The cancer biomarkers market is estimated to be valued at USD 25.60 Billion in 2024 and exhibit a CAGR of 12.7% over the forecast period 2024 - 2031. Cancer biomarkers find widespread application in drug discovery and development, thus boosting market growth. Furthermore, increasing research funding for developing novel biomarkers to detect cancer at an early stage is driving the market growth.
Market Dynamics:
The growing incidence of cancer cases worldwide is a key driver propelling growth of the cancer biomarkers market. Around 19.3 million new cancer cases were reported globally in 2020 according to the World Health Organization. Rising awareness regarding early cancer diagnosis is also fueling demand for biomarkers. Technological advancements in the field of omics have enabled the discovery of novel biomarkers. Biomarker profiling using genomics, proteomics, and metabolomics is gaining traction. Development of non-invasive liquid biopsy tests using cancer biomarkers isolated from blood and other body fluids is another major trend in the market. Liquid biopsy offers advantages over tissue biopsy and is seeing increasing adoption.
Increasing investment in cancer research driving the cancer biomarkers market growth
Government and private organizations are investing heavily in cancer research to develop effective diagnostics, therapeutics, and understand the disease at molecular level. Biomarkers play a pivotal role in cancer research by aiding in early cancer detection, diagnosis, monitoring treatment response, and drug development. The cancer biomarkers market is expected to garner increased research funding in the coming years as personalized medicine and precision oncology gain momentum. This rising investment in cancer research will continue driving the demand for biomarkers and foster the market growth.
Advances in omics technologies driving biomarker discovery and validation
Technological advances in genomics, proteomics, metabolomics and various other omics fields have enabled high-throughput analysis of biological samples. These technologies have revolutionized biomarker research by facilitating rapid biomarker discovery through multi-omics profiling of biofluids and tissues. For instance, next-generation sequencing helps in comprehensive molecular profiling of tumors to identify novel DNA, RNA and protein biomarkers. Mass spectrometry facilitates in-depth proteomic profiling while metabolomics helps understand metabolic changes associated with cancer. Such omics tools are being extensively used in biomarker validation studies as well. Continuous innovations in these fields are propelling biomarker discovery and validation processes, thereby fueling the growth of the cancer biomarkers market.
Lack of standardization and regulatory hurdles slowing down the market growth
Despite rapid advances, lack of standardization remains a key challenge restricting the widespread clinical use of cancer biomarkers. There are no uniform protocols or guidelines for biomarker validation, sample collection, storage and analysis. This impedes multi-site validation studies and comparison of results across different studies. Regulatory approvals also take significant time and resources due to complex validation requirements. Many biomarker tests fail to get regulatory clearances or take years to get approved. Stringent regulatory oversight is indeed necessary but further harmonization of guidelines is needed to streamline the approval process. Such regulatory hurdles continue posing restraints on the revenue growth of the cancer biomarkers market.
Reimbursement issues limiting adoption of advanced biomarker tests
Development of advanced cancer diagnostics based on novel biomarkers requires huge investments. However, the lack of favorable reimbursement policies limits their clinical adoption. Private and public payers often do not provide adequate coverage for new biomarkers tests due to insufficient validation data and unclear evidence on clinical utility. This deters healthcare providers from routinely using advanced biomarker tests in clinical decision making. Many diagnostic labs instead focus on developing tests for a few well-established biomarkers that are reimbursed. Unless payers introduce equitable reimbursement policies for novel precision oncology tests, their uptake will remain limited, adversely impacting the growth of the cancer biomarkers market.
Liquid biopsy presenting major opportunities
Liquid biopsy offers a non-invasive approach to capture and analyze circulating tumor biomarkers in blood to detect and monitor cancer. It holds immense potential in overcoming challenges of tissue biopsies. The liquid biopsy market is growing rapidly due to its ability to provide a real-time picture of tumor evolution and response to therapy. Continuous technological improvements are allowing extraction of a wider range of biomarkers such as proteins, circulating tumor DNA, RNA from blood samples. This expanding toolkit of blood-based biomarkers is creating lucrative opportunities for companies engaged in liquid biopsy product development. As sensitivity and accuracy of liquid biopsy tests improve further, they are poised to revolutionize cancer management, presenting significant commercial opportunities for players in the cancer biomarkers market.
Companion diagnostics presenting an attractive business case
With advances in personalized medicine, development of targeted cancer drugs is growing rapidly. Many of these novel oncology therapeutics require biomarker-based patient selection to optimize treatment outcomes. This is driving increased focus on developing companion diagnostics to be used alongside these drugs. Cancer biomarkers play a pivotal role as they form the basis of these companion diagnostics tests. Regulatory agencies also emphasize use of biomarkers as selection criteria. Thus, every new targeted therapy approval opens up an opportunity to develop and commercialize an associated diagnostic test, presenting an attractive business proposition. This mutually dependent and clinically important relation between drugs and diagnostics signifies strong potential for sustained growth of the cancer biomarkers market.
Link - https://www.coherentmarketinsights.com/market-insight/cancer-biomarkers-market-175
Key Development
- On March 04, 2024, Synexa Life Sciences, a leading provider of clinical laboratory services to the biopharmaceutical industry worldwide, expanded its extensive array of biomarker discovery platforms by incorporating the Olink Target immunoassays and the Olink Signature Q100 instrument.
- On January 23, 2024, Cleveland Diagnostics, Inc., a clinical-stage biotechnology company specializing in advanced diagnostic solutions for cancer detection, successfully secured USD 75 million in growth capital investment. This financing round was led by Novo Holdings, a prominent global investor in life sciences managing assets for the Novo Nordisk Foundation, along with contributions from existing investors and a credit facility provided by Symbiotic Capital.
- In June 2023, Invivoscribe, a frontrunner in precision diagnostics, disclosed a collaboration with Complete Genomics, a prominent player in the life sciences sector, aimed at the development and commercialization of biomarker assays utilizing Complete Genomics' NGS (Next-Generation Sequencing) systems. As per the agreement's terms, Invivoscribe will spearhead the development of biomarker assays, encompassing test controls and complementary bioinformatics tools.
- On June 16, 2022, Nonagen Bioscience, a leading cancer diagnostics company, revealed the attainment of CE marking for its groundbreaking Oncuria immunoassay designed for bladder cancer. Oncuria stands as the pioneering multiplex urine test capable of quantitatively detecting 10 biomarkers associated with the presence of bladder cancer.
- On June 3, 2022, Tempus, a frontrunner in artificial intelligence and precision medicine, unveiled the broadening of its extensive genomic profiling portfolio with the introduction of xF+, a novel non-invasive liquid biopsy panel comprising 523 genes. This panel is specifically tailored to identify pathogenic mutations present in cell-free DNA (cfDNA). Notably, xF+ has the capability to assess blood-based tumor mutational burden (bTMB) and microsatellite instability (MSI), pivotal biomarkers predictive of response to diverse cancer immunotherapies.
Key Players: bioMérieux Inc., INOVIQ, Bio-Rad Laboratories Inc., Abbott, Becton Dickinson and Company, Merck KgaA, QIAGEN N.V., Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., Siemens Healthineers, F. Hoffmann-la Roche Ltd, Agilent Technologies, Inc, Invitae Corporation, Myriad Genetics, Guardant Health, Illumina, and FOUNDATION MEDICINE, INC.
