Cancer Biomarkers Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global cancer biomarkers market growth forecasted to transform from USD 24.5 billion in 2024 to USD 42.0 billion by 2029, driven by a CAGR of 11.3%. The primary drivers of growth in this market are the rising incidence of cancer worldwide, increased research on cancer biomarkers, the growing use of biomarkers in drug discovery and development, and ongoing technical advancements.

Cancer Biomarkers Market Trends

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Cancer Biomarkers Market Dynamics

Driver: Rising technological advancements in the development of cancer biomarkers

Advancements in omics technologies enable faster acquisition of genomics, proteomics, and metabolomics data and its integration with clinical trial data using advanced bioinformatics software. The omics revolution in the last decade has increased the applications of cancer biomarkers in cancer research. Also, developments in high-throughput genomic technologies facilitate identifying and analyzing mutations and polymorphisms in key genes, thus expanding the spectrum of available genomic biomarkers. The advancements in arrays and proteomics technologies have addressed the challenges in identifying and understanding the functions and interactions of various proteins. These technological advancements have simplified the process of discovery & development of novel cancer biomarkers to a great extent.

Restraint: Technical issues related to sample collection & storage

Cancer biomarkers are widely used in epidemiology studies to examine various phases of human disease. In order to minimize future research expenditures using banked samples and extract a great deal of information from a small number of samples, this calls for cautious handling and storage of priceless biological samples. Therefore, one of the most important concerns for service providers is sample collection, which is followed by sample access. These samples must undergo strict quality control, and proper storage must be provided to prevent loss. Additionally, various samples are needed for the procedures of risk assessment, screening, diagnosis, and monitoring.

Opportunity: Personalized medicine

Personalized medicine determines which course of treatment is best for each patient. In certain facets of personalized medicine, cancer biomarkers are crucial. The detection of these illnesses is made possible by the consumables used in cancer biomarker testing. Diagnostic tools for cancer biomarkers are being utilized in conjunction with a number of experimental treatments. Therefore, it is anticipated that companies involved in the cancer biomarkers market will have chances for growth in the personalized medicine space.

Challenge: Challenges associated with cancer biomarker validation

As part of the validation process for cancer biomarkers, assays are assessed and performance metrics like repeatability, sensitivity, and specificity are measured. In order to establish cancer biomarkers as trustworthy instruments to assist research, healthcare, and biopharma investment decisions, validation is essential. However, businesses, particularly small ones, are quite concerned about the significant expenses associated with cancer biomarker validation. Moreover, the validation procedure for cancer biomarkers is complicated by the intrinsic fluctuation in biomarker levels and molecular heterogeneity. The time necessary for test development is another issue, which makes it difficult to create assays quickly enough to keep up with the production of biomarkers.

The cancer biomarker market is moderately consolidated. The top players— F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc.  (US), QIAGEN (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 (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), and INOVIQ Ltd. (Australia) in the cancer biomarker market accounted for a combined majority market share in 2023. The companies in the sector are fiercely competitive.

Cancer Biomarker Ecosystem/Market Map

In 2023, omics technologies segment accounted for the largest share in the cancer biomarkers industry, by profiling technologies

The cancer biomarkers market has been divided into two segments based on profiling methods: omics technologies and imaging technologies. Due primarily to the growing usage of cancer biomarkers in drug discovery and development as well as the rapid growth of technology in the field of cancer biomarker creation, the omics technology segment held the highest share of the market in 2023.

In 2023, breast cancer segment accounted for the largest share of the cancer biomarkers industry, by cancer type

The cancer biomarkers market is divided into categories according on the kind of cancer, including non-Hodgkin's lymphoma, kidney cancer, bladder cancer, thyroid cancer, colorectal cancer, prostate cancer, melanoma, leukemia, thyroid cancer, bladder cancer, and other cancer types. 2020 saw the highest percentage go to the breast cancer section. The rise is driven by factors like the rising incidence of cancer worldwide.

In 2023, instruments segment accounted for the largest share in the cancer biomarkers industry, by product

Based on product, the cancer biomarkers market is classified into consumables, instruments, and bioinformatics software. Due to the growing need for cancer detection and the number of technical breakthroughs, the instruments sector held a dominant position in this market in 2023.

In 2023, diagnostics segment accounted for the largest share in the cancer biomarkers industry, by application

The cancer biomarkers market has been segmented into diagnostics, research & development, prognostics, risk assessment and other applications. As of 2023, the market was dominated by the diagnostics sector. The market will rise as a result of more cancer biomarkers being used for companion diagnostics.

In 2023, diagnostic laboratories segment accounted for the largest share in the cancer biomarkers industry, by end-user

Based on end user, the cancer biomarker market is segmented into diagnostic laboratories, Biopharmaceutical Companies & CROs, research and academic institutes and other end-users. By 2023, the market for cancer biomarkers was dominated by the diagnostic laboratories segment. The rising prevalence of cancer and the expanding number of clinical laboratories conducting cancer biomarker-based diagnostics tests globally are the main causes of this end-user segment's size.

North America is the largest regional market for cancer biomarkers industry

The global cancer biomarkers market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America held the most market share for cancer biomarkers worldwide in 2023. The expansion of the North American market may be ascribed to the relationship between rising population and rising levels of research.

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The major players in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (US), QIAGEN (Netherlands), Illumina, Inc. (US), Bio-Rad Laboratories, Inc. (US). The market leadership of these players stems from their comprehensive product portfolios and expanding global footprint. These dominant market players possess several advantages, including strong marketing and distribution networks, substantial research and development budgets, and well-established brand recognition.

Scope of the Cancer Biomarkers Industry

This report categorizes the cancer biomarker market to forecast revenue and analyze trends in each of the following submarkets:

By Profiling Technology

• Omics Technologies
  • Proteomics
  • Genomics
  • Other Omics Technologies
• Imaging Technologies
  • Ultrasound Imaging
  • Computed Tomography (CT)
  • Magnetic Resonance Imaging (MRI)
  • Positron Emission Tomography (PET)
  • Mammography

By Cancer Type

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Melanoma
• Leukemia
• Thyroid Cancer
• Bladder Cancer
• Non-Hodgkin's Lymphoma
• Kidney Cancer
• Other Cancer Types

By Product

• Instrument
• Consumables
• Bioinformatics Software

By Application

• Diagnostics
• Research & Development
• Prognostics
• Risk Assessment
• Other Applications

By Enduser

• Diagnostic Laboratories
• Biopharmaceutical Companies & CROs
• Research and Academic Institutes
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East Africa
  • GCC Countries

Recent Developments of Cancer Biomarkers Industry:

• In November 2023, Agilent received FDA approval for PD-L1 IHC 22C3 pharmDx in gastric or gastroesophageal junction (GEJ) adenocarcinoma.
• In May 2022, Illumina introduced a new pan-cancer companion diagnostic to match patients with rare genetic mutations to targeted therapy.
• In December 2022, QIAGEN received FDA approval for a companion diagnostic to Mirati Therapeutics’ KRAZATI in non-small cell lung cancer.

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