Cancer Biomarker Market in US to reach $ 18 billion by 2021
Growing incidence of cancer, increasing government funding for cancer research coupled with rising trend of personalised medicine to drive United States cancer biomarker market through 2021
According to Pharmaion report, “United States Cancer Biomarker Market Opportunities, 2011 – 2021”, the cancer biomarker market in the United States is projected to stand at around US$ 18 billion by 2021. In the United Sates, the prevalence rate of cancer is increasing at a robust pace on account of various factors such as growing consumption of alcohol, high smoking prevalence, poor dietary habits and sedentary lifestyle of the citizens. Moreover, certain people inherits faulty genes, which also increases the risk of cancer.
In January 2016, National Institute of Health (NIH) announced a funding opportunity for integrating multiplexed biomarker approaches into a singular complementary method to improve cancer screening and early detection of different types of cancers. Moreover, various pharmaceutical companies are collaborating to develop novel cancer biomarkers to address the unmet demand for personalised medicine. Backed by increasing government funding for cancer biomarker research coupled with increasing use of biomarkers in drug discovery development and clinical trials, the United States cancer biomarker market is projected to witness a healthy growth rate during forecast period.
In terms of profiling technology, the market has been segmented into five broad categories, namely Immunoassay, Omics Technology, Cytogenetic Technology, Imaging Technology and Bioinformatics. Out of these categories, Immunoassay segment dominated the overall market of cancer biomarker in the United States in 2015. Being a traditional biomarker profiling technique, it is the most recommended test by oncologists in hospitals and independent laboratories. However, the Omics Technology is forecast to grow at the highest rate during 2016 – 2021. Contract Research Organizations (CROs) and drug manufacturers are the major end users of cancer biomarkers in the US on account of high number of clinical research studies on cancer patients and growing demand for high quality cancer biomarker testing using advanced tumor profiling technologies.
“Biomarkers are integrated into drug development programmes, starting from cancer identification to validation of clinical practice. Ability of biomarkers to predict drug efficacy rapidly than the conventional clinical endpoints helps in substantially augmenting the product development in certain cancer areas. Backed by various applications and advantages, the overall cancer biomarker market in the United States would continue to exhibit promising growth over the next five years. However, high cost of biomarker testing, especially next-generation sequencing for cancer diagnosis, is anticipated to pose a major challenge.” said Mr. Karan Chechi, Research Director with Pharmaion Consultants, a research based global management consulting firm focused on pharma and healthcare industry.
“United States Cancer Biomarker Market Opportunities, 2011 - 2021” has analyzed the potential of cancer biomarker market in the United States and provides statistics and information on market sizes, shares and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced in the United States cancer biomarker market.