Cancer Biomarkers Market Size to Grow USD 42170 Million by 2030 at a CAGR of 11.4% | Valuates Reports

BANGALORE, India, May 21, 2024 /PRNewswire/ -- Cancer Biomarkers Market is Segmented by Type (Protein Biomarker, Genetic Biomarker), by Application (Diagnostics, Research).

The Global Cancer Biomarkers Market was valued at USD 19580 Million in 2023 and is anticipated to reach USD 42170 Million by 2030, witnessing a CAGR of 11.4% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Cancer Biomarkers Market:

Precision medicine and tailored therapeutic advancements have a major role in driving the growth of the cancer biomarker market. With the growing knowledge of the molecular and genetic causes of cancer, biomarkers allow for more accurate diagnosis, prognosis, and therapy choices based on the unique characteristics of each patient. This individualized strategy is becoming more and more popular in clinical practice since it decreases side effects and increases therapeutic success. Additionally, next-generation sequencing and liquid biopsies—two cutting-edge technologies for the identification and validation of new biomarkers—improve early cancer detection and surveillance. The market for cancer biomarkers is expanding rapidly as a result of the incorporation of biomarkers into drug development pipelines, which also expedites the approval of targeted medicines.

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TRENDS INFLUENCING THE GROWTH OF CANCER BIOMARKERS MARKET

Market expansion for cancer biomarkers is mostly propelled by developments in proteomics and genomics. A more comprehensive knowledge of cancer at the molecular level has been made possible by the completion of the Human Genome Project and the ensuing advancements in sequencing technology. These developments make it possible to identify certain genetic abnormalities and modifications that are typical of various cancer types. Large-scale protein research, or proteomics, enhances genomics by shedding light on the expression and role of proteins in cancerous cells. The development of new biomarkers that may be utilized for early diagnosis, prognosis, and tailored therapy of cancer has been made easier by the merging of proteomics and genomes.