The global cancer biomarkers market is expected to register a good CAGR during the forecast period of 2018–2023. Biomarkers are chemical, physical or biological parameters, which can be used to indicate disease states. Oncology biomarkers offer high speed, non-invasive cancer diagnosis, and are believed to enhance cancer detection and screening. Major driving factors for the market are streamlined drug delivery process, noninvasive technology, and increased rates of survival.
Cancer is one of the leading causes of death across the globe, with 8.8 million victims in 2015, accounting for nearly one in six deaths. The disease has witnessed significant growth in the last few decades and is expected to grow rapidly during the forecast period. There were 10.9 million new cases in 2002, which increased to 14.1 million in 2012. This is approximately a 30% growth in a decade. The WHO expects this number to increase to 70% over the next two decades. This increased incidence of various diseases is expected to drive the global market, as biomarkers have a vital role in risk assessment, early diagnosis, and effective monitoring of treatment.
According to WHO, almost 70% of deaths from cancer occur in low and middle-income countries, and only one in five low and middle-income countries has the necessary data to drive cancer policy. This lack of data has been a limiting factor for many years, but the trend is changing. As data is being generated aggressively in the healthcare sector, the lack of data has already become outdated in a few developing countries, and it will likely become so in the remaining countries. This augmentation of data is expected to provide the basis for any national policy on cancer. In turn, this will possibly lead to an increase in the percentage of people opting for cancer treatment. This improved demand in low and middle-income countries is projected to boost the cancer biomarker market. The other factors, such as paradigm shift in healthcare from disease diagnosis to risk assessment or early diagnosis and increasing usage in drug development are driving the global cancer biomarker market.
According to a recent publication, approximately 13% of all deaths across the globe are caused due to cancer. It is estimated that the total cost of cancer in the United States was more than USD 263 billion in a single year. The usage of biomarkers for screening, monitoring, diagnosing, and optimizing treatment has the potential to improve patient outcomes. On the contrary, the discovery of cancer biomarkers and the development and validation of assays are both complex and expensive. Because of the critical role that biomarkers play at all stages of the disease, it is important that they undergo rigorous evaluation, including analytical validation, clinical validation, and assessment of clinical utility, before incorporation into routine clinical care. All these processes add up to the actual cost of cancer biomarkers and make them expensive. Due to these reasons, biomarker development and validation costs are higher today. This applies particularly to the cancer field with the advent of novel cancer biomarkers. The costs of many of these new-generation technologies, like prognostic or predictive biomarkers, run into thousands of dollars per patient. This high cost of diagnosis, reimbursement issues, and need for immediate processing are hindering the market.
The United States cancer biomarker market held the largest market share in 2017 in the North America region due to the presence of high-quality healthcare system, and the high rate of prevalence of cancer. In the Asia-Pacific sector, China and India have been identified as potential emerging markets.
Looking to Customize Report?