The size of the Cancer Biomarkers Market in Europe was worth USD 4.15 billion in 2023 and is estimated to be growing at a CAGR of 11.2% to reach USD 7.05 billion by 2028.
The growing patient population of cancer in Europe majorly propels the European cancer biomarkers market growth. Lifestyle changes, hormone fluctuations, genetic factors, alcohol consumption, smoking and unhealthy diets contribute to cancer incidence. In 2020, the EU recorded approximately 1.2 million deaths due to cancer. Biomarkers are biological molecules found in body fluids, aiding in disease status assessment and treatment response evaluation. Cancer biomarkers specifically detect cancer presence, with some being hormones, enzymes, glycoproteins, and receptors. These biomarkers are often secreted by tumors, facilitating cancer diagnosis.
The growing adoption of personalized medicine further fuels the demand for cancer biomarkers in the European region and propels regional market growth. Personalized medicine has gained significant traction in recent years due to its enhanced efficacy compared to conventional drugs. This approach heavily relies on biomarkers for disease diagnosis and assessment of potential side effects in patients.
The growing number of investments to conduct research and development activities and advancements in cancer biomarker testing kit development contribute to the growth of the European cancer biomarkers market. Manufacturers are emphasizing diverse biomarker testing solutions for cancer prediction and treatment. Furthermore, support from public and private healthcare entities, expanding reimbursement policies, and a prominent presence of key industry players further propel the regional market growth.
The high cost associated with the cancer biomarker processes in Europe is one of the major factors hampering the European market growth. Factors such as a scarcity of skilled professionals, challenges in biomarker storage and transport, limited awareness, inadequate infrastructure and prolonged biomarker validation timelines further impede the European market growth. Limitations of biomarkers encompass low statistical power, technical reproducibility concerns, and the potential for false positive outcomes in studies further hinder the growth of the European market.
Impact of COVID-19 on the European cancer biomarkers market:
With the emergence of COVID-19, several companies shifted their focus to the development of COVID-19 drugs or vaccines, resulting in a negative impact on interventional and other cancer biomarker-related clinical trials, which have been halted as a result of the COVID-19 virus situation around the world. Thus, for a short period of time, it is expected to have a negative impact.
This research report on the European cancer biomarkers market has been segmented and sub-segmented into the following categories:
The European region had the second-largest share of the global market in 2022 and is expected to grow at a noteworthy CAGR during the forecast period owing to advancements in cancer research, increased healthcare spending and an increasing number of initiatives from the governments of European countries to approve novel biomarker testing processes. Germany is anticipated to hold the major share of the European market in the coming years. Factors such as the presence of numerous research laboratories, an increasing number of active mergers and acquisitions, growing awareness campaigns, increasing investments from the market participants in cancer biomarker research and the presence of multiple biomarker testing centers drive the German market growth. The UK cancer biomarkers market is expected to witness a healthy CAGR in the coming years owing to the growing number of biomarker testing centers, bolstered by pharmaceutical companies focusing on cancer medication development and the rise of medical tourism.
KEY MARKET PLAYERS:
Some of the prominent companies leading the Europe 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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