Northrook, IL -- (SBWIRE) -- 12/13/2019 -- The increasing prevalence of cancer, rising government support for research on cancer biomarkers, growing use of biomarkers in drug discovery and development, and increasing use of biomarker tests for diagnostic purposes are the major factors that are driving the growth of this market.

What the Market Looks Like?

Predicted to grow at a CAGR of 12.2% during the forecast period, the global Cancer Biomarkers Market is estimated to reach USD 20.48 billion by 2022.

Based on cancer type, the cancer biomarkers market is segmented into breast, lung, colorectal, prostate, melanoma, leukemia, thyroid, bladder, non-Hodgkins lymphoma, kidney, and other cancers (such as cervical, multiple myeloma, CNS, gastric, liver, pancreatic, oral cavity and pharynx, stomach, and ovarian cancers). The breast cancer segment accounted for the largest share of this market owing to the high and growing prevalence of breast cancer, increasing awareness about breast cancer, rising number of breast cancer screening programs, and growing research on breast cancer.

Based on biomarker type, the cancer biomarkers market is segmented into genetic biomarkers, protein biomarkers, and other biomarkers (cell, viral, and carbohydrate biomarkers). During the forecast period, the genetic biomarkers segment is estimated to grow at the highest CAGR majorly due to advancements in high-throughput technologies, such as next-generation sequencing, which have enhanced the speed and accuracy of genetic biomarker discovery and diagnosis.

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What Drives the Market?

The growth of the global market for Cancer Biomarkers is primarily influenced by the following factors:

- Technological Advancements
- Rising Incidence of Cancer
- Increasing Use of Cancer Biomarkers in Drug Discovery and Development
- Increasing Research on Cancer Biomarkers

Geographical growth scenario of Cancer Biomarkers Market

The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. While North America (comprising the U.S. and Canada) is expected to account for the largest share of the global cancer biomarker market in 2017. The Asia-Pacific cancer biomarker market, particularly in China, Japan, and India is expected to witness high growth in the forecast period. Factors such as rising incidence of cancer, increasing use of biomarker tests for diagnostic purposes, expansions of major pharmaceutical companies in emerging Asian economies, and government support to research institutes and universities are further drive the growth of this market in the APAC region.

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Leading market players and strategies adopted

The prominent players in the Cancer Biomarkers market include Abbott (US), Affymetrix (US), Roche (Switzerland), Illumina (US), QIAGEN (Netherlands), Agilent (US), Thermo Fisher (US), Merck (US), Becton Dickinson and Company (US), and Hologic (US).

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