Global Oncology Biomarkers Market Report 2023: Increasing Use of Biomarkers in Drug Discovery and Development Bolsters Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Oncology Biomarkers: Global Markets” report has been added to ResearchAndMarkets.com’s offering.

The global oncology biomarkers market reached a value of $15.5 billion in 2022 and is anticipated to expand to $35.2 billion by 2028, reflecting a robust compound annual growth rate (CAGR) of 14.9% during the forecast period.

There is a clear shift toward treating cancers based on their tumor genetics rather than their site of origin in the body. The increasing role of biomarkers in clinical diagnostics, precision medicine, and clinical trial management supports growth in this market. Driven by the rising prevalence of cancer, increasing demand in the therapeutic selection and prognosis, precision medicine, and clinical diagnostics, and a growing number of public/private collaborations and government support,

This study provides a comprehensive analysis of oncology biomarkers on a global basis. It aims to offer a range of information, from detailed market analyses within cancer types to overall industry trends, to quantify and qualify the market for products and services in the oncology biomarkers segment. Current and projected market forecasts during the forecast period (2023 to 2028) are discussed. Figures for 2023 are estimated, except where actual results have been reported.

This report includes forecasts by biomarker type, cancer type, application, and region from 2023 through 2028. The report also includes an analysis of leading and emerging competitors in the current worldwide oncology biomarkers market. The competitive environment is examined with a particular focus on how new products and technologies influence the current standard of care.

Report Includes

• 21 data tables and 60 additional tables
• An in-depth analysis of the global oncology biomarkers market
• Analyses of global market trends, with data from 2020, 2021, 2022, and projections of compound annual growth rates (CAGRs) through 2028
• Characterization and quantification of biomarkers market by type, profiling technology, application, cancer type, and region
• Discussion on market drivers, challenges and key market strategies and trends
• Information on emerging products and technologies, new analytical platforms, novel immunoassays, and bioinformatics tools and discussion on the use of biomarkers in cancer drug development
• Profiles of the competitive landscape with an overview of competitor growth strategies and opportunities

Biomarkers allow early disease identification, improved diagnoses, and safer and more efficacious treatments, leading to better patient outcomes and efficient and effective public expenditure on health. Thus, biomarkers are accelerating throughout the cancer care spectrum (screening, diagnosis, prognosis, therapy selection, prediction, response monitoring, and recurrence monitoring) to improve patient care and treatment outcomes.

Also, given the growing burden of cancer on the healthcare ecosystem, there is significant growth in research funding and initiatives to find new clinically relevant biomarkers to understand cancer biology. The discovery of cancer biomarkers is expanding at an unprecedented rate, as previous investments in genomic and proteomic sciences are enabling an improved understanding of disease mechanisms and individual patient responses to therapy. Several cancer biomarkers identified in the past decade are under investigation for their potential applications.

Once these biomarkers are validated and subsequently enter clinical and research applications, the oncology biomarkers market is expected to grow significantly.

Genomic biomarkers are more expensive to assay than protein biomarkers. However, with patients gaining access, oncologists and other providers are becoming more accustomed to incorporating genomic diagnostics into routine care, and the genomic biomarkers market is expected to witness rapid growth in coming years. This market is expected to reach $14.2 billion in 2028, growing at a CAGR of 16.6% through the forecast period.

Key Attributes:

Market Dynamics

Drivers

• Rising Incidence of Cancer
• Increasing Use of Biomarkers in Drug Discovery and Development
• Developments in Analytical Technologies and Assay Methods
• Increased Availability and Ease of Biomarker Testing
• Support from Regulatory Agencies

Barriers

• Inadequate Patient Access to and Insurance Coverage of Biomarker Testing
• Technical Errors and Delayed Test Results
• Low Provider and Patient Awareness
• Suboptimal Tissue Procurement and Triaging
• Shortages of Laboratories and Personnel

Companies Mentioned

• Agendia Inc.
• Abbott
• Agilent Technologies Inc.
• BioCartis NV
• bioMérieux S.A.
• Bio-Rad Laboratories Inc.
• Becton, Dickinson & Co.
• Exact Sciences Corp.
• F. Hoffmann-La Roche AG
• Guardant Health Inc.
• Hologic Inc.
• Illumina Inc.
• Leica Biosystems
• Merck KGaA
• Myriad Genetics Inc.
• Qiagen N.V.
• Siemens Healthineers AG
• Thermo Fisher Scientific Inc.
• Veracyte Inc.

For more information about this report visit https://www.researchandmarkets.com/r/sk5dn5

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