Market Size of Europe Cancer Biomarkers Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 11.60 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Cancer Biomarkers Market Analysis
The European Cancer Biomarkers Market is expected to register a CAGR of nearly 11.6% during the forecast period with a revenue of approximately USD 4,008 million in 2020, and it is expected to reach USD 7,764 million by 2026. Certain factors driving the growth of the market include the increased burden of cancer and the increasing focus on innovative drug development.
With the rising of the COVID-19, several companies increased their focus on the development of drugs or vaccines for COVID-19, showing a negative impact on interventional and other cancer biomarker-related clinical trials, which have been stopped as a result of the COVID-19 virus situation across the world. It is observed that it will have a negative impact for a short period of time. The companies such as Pfizer, Eli Lilly, and Bristol-Myers Squibb have also announced that they had halted the new clinical trials as a result of COVID-19. As per Pfizer's announcement, in late March 2020, the company paused the recruitment portion of certain global interventional clinical trial studies to avoid adding to the demands on the healthcare system during the peak of the crisis.
As per the estimates of the Globocan 2020, there were 467,965 new cases of cancer in France, and there had been 185,621 deaths due to it. According to the Fondation de France, cancer affects over 350,000 people every year and kills close to 150,000, representing roughly 1/3 of total deaths. Due to this high prevalence of cancer, increasing efforts are being made in R&D for the development of novel cancer therapeutics and diagnostics.
Thus, cancer biomarker is found playing a pivotal role in risk assessment and early diagnosis. Biomarkers, particularly those associated with genetic factors, offer a quantitative way to determine when individuals are predisposed to some form of cancer. These biomarkers have been developed for almost all cancers with a high prevalence rate. Some of the examples for such biomarkers are mutation on KRAS, p53, EGFR, erbB2 for colorectal, esophageal, liver and pancreatic cancer, and BRCA1 and BRCA2 for breast and ovarian cancer.
Biomarker-based early detection enables sensitive and cost-effective testing, which is expected to reduce cancer mortality. The biomarker's potential to assess the risk precisely has helped in improving the adoption of the technology, which has led to market expansion.
Furthermore, in November 2019, Hitachi and Centre Léon Bérard cancer center in France promoted R&D aimed at improving the efficiency of diagnosis and treatment of cancer and established a new research laboratory called Hitachi Lyon Lab. The research also includes the identification of biomarkers exploiting genomic data in the context of resistance, which may allow predicting responses and prognoses upon radiation treatment. Hence, the high burden of cancer and increasing R&D activities are expected to boost the overall growth of the market.
