The global cancer biomarkers market, valued at US$ 30.39 billion in 2023, is projected to reach US$ 113.54 billion by 2034, growing at a CAGR of 12.73%. This growth is fueled by advancements in technology and the increasing use of artificial intelligence in oncology research and development.
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Biomarkers play a crucial role in healthcare by providing valuable insights into disease diagnosis, prognosis, treatment response, and personalized medicine. In particular, advancements in molecular biology for detecting tumor biomarkers have greatly enhanced personalized cancer care and improved patient outcomes. Over the years, the discovery of new, more sensitive, and accurate tumor biomarkers has steadily advanced, offering more precise options for cancer diagnosis and treatment.
In September 2024, the Breast Cancer Research Foundation (BCRF) made a historic investment of $70.3 million, the largest in its 31-year history, to support over 260 scientists at leading academic and medical institutions across 15 countries.
In February 2024, Pfizer Inc. and the American Cancer Society (ACS) launched “Change the Odds: Uniting to Improve Cancer Outcomes™,” a three-year initiative aimed at reducing disparities in cancer treatment. With $15 million in funding from Pfizer, the program focuses on improving cancer care outcomes in underserved areas of the United States.
North America led the cancer biomarkers market in 2023 and is expected to maintain growth due to the rising cancer incidence and efforts by major players. The U.S. has seen a significant increase in cancer cases, particularly breast cancer, with 51,400 new non-invasive cases and 287,850 invasive cases estimated for March 2022. This surge will likely boost the use of cancer biomarkers in diagnosis. For example, in 2023, the U.S. DCCPS awarded nearly $580 million in grants, supporting global cancer research. Canada also invested $44.7 million in cancer research.
Asia Pacific is predicted to experience the fastest growth during the forecast period. Countries like India, China, and Japan are becoming key markets for cancer biomarkers due to the rising cancer rates and increasing demand for better diagnosis and treatments. India and the UK are collaborating on a £10 million project focused on affordable cancer treatments.
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