The Europe cancer biomarkers market size is projected to register a substantial CAGR during the forecast period, 2021–2028. 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. 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.
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.
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.
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