North American cancer biomarker market is growing at a CAGR of around 11.8% during the forecast period. The North American market for cancer biomarker is a significant market and is analysed on the basis of country as the US and Canada. Factors that are contributing significantly in the market growth includes research and development, and high healthcare expenditure and so on. Moreover, rising number of cancer patients are considered to be one of the major factors that are driving the growth of North American cancer biomarker market.
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Accordingly, the expenditure rate of the US is more than that of Canada as the US government invests more on research and development and there is more business opportunity in the US as compared to Canada. The major factors that are driving the North American cancer biomarker market includes rising healthcare spending, R&D investments, high quality of healthcare infrastructure and demand for personalized medicine in the region. The change in lifestyle is also a major factor that increases the possibilities of cancer in North America such as inadequate diet, consumption of alcohol and smoking. For example, as per the Chief Public Health Officer’s (CPHO) Report 2015, an estimated 22 million Canadians representing almost 80% of the population consumed alcohol in 2013. About 4.4 million Canadians consumed alcohol that could lead to many fatal diseases, such as various forms of cancer.
The rising healthcare expenditure can have an important role in the development of the cancer-based therapies and personalized drugs. Moreover, according to the National Cancer Institute in 2017, estimated national expenditures for cancer care in the US was $147.3 billion. In the future, this cost is expected to increase with the aging population coupled with increasing cancer prevalence. It is also expected to increase with the adoption of new and often more expensive treatments as standards of care, thus contributing towards the growth of the North American cancer biomarker market growth.
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North American Cancer Biomarker Market Segmentation
By Biomarker Type
- Genetic Biomarker
- Protein Biomarker
By Cancer Type
- Lung Cancer
- Prostate Cancer
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Other
By Applications
- Drug Discovery and Development
- Diagnosis
- Risk Assessment
- Prognostics
By Profiling Technology
- Omics Technology
- Immunoassays
- Cytogenetics
- Bioinformatics
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
