According to the report titled ‘Global Cancer Biomarkers Market Size study, by Profiling Technology (Omic Technologies, Imaging Technologies, Immunoassays, Cytogenetics-based Tests), by Biomolecule (Genetic Biomarkers, Protein Biomarkers, Glyco-biomarkers), by Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Stomach Cancer, Others), by Application (Diagnostics, Drug Discovery and Development, Prognostics, Risk Assessment, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global cancer biomarkers market was worth USD 10.9 billion in 2019 and is expected to grow with a CAGR of 11.8% during 2020-2027.
 

Rising number of cancer patients, growing awareness regarding cancer therapy, and increasing investment & government funding in product development are the key factors driving the global cancer biomarkers market growth. As per the World Health Organization (WHO) data published in 2018, cancer is the second leading cause of death worldwide, with approximately 70% of cancer mortality occurring in developed and developing economies. Similarly, according to International Agency for Research on Cancer (IARC), 9.6 million cancer deaths and 18.1 million new cancer cases were recorded across the globe in 2018. In addition, the world is expected to record 27.5 million new cases of cancer and about 16.3 million deaths owing to cancer by the year 2040.
 

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For those uninitiated, a traceable substance which indicates the presence of cancerous cells in the human body is a cancer biomarker. A biomarker may be a tumor-covered molecule or a specific human body response to the existence of cancerous cells. Improved cognizance about benefits of early diagnosis of cancer among individuals, in tandem with ability of biomarkers to provide quick results enabling clinicians to take informed treatment decisions are bolstering the market remuneration.
 

However, unregularized government norms and reimbursement policies along with hefty cost of vaccine development are likely to hinder the industry landscape over the study period.
 

Citing the regional landscape, worldwide cancer biomarkers market sphere is segmented into North America, Asia Pacific, Latin America, Europe, and Rest of the World. The report claims that North America currently accounts for a significant market share and is projected to grow further over the analysis period. The regional growth is attributable to concentration of major players and increasing use of cancer biomarkers in drug discovery & development.
 

Meanwhile, Asia Pacific cancer biomarkers industry is expected to register a decent growth rate through 2027, on account of improving healthcare infrastructure in developing economies like India and China, along with rising pervasiveness of cancer.
 

Leading organizations influencing global cancer biomarkers market dynamics are F. Hoffmann-La Roche Ltd., PerkinElmer Inc., Siemens AG, Abbott Laboratories, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Merck KGaA, Exact Sciences Corporation, and Bristol-Myers Squibb Company.