In a recent business intelligence study, FactMR presents the nitty-gritty of the global cancer biomarkers market considering 2015-2019 as the historic year and 2020–2025 as the stipulated time frame. The business report highlights the drivers, restraints, opportunities and trends affecting cancer biomarkers market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.
Cancer accounts for 8.3 million deaths annually. Over the next two decades, 7 out of 10 patients are likely to suffer from this deadly disease. The increasing prevalence of cancer has facilitated extensive research in the diagnosis and treatment of cancer. Governments are increasingly funding clinical trials to assist companies in developing effective diagnostics and treatment for cancer. In April 2016, the National Cancer Institute (NCI) received a federal grant of US$ 5.2 Bn to aid it in its research. Aggressive funding initiatives by governments on cancer diagnostics are boosting the growth of the cancer biomarkers market.
The aforementioned trends are anticipated to leverage growth within the global cancer biomarkers market which is estimated to reach a staggering CAGR of 12.2% during the forecast period (2020-2025). Factors, such as availability of inexpensive and less-invasive prognosis, will further augment demand for cancer biomarkers, propelling the market to hurtle towards a valuation of US$27Bn by the end of the forecast period.
The cancer biomarkers market report addresses the below-mentioned queries:
- Why are vendors shifting away from traditional methods of manufacturing cancer biomarkers?
- How does the global cancer biomarkers market looks like in the next five years?
- Which end use industry is expected to surpass segment by the end of 2025?
- What innovative products are being introduced by the players in the global cancer biomarkers market?
- Which regions are showing the fastest market growth?
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Key Takeaways of Global Cancer Biomarkers Market Study
Based on test type, the Circulating Tumor Test (CTC) segment is expected to hold the maximum market share (34.7%) during the forecast period. This is followed by the Prostate Specific Antigen (PSA) test, pegged at 22.7%. Lung Cancer is the most common type of disease, owing to higher incidence of cigarette smoking. The segment accounts for one-fourth of the total market share. However, breast cancer is becoming equally prevalent. This is attributed to increased life expectancy, rapid urbanization and sedentary lifestyles.
