F. Hoffmann-La Roche Ltd. (Switzerland) and Thermo Fisher Scientific, Inc. (US) are Leading Players in the Cancer Biomarkers Market
The cancer biomarkers market is projected to reach USD 42.0 Billion by 2029 from USD 24.5 Billion in 2024, at a CAGR of 11.3% during the forecast period. Growth in this market is mainly driven by the increasing incidence of cancer, technological advancements in the development of cancer biomarkers, increasing R&D on cancer biomarkers and rising use of cancer biomarkers in drug discovery & development. However, patent protection of cancer biomarkers and limited battery life are the major factors hampering the growth of this market.
The major players in cancer biomarkers market are F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific, Inc. (US), QIAGEN N.V. (Netherlands), Illumina, Inc. (US), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), bioMérieux SA (US), Becton, Dickinson and Company (US), Merck Millipore (US), Agilent Technologies (US), Myriad Genetics, Inc. (US), Sysmex Corporation (Japan), Hologic, Inc. (US), Quest Diagnostics (US), CENTOGENE N.V. (Germany), Biogenex Life Sciences Pvt Ltd (India), Siemens Healthineers (Germany), Exact Sciences (US), R&D Systems, Inc. (US), BioVision, Inc. (US), Olink (Sweden), Asuragen, Inc. (US), Meso Scale Diagnostics, LLC (US), Invivoscribe, Inc. (US), INOVIQ Ltd (Australia).
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In 2023, F. Hoffmann-La Roche Ltd. held the leading position in the cancer biomarker market. The company has strong distribution networks across Europe, the Middle East & Africa, North America, and Asia Pacific. To sustain its leading position in the market, the company pursues organic growth strategies. For example, in January 2021, the company launched uPath HER2 (4B5) image analysis and uPath HER2 Dual ISH image analysis algorithms (assays & kits) for precision patient diagnosis of breast cancer.
In 2023, in the market for cancer biomarkers, Thermo Fisher Scientific, Inc. was ranked second. The corporation prioritizes innovation in order to sustain its market position. For this reason, a sizeable portion of company earnings is allocated to research and development. These expenditures go toward creating fresh, cutting-edge goods. The US provides the majority of the company's revenue. Due to its strong R&D capabilities, strong balance sheet, and high-quality assets, the company is anticipated to develop at a faster rate during the projected time.
Qiagen N.V. held the leading position in the cancer biomarkers market in 2023. The company boosts its R&D capabilities in a bid to launch differentiated products and strengthen its position in the cancer biomarker market. Furthermore, the company relies on partnerships with prominent cancer biomarker manufacturers to provide its solutions in addition to its products, which increases the adaptability of Qiagen’s product line.
Related Reports:
Cancer Biomarkers Market by Profiling Technology (Omics, Imaging), Cancer (Lung, Breast, Leukemia, Melanoma, Colorectal), Product (Instruments, Consumables), Application (Diagnostics, R&D, Prognostics), Enduser, and Region - Global Forecast to 2029
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