Cancer Biomarkers Market Is Estimated to Witness High Growth Owing to Increasing Technological Advancements
Key Takeaways
Key players operating in the cancer biomarkers market are Schlumberger Limited, Rockwell Automation Inc., SIS-TECH Solutions LP, Emerson Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Siemens AG, Yokogawa Electric Corporation, Schneider Electric SE, and ABB Ltd. These players are focusing on new product launches, collaborations, and geographic expansions to gain a competitive edge in the market.
The rise in global cancer incidence, increasing healthcare expenditure, technological advancements in bioinformatics, availability of government and private funding for biomarker research are expected to offer lucrative growth opportunities for players in the Cancer Biomarkers Market Demand. Furthermore, development of non-invasive diagnostic tests using biomarkers has gained significant attention in recent years.
Technological advancements in biomarkers discovery such as genomics, proteomics, metabolomics, bioinformatics have enabled researchers to identify and characterize novel cancer biomarkers and develop clinical diagnostic test kits. Companies are also investing in development of combined biomarker panels to improve diagnostic accuracy.
Market Drivers
The increasing government funding for cancer research and growing initiatives to spread awareness about early cancer detection are expected to drive the growth of the cancer biomarkers market. Significant rise in global geriatric population who are at high risk of developing various cancers will also boost the demand for cancer screening and diagnosis using biomarkers. Advancements in targeted therapies have increased the need for companion diagnostics using biomarkers to identify suitable patient population.
Current Challenges in Cancer Biomarkers Market
The cancer biomarkers market is currently facing various challenges which hinders its growth potential. Some of the key challenges are:
- High capital investment required for research and development of novel biomarkers. Significant funding is required to discover and validate new biomarkers which increases the financial risks.
- Stringent regulatory framework for approval of cancer biomarker tests. The regulatory bodies impose strict guidelines for clinical efficacy, reliability and safety of these tests before approval which lengthens the product development cycles.
- Complex nature of cancer poses challenges in biomarker discovery and validation. Cancer is a highly complex disease caused due to various genetic and epigenetic alterations. It is difficult to find definitive markers which can be used across all cancer types and stages.
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