthen their portfolios and geographic presence in the rapidly evolving industry.

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