The global cancer biomarkers market is estimated to be valued at US$ 380.84 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Cancer biomarkers have seen increasing adoption in recent years due to growing preference for personalized medicine. Early detection of cancer has become possible with the help of biomarkers. Researchers are focusing on identifying novel biomarkers that can facilitate accurate cancer diagnosis and prognosis.

Weakness: However, lack of awareness among people in developing nations regarding the benefits of cancer biomarkers remains a key challenge. High cost of biomarker discovery and validation process is another weakness hampering the market growth.

Opportunity: Furthermore, increasing R&D investments by pharmaceutical companies as well as government organizations present lucrative opportunities. Growing geriatric population susceptible to cancer also creates scope for biomarker applications.

Threats: On the other hand, stringent regulatory guidelines for approving new cancer biomarkers might restrict the market expansion. Lack of reimbursement policies poses threats especially in price-sensitive developing markets.

Key Takeaways

The Global Cancer Biomarkers Market Growth is expected to witness high over the forecast period. The global cancer biomarkers market is estimated to be valued at US$ 380.84 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.

Regional analysis shows that North America is currently the largest as well as the fastest growing regional market due to strong presence of leading players and availability of advanced healthcare facilities. APAC market is anticipated to offer highest growth potential owing to improving healthcare infrastructure, rising healthcare spending and increasing cancer prevalence in nations like China and India.

Key players operating in the cancer biomarkers market are Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd. The cancer biomarkers market players are focusing on new product approvals and launches to strengthen their market position. For instance, in 2021, Abbott received FDA approval for Alinity CT to provide oncology labs with a simplified, automated, and highly sensitive biomarker testing solution for lung cancer patients.

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