CANCER BIOMARKERS MARKET ANALYSIS

Cancer Biomarkers Market, By Biomarker Type (CA 125, HER2, EGFR, CD20, BRAF, Calcitonin, Others), By Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Kidney Cancer, Liver Cancer, Head & neck Cancer, Non-small Cell Lung Cancer, Other Cancers), By Profiling Technology (OMICS Technology, Imaging Technology, Immunoassays, Cytogenetics, Others), By End User (Hospitals, Specialty Clinics, Diagnostic Laboratories, Academic & Research Institutes, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Mar 2024
Code : CMI175
Pages :156
Formats :
Excel and PDF
Industry : Clinical Diagnostic

Market Challenges: High treatment cost

The major factors that hinder growth of the global cancer biomarkers market include high treatment cost and unfavorable reimbursement policies. For instance, according to the data updated by ClinicSpots, an online platform for users/patients to interact and discuss symptoms and cure for their ailment, on June 2, 2022, on average, the cost of cancer treatment in India is around INR 500,000 (US$ 6,437) with a minimum expense of INR 90,000 (US$ 1,158) and a maximum cost of INR 2,750,000 (US$ 35,403). Moreover, the cost varies in different countries and treatment of cancer in India costs 60-80% less than in countries like the U.S., the U.K., Singapore, and others.

Market Opportunities: Demand for innovative diagnostics tools

As the population continues to age, projections indicate a substantial increase in cancer incidence rates, thereby generating a heightened demand for innovative diagnostic and monitoring tools in the healthcare sector. Personalized medicine and companion diagnostics are expanding the applications of biomarkers. Biopharma companies are increasingly collaborating with diagnostic firms to co-develop drugs and biomarkers. New technologies such as genomics and proteomics are enabling discovery of novel biomarkers from biofluids and tissues.