Dubai, UAE, April 01, 2020 (GLOBE NEWSWIRE) -- The global cancer biomarker market will reach a valuation of US$ 27 Bn by the end of 2025, as projected by a new Fact.MR report. The growth is primarily driven by the increasing prevalence of cancer and the subsequent investments in research and development activities. Factors further complementing the growth are favorable government funding initiatives on cancer diagnostics.
Cancer Biomarker Market: Key Findings
- Circulating Tumor Test (CTT) and Prostate Specific Antigen (PSA) test collectively account for more than half of overall market value.
- On the back of high cigarette smoking, lung cancer is expected to be the most common type of cancer, thereby accounting for a quarter total market share in testing.
- North America is set to account for a large portion of the overall global revenue, on the back of heavy budget allocation by the government for cancer research and training.
- Asia-Pacific will witness tremendous growth owing to the increasing affordability of cancer treatments in emerging economies.
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Cancer Biomarker Market: Key Driving Factors
- Governments in developed and emerging economies are financing clinical trials, thus enabling companies to develop effective diagnostics and treatments for cancer diseases, thus giving a significant boost to the global cancer biomarker market.
- Invigorated by technological advancements, numerous companies in the diagnostic imaging market are developing advanced, efficient, and economical equipment, and hence, are gaining traction among end-users.
Explore the complete cancer biomarkers market report with detailed market segmentation, 64 illustrative figures, and 18 data tables at –
https://www.factmr.com/report/4587/cancer-biomarkers-market
Cancer Biomarker Market: Key Restraint
- Major factors possessing a challenge to the rapid growth of the market are reluctance among end-users to adopt new technologies and the high cost of biomarker techniques.
Competition Landscape
Some of the key players in the global cancer biomarker market are F. Hoffmann-La Roche Ltd., Abbott Technologies & Merck & Co., Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Illumina, Inc., bioMérieux SA, Hologic, Inc., Genomic Health, Inc., and QIAGEN, among others. The market players are adopting Artificial Intelligence (to) to develop their offerings and to decode the cancer pathology.
About the Report
This 170-page study offers a detailed market forecast on the cancer biomarker market. The key categories covered in the report include Market statistics have been presented on the basis of Test Type (PSA tests, CTC tests, AFP tests, CA tests, HER2 tests, BRCA tests, ALK tests, CEA tests, EFGR mutation tests, KRAS mutation tests, and Others) and Disease Indication (Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, etc.) across five major regions.
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