Genomic biomarkers are DNA and RNA variations that correlate with and/or predict disease risk or drug response. They are increasingly being used in personalized medicine to detect disease onset and progression, guide treatment strategies, detect disease recurrence, and monitor treatment response. These biomarkers offer improved accuracy over traditional diagnostic methods.
The global Genomic Biomarker Market is estimated to be valued at US$ 5,271.63 million in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The increasing usage of genomic biomarkers in personalized medicine is one of the major trends fueling the growth of this market. Genomic biomarkers can help guide treatment decisions by identifying which patients are most likely to benefit from a specific therapy and avoiding treatment in patients unlikely to respond. This leads to more effective treatment outcomes and improves patient care. For instance, genomic biomarkers are increasingly being used to identity breast cancer patients that respond well to particular therapies such as Herceptin. Identification of such biomarkers not only improves treatment outcomes but also reduces healthcare costs by preventing usage of ineffective therapies. growing applications in cancer diagnostics and drug development are also contributing to the growth of the genomic biomarker market.
SWOT Analysis
Strength: Global genomic biomarker market growth have the potential to improve the diagnosis and treatment of various diseases such as cancer. They can help detect diseases at an early stage and guide personalized treatment strategies.
Weakness: High costs associated with biomarker identification, development and validation. Variations in ethnicity, environment and lifestyle make it difficult to identify universally applicable genomic biomarkers.
Opportunity: Growing need for precision medicine is driving investments in biomarker research. Increasing scope of applications in oncology, pharmacogenomics and companion diagnostics.
Threats: Stringent regulatory approval process and ethical issues pose challenges. Intellectual property disputes can impede the progress.
Key Takeaways
he global genomic biomarker market is expected to witness high growth over the forecast period driven by growing applications of biomarkers in cancer management. The global Genomic Biomarker Market is estimated to be valued at US$ 5,271.63 million in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
The North America region currently dominates the market owing to concentration of key players, growing funding for biomarker research and increasing adoption of precision medicine approaches in cancer care.
Key players operating in the genomic biomarker market are Varian Medical Systems; Elekta AB; Becton, Dickinson and Company; IsoRay, Inc.; Eckert & Ziegler BEBIG; and iCAD. These companies are investing in biomarker discovery programs, partnerships and leveraging technology platforms for companion diagnostic development and commercialization. Establishing robust bioinformatics pipelines and expanding collaborations especially in oncology applications will be crucial for tapping growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
