The world market cancer biomarkers market is anticipated to flourish substantially within the forecast period that extends from the year 2017 to the year 2025. With various distinct segments of customer in the market propelling the demand for several types of products, it accounts for substantial scope of growth in the said market. In the years to come, the world market for cancer biomarkers is prognosticated to experience rise in competition. This is so owing to the fact that major players are taking up various strategies such as research and development activities, in a bid to sustain their position in the market.
The international market for cancer biomarkers is highly fragmented. Currently, the said market has numerous market players. The report profiles a few of the eminent market players in the world market for cancer biomarkers, such as, Genomic Health, Thermo Fisher Scientific Inc., Agilent Technologies, bioMérieux SA, Abbott Laboratories, Novartis AG, F. Hoffmann-La Roche Ltd, Hologic, Inc., Illumina, Inc., Merck & Co., Inc.,.and QIAGEN.
In accordance with a recent market research report that has been published by Transparency Market Research, the world market for Cancer Biomarkers is forecasted to expand at a CAGR of 11.8% over the period between 2017 and 2025. The report also projects the international market for Cancer Biomarkers to reach a market valuation of around US$ 27.63 bn by the year 2025. The overall market was worth around US$ 10.25 bn in the year 2016.
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North America to Lead the Market over the Period of Forecast
The world market for cancer biomarkers has been regionally segmented into the geographies of South America, North America, Asia Pacific, Middle East and Africa, and Europe. The region of North America dominated the international market for cancer biomarkers in the year 2016 and is anticipated to remain dominant through the period of forecast. This is owing to high prevalence of various forms of cancer, rising health care expenditure resulting in the increase of demand for better health care services and diagnostic tests, and number of technological advancements in the field of cancer biomarkers. However, the market in Asia Pacific is expected to register substantial growth rate by the end of 2025 owing to availability of large base of patient pool and rising awareness about health. In addition to that, high percentage of geriatric population and increased disposable income are forecasted to propel the growth of the market.
Increased Government Initiatives to Trigger Market Growth
Rise in the funding for cancer research by many different organizations is one of the important drivers filliping the demand in the world market for cancer biomarkers. Governments, particularly in many of the developed countries are investing in the activities of research and development pertaining to the treatment and cure of tumor. Due to such activities, the world market for cancer biomarkers is forecasted to attain speed in the years to come.
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Besides, measures are being taken by several governments so as to spread awareness with respect to cancer and it is also turning out to be beneficial for the rise in demand for cancer biomarkers.