The size of the Asia Pacific Cancer Biomarkers Market was worth USD 2.89 billion in 2023 and is estimated to be growing at a CAGR of 12.6% to reach USD 5.24 billion by 2028. The Asia-Pacific market is expected to grow at a fast pace with consistent economic development.
Cancer biomarkers are substances that are indicative of the presence of cancer in the body. With the emerging importance of quantifying and validate various disease conditions, many organizations, companies, and universities have stepped forward to contribute to the field of biomarkers discovery and quantification for a better prognosis of disease conditions.
Increasing the usage of biomarkers in drug development helps evaluate the most appreciated therapeutic candidates, lowering the cost of discovery and the risk of failure later. Also, owing to the large number of market participants, the Asia-Pacific cancer biomarkers market is fragmented. These firms are focused on R&D, market expansions, partnerships, and mergers to maintain steady growth.
In addition, the Spreading awareness among the people for cancer biomarkers and the importance of its early detection with what preventive measures are expected to drive the APAC cancer biomarkers market growth.
Moreover, the biomarkers help regulators and developers make better judgments. In addition, with the use of non-invasive technologies, using this technology, there are fewer chances of hurting the human body as the number and size of incisions created during surgery are limited and helps in reducing the risk of complications as well as the injury to the surrounding muscle and the tissue.
However, the high cost of diagnosis and increased competition of substitute products available in the market are expected to restrain the cancer biomarkers market in the APAC region. In addition, the lack of awareness in rural areas about cancer biomarker treatment procedures and drugs and the need for fast processing are limiting the market growth of cancer biomarkers.
Moreover, the difficulties are reimbursement issues unfavorable policies by both corporate and public organizations. In addition, the low acceptance of sophisticated biomarker testing and the expensive research and validation takes a longer period in the research and approval process with the increase in the capital costs, limiting the progress of the market growth.
This research report on the APAC Cancer Biomarkers Market segmented and sub-segmented into the following categories:
Regionally, China dominates the APAC cancer biomarkers market and is estimated to grow at the highest CAGR in the forecast period. China is expected to grow with a CAGR of 11.8% from 2023 to 2028 due to the growing R&D activities, investments from the government, and rising adoption of personalized medicine.
The cancer biomarkers market in India is expected to register a CAGR of 16.0% during the forecast period due to its large population base and tremendous death rate. Early diagnosis of cancer results in lessening of economic stress over the population and government.
The Japanese cancer biomarkers market is estimated to showcase a CAGR of 11.9% during the forecast period, and the Y-O-Y death rate in Japan is significantly increasing. Around 1.1 million cancer cases were registered, out of which 149,500 cases are of colon cancer, followed by 132,800 cases of stomach cancer, and 128,700 cases of lung cancer were registered. Furthermore, the growing aging population may boost cancer biomarkers market growth during the forecast period.
The Australian cancer biomarkers market to have noticeable growth during the forecast period due to new protein biomarkers by the government organizations. In both men and women, colorectal cancer, which is the most common cancer, is seen in people above 50years of age, and about 5,375 deaths were caused to end by this colorectal cancer. Moreover, collaborations and partnerships among government organizations and other pharmaceutical companies to improve biomarkers are expected to surge the market of this region.
KEY MARKET PLAYERS:
A few of the promising companies operating in the APAC cancer biomarkers market profiled in this report are Abbott Laboratories, Agendia Bv, Biocurex Inc, Biomerieux S.A., Biomoda Inc, Astellas Pharma Us Inc, Correlogic Systems Inc, Beckman Coulter Inc, Becton, Dickinson and Company, Clarient Inc, Diadexus Inc, Ambrilia Biopharma, Affymetrix Inc and Aureon Laboratories Inc.
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