Cancer Biomarkers Market to Grow With a CAGR of 11.8%; Players Working on Improving Product Portfolios
Albany, NY, May 17, 2018 (GLOBE NEWSWIRE) — The global cancer biomarkers market is anticipated to flourish significantly within the forecast period from 2017 to 2025. Presently, the market has various players. With various distinct customer segments in the market propelling the demand for several types of products, it accounts for various scope of growth in the market. In forthcoming years, the cancer biomarkers market is prognosticated to witness rise in competition. This is so due to major players taking up various strategies such as research and development activities, in order to sustain their position in the market. Organizations are indulging in product differentiation and to increasing product portfolios to get an edge over its market contenders. Besides, organizations are also following the unconventional methods of mergers and acquisitions to increase their market shares.
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Some of the key players leading the global market for cancer biomarkers are Thermo Fisher Scientific Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd, Agilent Technologies, Illumina, Inc., QIAGEN, Hologic, Inc., Merck & Co., Inc., Novartis AG, Genomic Health, bioMérieux SA. According to a recent report by Transparency Market Research (TMR), the global cancer biomarkers market is expected to grow with a steady CAGR of 11.8% within the forecast period from 2017 to 2025. On the basis of test type, the CTC test held the key position in the market in 2016. This segment is estimated to keep leading the market in coming years as well. On the basis of geographical region, North America region dominated the global cancer biomarkers market, in year 2016. This is because of increased healthcare expenses and rise in number of people suffering from cancer.
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Increase in Funding by Various Organizations to Augment Growth in Market
Rise in funding for cancer research by various organizations is one of the key drivers filliping the demand in the global market for cancer biomarkers. Governments, especially in developed countries are investing in the research and development activities regarding the tumor treatment and cure. Owing to such activities, the market for cancer biomarkers is anticipated to attain speed in forthcoming years. Besides, measures taken by several governments to spread awareness with respect to cancer are also turning out to be advantageous for the rise in demand for cancer biomarkers.
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Lack of Awareness Among People to Hinder Overall Market Growth
On the flipside, lack of interest of healthy individuals to support clinical research, is one of the major factors posing a threat to the global market for cancer biomarkers. Even though there has been a notable rise in number of cases of cancers all over the world, a lot of people still do not receive proper healthcare facilities in most part of the world. One of the major reason behind it is unavailability of patient surveillance framework and people abstaining from clinical trials. Along with this, the lack of awareness and ambiguity over blood tests for example tumor biomarkers are anticipated to hinder the market for cancer biomarkers. However, with the presence of minimally-invasive diagnostic techniques for tumors detection, the market is expected to experience the spur in growth of, y overcoming the drawbacks, in forthcoming years.
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