Cancer Biomarkers Market Size

Cancer Biomarkers Market Analysis

The Cancer Biomarkers Market size is estimated at USD 23.26 billion in 2024, and is expected to reach USD 41.80 billion by 2029, growing at a CAGR of 12.43% during the forecast period (2024-2029).

The COVID-19 pandemic had an adverse impact on the cancer biomarkers market owing to the interrupted research and development activities during this period. For instance, according to an article published by the National Center for Biotechnology Information, in September 2021, the United Kingdom postponed routine screening for cancer in response to the COVID-19 pandemic. Thus, such instances hindered the market's growth in the initial phase of the outbreak. However, the market is gaining traction as diagnostic, and surgery centers are resuming their practices to pre-pandemic levels along with the initiatives such as acquisitions by key market players. For instance, in November 2022, Biocare Medical, a leading provider of innovative, automated immunohistochemistry (IHC) and FISH (Fluorescent in situ hybridization) instrumentation and reagents, acquired Empire Genomics, a market leader in molecular biomarkers to aid in cancer research and diagnostics. Thus, initiatives such as acquisitions are expected to increase market growth over the forecast period.

Certain factors driving market growth include increased cancer incidence globally and higher acceptance of cancer treatments in developing regions; a paradigm shift in healthcare from disease diagnosis to risk assessment or early diagnosis; and increased use of biomarkers in drug development. For instance, in the Cancer Facts & Figures 2022 data published by the American Cancer Society, there will be an estimated 1.9 million new cancer cases diagnosed in the United States (US) in 2022. Further, as per the GLOBOCAN 2020 report, the number of new cancer cases is expected to reach 24,044,406 by 2030, which shows an increasing prevalence of cancer around the globe. Thus, the increasing prevalence of cancer is expected to increase the demand for its early diagnosis as cancer treatment is much more cost-effective and successful at early stages. Hence, early diagnosis of cancer is expected to increase the adoption of cancer biomarkers which is expected to increase the market growth.

Moreover, strategic developments undertaken by market players are also anticipated to bolster the market's growth over the analysis period. For instance, in March 2022, Vela Diagnostics released new next-generation sequencing (NGS)-based panels to detect RNA and DNA cancer biomarkers from formalin-fixed paraffin-embedded (FFPE) tissue specimens. The panels are focused (60 genes) and comprehensive (525 genes). The OncoKey SL 60 Plus Panel is a targeted pan-cancer gene panel, while the OncoKey SL 525 Plus Panel is a comprehensive pan-cancer gene panel. Similarly, collaboration, mergers, and acquisitions within the industry are expected to boost the market over the forecasted period. For instance, in June 2021, Medable teamed up with Aural Analytics to evaluate remote data capture and digital biomarkers in cancer patients as part of its cancer moonshot work. This partnership included tracking of speech and language-based information about motor, cognitive and respiratory functions combined with the analysis of objective outcomes data to increase the measurement of patients through digital biomarkers. This is expected to increase the constant monitoring to understand the disease, which would provide better treatment and thus is expected to increase the market growth.

Thus, due to the above factors, such as the increasing prevalence of cancer and product launches, the market is expected to see robust growth during the forecast period. However, the high cost of products and reimbursement issues restrain the market studied.