Asia-Pacific Cancer Biomarkers Market Size

Asia-Pacific Cancer Biomarkers Market Analysis

The Asia-Pacific cancer biomarkers market is expected to register a CAGR of nearly 12.5% during the forecast period.

• Due to the COVID-19 pandemic, the number of visits to hospitals and diagnostic centers for cancer care decreased during the early pandemic in the Asia-Pacific region, reducing the demand for cancer biomarkers.
• For instance, according to an article published by BMC Cancer in December 2022, a study was conducted in Japan which showed that COVID-19 had prolonged collateral effects on cancer care in Japan, including examination, diagnosis, and surgery, with significant effects on breast cancer, among others. Thus, due to the COVID-19 pandemic, the cancer biomarkers market was significantly impacted during the initial pandemic. However, as the pandemic has subsided, cancer diagnosis and treatment are going back to pre-pandemic levels, so the Asia-Pacific cancer biomarkers market is expected to have stable growth during the forecast period of the study.
• The significant factors contributing to the growth of the Asia-Pacific cancer biomarkers market are the rising prevalence of cancer, the increasing research activities, and the growing usage of biomarkers in drug development.
• The rising prevalence of cancer across the region is the primary factor driving the market growth, as it will increase the usage of cancer biomarkers for diagnosis purposes. For instance, as per the report published by PubMed Central in March 2022, China has a high incidence of cancers. In 2022 it was expected that there would be approximately 4.8 million new cancer cases in China, the most common being lung cancer. Thus, the high prevalence of cancer in the country is expected to boost market growth.
• Moreover, according to a report published by the Indian Council of Medical Research (ICMR) in 2021, Leukemia accounted for nearly half of all childhood cancers in both genders in the 0-14 years age group in India; it had a prevalence of 46.4% in boys and 44.3% in girls in 2021. The other common childhood cancer in boys was lymphoma (16.4%); in girls, it was a malignant bone tumor (8.9%). Moreover, according to the data published by the Indian Council of Medical Research-National Cancer Registry Programme (ICMR-NCRP) in March 2023, the number of cancer cases in India is projected to increase from 1.46 million in 2022 to 1.57 million in 2025. Hence, the high burden of various cancers is expected to increase the adoption of cancer biomarkers during the forecast period of the study.
• Additionally, according to an article published by the Institute of Cancer Research in July 2022, biomarkers are an important way of directing treatment to those cancer patients who will benefit most and therefore are likely to increase the cost-effectiveness of treatment. They can be used to develop new targeted therapies and immunotherapies for cancer. Thus, the rising research activities and the increasing use of cancer biomarkers in drug development are expected to boost the market growth.
• Hence, the factors above, such as the rising prevalence of cancer and the increasing usage of biomarkers in drug development for cancer, are expected to boost market growth. However, the high cost of diagnosis and reimbursement issues are expected to impede market growth.