SEOUL-- March 11, 2022 -- According to Fact.MR’s Study, the cancer biomarkers market revenue is anticipated to surpass US$ 33 Bn by 2031, representing a 3x increase from 2020. Presently, the market is valued at a little above US$ 11 Bn. The increasing prevalence of debilitating cancers is spurring expansion prospects.

Historical predictions suggest that the market was already on a strong expansion path, registering a staggering 8% CAGR from 2016 to 2020. By the end of the said historical period, the market was valued at over US$ 11 Bn.

According to the American Society of Clinical Oncology's 2018 data, lung cancer is the second most common kind of cancer and the leading cause of death in both men and women worldwide. The rising prevalence and incidence of lung cancer are the primary factors driving the growth of this industry. In 2018, there were 2 million new cases of lung cancer reported worldwide, according to GLOBOCAN.

Key Takeaways of Global Cancer Biomarkers Market Study

· Global cancer biomarkers market to add 3x value compared to 2021
· Circulating Tumor Cell (CTC) test biomarkers demand to surge at 13% CAGR
· Prostate-Specific Antigen (PSA) to account for over 20% revenue share
· North America is expected to generate an absolute opportunity of US$ 5.2 billion.
· Asian cancer biomarkers market is predicted to grow at a CAGR of approximately 14%.
· Europe has a large revenue market share for prostate-specific antigen testing, accounting for almost 45% of global revenue.

“The worldwide cancer biomarkers market has enormous future growth potential, owing largely to rising cancer prevalence and consequent investment in cancer research and development,” says a Fact.MR analyst.