Cancer Biomarkers Market Trends

Growth Drivers

• Growing Prevalence of Cancer – Cancer prevalence is defined by how often cancer occurs (incidence rate) and how long a person lives with it after diagnosis (survival rate). Thus, the most common cancer with the longest survival rate will have a high prevalence value. For instance, breast cancer in women and prostate cancer in men had high prevalence rates with 42% and 43% in 2019, as per estimations throughout the world.
• Elevating R & D Activities and Investments – For instance, the global cancer research and development activities continued to surge in 2021 with an increase of 50% more trail starts from 2021.
• Increasing Biotechnology and Pharmaceutical Companies – Between 2017 to 2018, about 46 new molecular entities and 59 biologic license applications were approved by the U.S Food and Drugs Administration, and in 2019, out of the 59 newly approved drugs, 19 were first-in-class drugs. Also, the contracts worth for biotech and pharmaceutical companies are estimated to reach USD 150 billion before the first quarter of 2019 in the U.S.
• Rising Use of Biomarkers in the Medical Sector – As per the observations, more than 50% of clinical trials used biomarkers in 2018, up from over 10% use in 2000 across the globe.
• Increasing New Drug Developments – Based on a drug development report, FDA-approved biomarkers such as activating mutations in epithelial growth factor receptors (EGFR) can predict the efficiency of EGFR inhibitors, such as gefitinib, a targeted cancer drug. The response rate for gefitinib was more than 60% in selected patients and about 25% in unselected patients.

Challenges

• The Dearth of Reimbursement Policies for Biomarker Testing - Even though there has been a surge in cancer incidences across the globe, and an escalating patient pool that needs a diagnostic test, and on the other hand, there is a deficit of reimbursement policies in numerous developed and developing countries, which is anticipated to hinder the growth of the cancer biomarkers during the forecast period of 2023-2033.
• Requirement of Hefty Capital Investment for Research and Development Activities
• Associated Issues in the Collection and Storage of Samples