The Brainy Insights, a leading market research firm, has recently released a report that projects the global cancer biomarkers market to reach USD 48.2 Billion by 2030, growing at a CAGR of 13.2% between 2022 and 2030.

Cancer Biomarkers The rising prevalence of cancer is the primary driver of the cancer biomarkers market growth. According to the National Cancer Institute, cancer is estimated to have affected 18.1 million people in 2020 globally. Factors such as increasing diagnostic tests, technological advancements, and the development of new biomarkers are also pushing the growth of this market. Additionally, rising demand for personalized medicines is an opportunity for the market's growth during the forecast period as it is the most beneficial path for the treatment of cancer in individual patients. “The market is expected to witness significant growth on account of increasing R&D investments in the development of novel cancer biomarkers,” said Avinash D., Market Analyst at Brainy Insights Pvt. Ltd.. “The increasing prevalence of cancer and growing acceptance of personalized therapies are also contributing to the growth of the market.” The promising outlook of the market has attracted several stakeholders who are making investments in the development of cancer biomarkers. For instance, in April 2021, Caris Life Sciences, a company offering advanced molecular profiling of patients’ tumors, secured USD 250 million in funding from investors such as Arboretum Ventures, Easton Capital Investment Group, and Covid-19 Capital. This investment will help the company to undertake novel research on cancer biomarkers and make them available to hospitals.

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The increasing prevalence of cancer, growing demand for personalized medicines, and investments from stakeholders in the development of cancer biomarkers are driving the growth of the cancer biomarkers market.

Avinash D. believes that “rising awareness about cancer and increasing adoption of cancer biomarkers are expected to further drive the market growth. Market players should capitalize on favorable government policies and focus on partnerships with pharmaceutical companies in order to leverage the growth opportunity.”

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