Europe Cancer Biomarkers Market

Europe Cancer Biomarkers Market Outlook 2031:

The Europe cancer biomarkers market size was valued at USD 4.98 Billion in 2022 and is projected to reach USD 13.37 Billion by 2031, expanding at a CAGR of 11.6% during the forecast period 2023 - 2031. The growth of the market is attributed to rising attempts to create medicines that target new cancer biomarkers, as well as the launch of technologically improved companion diagnostic kits.

Cancer biomarkers are biological chemicals generated in response to cancer by tumor cells or human tissues, which are subsequently tested and assessed as indicators of malignant activities in the body. Cancer biomarkers are widely utilized in the diagnosis and treatment of cancer patients.

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Biomarkers are used in the follow-up surveillance and early identification of probable recurring illness in cancer patients who have had curative surgery. DNA, RNA, microRNAs, and proteins are all used to make molecular changes that are used to diagnose cancer.

To lessen the emotional and physical effect of cancer on patients and their families, governments in many nations are focused on investing in cancer prevention and early intervention.

Europe Cancer Biomarkers Market Trends, Drivers, Restraints, and Opportunities

• Rising awareness about customized medicine are projected to fuel the market during the forecast period.
• Increasing attempts to create medicines that target new cancer biomarkers is key factor propelling the market.
• High price of drug development is estimated to hinder the market growth.
• Risk of failure associated with cancer treatment, and uncontrolled government laws act as major challenge that can impede the market expansion in the coming years.
• R&D investment and technological advancement is expected to create lucrative opportunities for the market players.

Scope of the Europe Cancer Biomarkers Market Report

The report on the Europe cancer biomarkers market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Europe Cancer Biomarkers Market Segment Insights

The lung cancer segment is projected to hold a major market share

On the basis of disease, the Europe cancer biomarkers market is divided into prostate cancer, breast cancer, lung cancer, colorectal cancer, cervical cancer, and others. The lung cancer segment is expected to represent a key share of the market during the forecast period. Lung cancer is caused by the uncontrolled proliferation of abnormal cells in one or both lungs.

Persons who smoke have the maximum risk of lung cancer, despite the fact that it can harm people who have never smoked. Other risk factors include secondhand smoking, asbestos, some metals, certain organic compounds, radiation, air pollution, and diesel exhaust at the workplace or in the environment. With the rise in cancer cases, millions of individuals throughout the world are becoming infected with COVID-19.

Since the focus of healthcare facilities has switched to COVID-19, cancer patients' treatment has been restricted for a length of time, and cancer biomarker-related clinical studies have been suspended for a shorter amount of time, resulting in a little negative impact on the total market. As a result of the growing number of cancer cases, the European cancer biomarkers market is anticipated to develop significantly over the forecast period.

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The genetic biomarkers segment is expected to grow at a rapid pace

Based on type, the Europe cancer biomarkers market is segregated into protein biomarkers, genetic biomarkers, and others. The genetic biomarkers segment is expected to represent a key share of the market during the forecast period.

The primary technologies utilized for genetic biomarker identification and diagnosis include next-generation sequencing (NGS), gene expression profiling (microarray), and polymerase chain reaction (PCR). The market for genetic biomarkers is being driven by advances in high-throughput technology.

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The OMICS segment is anticipated to register rapid CAGR

In terms of profiling technology, the Europe cancer biomarkers market is segmented into OMICS technology, immunoassays, and cytogenetics. The OMICS segment is expected to represent a key share of the market during the forecast period. The OMIC technologies and imaging technologies segment account for 79.5 % of the total market share and are expected to expand at a high CAGR.

Furthermore, need for safe and cost-effective cancer medicines, advances in profiling technology, an increase in healthcare spending, lower genome sequencing costs, and demand for better cancer diagnostics and therapeutic procedures are expected to drive the market.

Segments

The Europe cancer biomarkers market has been segmented on the basis of

Disease

• Prostate Cancer
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Cervical Cancer
• Others

Type

• Protein Biomarkers
• Genetic Biomarkers
• Others

Profiling Technology

• OMICS Technology
• Immunoassays
• Cytogenetics

Key Players

• Biomerieux
• Thermo Fisher Scientific
• F. Hoffmann-La Roche Ltd
• Illumina Inc
• Abbott Laboratories Inc

Competitive Landscape

Key players competing in the Europe cancer biomarkers market include Biomerieux, Thermo Fisher Scientific, F. Hoffmann-La Roche Ltd, Illumina Inc, and Abbott Laboratories Inc.

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.