The major factors that are driving the market growth include the increasing incidence of cancer, globally, and higher acceptance of treatments for cancer in the country and increasing usage of biomarkers in drug development. The rising number of cancer cases is creating tremendous opportunities for market players. The major market players are focusing on R&D activities, to bring new and reliable biomarkers for improving the diagnosis and therapy. The National Cancer Institute (NCI) has stated that the national spending on cancer care is expected to reach USD 156 billion by 2020.
According to the estimates of the American Cancer Society, in 2018, there were 1,735,350 new cancer cases diagnosed and 609,640 deaths due to cancer in the United States. The most common cancers in the United States are breast cancer, lung cancer, prostate cancer, colorectum cancer, bladder cancer, and skin cancer. Therefore the increasing cancer cases and the rising focus on Innovative drug development helps in driving the overall market growth.
Key Market Trends
Lung Cancer Segment is Expected to Hold a Major Market Share During the Forecast Period
Lung cancer is caused by the uncontrolled growth of abnormal cells that multiply in one lung or both lungs. Although it can affect people who never smoked, people who smoke have the highest risk of lung cancer. The changing lifestyle and increasing air pollution in the country are also found to be the major risk factors for lung cancer.
As per the American Cancer Society’s report, the new cases of lung cancer in the United States for 2018 were around 234,030, and about 154,050 deaths were recorded due to lung cancer. According to the American Lung Association, approximately 541,000 Americans living today have been diagnosed with lung cancer at some point in their lives. The majority of lung cancer patients have been diagnosed within the last five years. Every year, around tens of thousands of people, are cured of non-small cell lung cancer (NSCLC) in the United States. Hence with the increasing burden of lung cancer, the market is expected to show high growth.
The United States cancer biomarkers market is highly competitive and consists of a few major players. Some of the companies which are currently dominating the market are Abbott Laboratories Inc., Agilent Technologies, Biomerieux, F. Hoffmann-La Roche Ltd, Hologic Inc., Illumina Inc., and Thermo Fisher Scientific, among others, hold substantial shares in the market.
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