Genomic biomarkers are DNA or RNA sequences in the human genome that can be used to assess an individual’s genetic variation or hereditary susceptibility relating to diseases. These biomarkers allow researchers to gain insights into disease pathology, develop diagnostics, track disease progression, and optimize treatment plans. Advances in fields like precision medicine, which uses an individual’s genetic profile to guide decisions around treatments and other healthcare, have increased the demand for genomic biomarkers. Genomic biomarkers are increasingly incorporated into clinical trials and regulatory approvals of medicines to identify the patients most likely to benefit. Their application helps target therapies to the patients who need them and avoid exposing others to unnecessary costs or side effects. This drives the development of more personalized treatment approaches.
The global Genomic Biomarker Market is estimated to be valued at US$ 5271.63 Mn 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:
Growing infrastructure for precision medicine and diagnostics: Biomarker testing laboratories and facilities handling large volume of samples are being established worldwide. This will enable quick, reliable diagnosis and facilitate clinical trials. Companion diagnostics using biomarkers can optimize treatments based on patients’ genomic profiles. Growing focus on stratified medicine will accelerate precision therapeutics development relying on biomarkers.
Increased funding for biomarker research: Numerous public and private institutes are funding initiatives related to biomarker discovery, clinical validation studies and commercialization efforts. governments worldwide are supporting personalized healthcare adoption through policy interventions and financial assistance. This is boosting genomic biomarker market growth. New partnerships between pharma companies, diagnostic firms, healthcare systems and research organizations will advance precision diagnosis and therapies.
Threat of new entrants: Low entry barriers restrict new entrants as it requires large investments in R&D and clinical validation. Regulatory approvals also make entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of substitutes and fragmented nature of the market. Switching costs are low.
Bargaining power of suppliers: Suppliers have low bargaining power as raw materials required are common and availability of substitutes restrict monopolistic tendencies.
Threat of new substitutes: Threat of substitutes is high due to presence of alternative diagnostic modalities like liquid biopsy.
Competitive rivalry: The market is consolidated with top players holding majority share. Competition is based on technological advancements and portfolio expansion.
The Global Genomic Biomarker Market Growth is expected to witness high.
Regional analysis: The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Rising incidence of cancer and increasing healthcare expenditure in countries like China and India will drive the Genomic Biomarker market.
Key players: 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. Varian Medical Systems and Elekta AB hold a major share due to their robust product portfolio and global presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it