The size of the Cancer Biomarkers Market in Europe was worth USD 4.15 billion in 2022 and is estimated to be growing at a CAGR of 11.2% to reach USD 7.05 billion by 2027.
Cancer biomarkers are biological molecules discovered in the blood, other body fluids, or tissues that indicate the presence of cancer. These are biomolecules created in reaction to the tumor-by-tumor cells or other cells in the body.
Using genomes and proteomics-based technologies, cancer biomarkers increase cancer detection and permit high speed and non-invasive diagnosis. For instance, breast cancer biomarkers allow a liquid biopsy instrument to rule out breast cancer more precisely and earlier, enhancing a women’s chances of survival and reducing unnecessary costs and anxiety.
The primary growth drivers of the European cancer biomarkers market are rising cancer occurrences, growing research on cancer biomarkers, and improved speed and accuracy of diagnosis. The degree of competition in Europe is already strong because most of the aforementioned biomarkers are commercially available. As a result, early detection, combined with the growing level of public awareness, may lead to the market’s healthy growth.
Due to the inconsistency in their efficacy in illness diagnosis, validating biomarkers takes a long time. As a result, the validation procedure becomes both time-consuming and costly. Surrogate endpoints are the most expensive to develop and validate, especially in clinical studies, due to the significant clinical validation required. The aforementioned factors are expected to negatively impact the growth rate of the European cancer biomarkers 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:
Regionally, Europe accounts for the second-largest share in the global cancer biomarkers market. Because of technological developments, the European cancer biomarker market is experiencing significant growth. Due to expanded drug discovery activities, Europe ranks second in the market and is predicted to develop rapidly over the projection period. The increased burden of cancer and the increased focus on new drug research are two reasons driving the market’s rise. The cancer biomarkers market is predicted to develop significantly, owing to an increase in cancer cases. Biomarker-based early detection enables sensitive and cost-effective testing, which is expected to reduce cancer mortality. The capacity of the biomarker to accurately evaluate risk has contributed to improving technology acceptability, resulting in market expansion.
The German cancer biomarkers market held the largest share in the European market in 2020, followed by the UK. Increasing the prevalence of cancer in this country and the presence of a high-quality healthcare system contribute to its largest share.
The increasing number of cancer patients and the government's support for research and innovation of biomarkers are helping the European market grow. Europe's market-supporting organizations are the European Cancer Research Association, the German Translational Cancer Research Consortium, and the European Breast Cancer Specialist Society.
Hitachi and the Centre Leon Berard cancer center in France collaborated on R&D to improve cancer detection and treatment efficiency, and Hitachi Lyon Lab was created. As a result, the high prevalence of cancer and increased R&D activities are likely to promote the France cancer biomarkers market during the forecast period.
The UK cancer biomarkers market is forecasted to showcase a promising CAGR from 2022 to 2027. According to Globocan 2020 predictions, there were 457,960 new cancer cases in the United Kingdom, with prostate, breast, lung, colon, and skin cancer being identified as the most prevalent types of cancer. According to the same statistics, there were 415,269 new cancer cases and 174,759 deaths in Italy. As a result of the increasing number of cancer cases, the cancer biomarkers market in Europe is predicted to increase significantly over the forecast period.
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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