Cancer Biomarker Global Market Opportunities and Strategies to 2033

This report describes and explains the cancer biomarker market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global cancer biomarker market reached a value of nearly $19.7 billion in 2023, having grown at a compound annual growth rate (CAGR) of 13.52% since 2018. The market is expected to grow from $19.7 billion in 2023 to $39.8 billion in 2028 at a rate of 15.04%. The market is then expected to grow at a CAGR of 15.89% from 2028 and reach $83.1 billion in 2033.

Growth in the historic period resulted from growing globalization of trade, increased renovation activities, rising urbanization. Factors that negatively affected growth in the historic period were volatility in raw material prices.

Going forward, rise in population, growth in the residential construction sector, increasing investments in infrastructure will drive the market growth. Factor that could hinder the growth of the cancer biomarker market in the future include high installation costs.

The cancer biomarker market is segmented by biomarkers type into protein biomarkers, genetic biomarkers and other cancer biomarkers. The protein biomarkers market was the largest segment of the cancer biomarker market segmented by biomarkers type, accounting for 57.5% or $11.4 billion of the total in 2023. Going forward, the other cancer biomarkers segment is expected to be the fastest growing segment in the cancer biomarker market segmented by biomarkers type, at a CAGR of 17.32% during 2023-2028.

The cancer biomarker market is segmented by profiling technologies into omics technologies, imaging technologies, immunoassay bioinformatics and cytogenetics. The omics technologies market was the largest segment of the cancer biomarker market segmented by profiling technologies, accounting for 51.7% or $10.2 billion of the total in 2023. Going forward, the omics technologies segment is expected to be the fastest growing segment in the cancer biomarker market segmented by profiling technologies, at a CAGR of 16.71% during 2023-2028.

The cancer biomarker market is segmented by application into diagnostics, research and development, prognostics, risk assessment and other applications. The diagnostics market was the largest segment of the cancer biomarker market segmented by application, accounting for 40.8% or $8.1 billion of the total in 2023. Going forward, the diagnostics segment is expected to be the fastest growing segment in the cancer biomarker market segmented by application, at a CAGR of 15.77% during 2023-2028.

The cancer biomarker market is segmented by cancer type into cervical cancer, breast cancer, lung cancer, brain and central nervous system cancer, kidney cancer, colorectal cancer, prostate cancer, ovarian cancer, stomach cancer and other cancers. The other cancers market was the largest segment of the cancer biomarker market segmented by cancer type, accounting for 36.9% or $7.3 billion of the total in 2023. Going forward, the other cancers segment is expected to be the fastest growing segment in the cancer biomarker market segmented by cancer type, at a CAGR of 16.54% during 2023-2028.

North America was the largest region in the cancer biomarker market, accounting for 40.1% or $7.9 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the cancer biomarker market will be Asia Pacific and North America where growth will be at CAGRs of 16.2% and 15.4% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 14.9% and 13.6% respectively.

The global cancer biomarker market is highly concentrated, with a few large players dominating in the market. The top ten competitors in the market made up to 51.6% of the total market in 2022. The market high concentration can be attributed to the presence of large players in different geographies. Roche Diagnostics was the largest competitor with a 15.9% share of the market, followed by Novartis AG with 9.9%, Illumina with 5.3%, Hologic Inc. with 4.9%, Thermo Fisher Scientific with 4.7%, Exact Sciences Corporation with 3%, Siemens Healthineers AG with 2.6%, Sysmex Inostics with 2.3%, Abbott Laboratories with 1.5% and Bristol-Myers Squibb Company with 1.3%.

The top opportunities in the cancer biomarker market segmented by biomarkers type will arise in the protein biomarkers segment, which will gain $11.1 billion of global annual sales by 2028. The top opportunities in the cancer biomarker market segmented by profiling technologies will arise in the omics technologies segment, which will gain $11.9 billion of global annual sales by 2028. The top opportunities in the cancer biomarker market segmented by application will arise in the diagnostics segment, which will gain $8.7 billion of global annual sales by 2028. The top opportunities in the cancer biomarker market segmented by cancer type will arise in the other cancers segment, which will gain $8.4 billion of global annual sales by 2028. The cancer biomarker market size will gain the most in USA at $7.2 billion.

Market-trend-based strategies for the cancer biomarker market include focusing on an AI-driven solution for advancing cancer diagnostics utilizes machine learning algorithms to analyze medical imaging data, focusing on collaborations and partnerships to strengthen their market position, enhance product offerings, focusing on the development of biomarkers for the early detection of cancer through the Center of Excellence, focusing on new research projects for blood-borne circulating biomarkers for cancer detection, focusing on developing radioligand therapy for targeting cancer biomarkers.

Player-adopted strategies in the cancer biomarker market include focus enhancing its operational capabilities through strategic partnerships, focus on advancing its business operations through new product developments.

To take advantage of the opportunities, The Business Research Company cancer biomarker companies to focus on leveraging AI solutions for enhanced cancer diagnostics, focus on collaborating with centers of excellence for biomarker development, focus on advancing blood-borne circulating biomarker research, focus on advancing radioligand therapy development, focus on the fastest-growing other cancer biomarkers segment, focus on omics technologies segment, focus on other cancer types segment, expand in emerging markets, focus on strategic collaborations, focus on developing competitive pricing strategies, focus on thought leadership, participate in trade shows and events, continue to use B2B promotions, focus on understanding end-user needs and focus on diagnostics and risk assessment application segments.