Genomic biomarkers are DNA or RNA molecules found in blood, urine or tissue that may indicate normal biologic processes, pathogenic processes or a pharmacological response to a therapeutic intervention. It is widely used across various applications like oncology, diabetes, cardiology, neurology and infectious diseases. The genomic biomarkers tests are helping clinicians to better target treatment options for certain conditions. For instance, genomic biomarkers for cancer detect gene variations or expressions that can help doctors determine which treatments may work best for each patient. Growing awareness about advantages of personalized medicine and increasing funding for genomic research projects from both public and private sectors are fueling the growth of this market.
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 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major driver for the growth of genomic biomarker market is increasing demand for personalized medicine. Personalized medicine relies on genomic biomarkers to detect patient’s genetic makeup and molecular profile which helps in selection of treatment plan most suitable for that individual. According to The Coalition for 21st Century Medicine, personalized medicine saved over $236 billion from 2014 to 2018 by improving patients’ health while avoiding unnecessary medical costs. This is fueling the adoption of genomic biomarkers tests globally. Additionally, rising incidences of various cancers and other genetic disorders is leading to increased demand for effective targeted treatment options. Genomic biomarkers help in development of such targeted therapies and therefore driving their market growth over the forecast period.
Segment Analysis
The global Genomic Biomarker market is dominated by the Oncology sub-segment which holds around 30% share of the total market. Genomic biomarkers play a crucial role in cancer diagnosis and prognosis. Identification of cancer genomic biomarkers helps in determining the type and stage of cancer as well as selecting optimal treatment. This makes genomic biomarkers highly useful for Oncology segment.
PEST Analysis
Political: Government initiatives and funding for genomic research is driving the genomic biomarker market. Regulatory bodies also support genomic biomarker-based diagnostic tests.
Economic: Rising incidence of chronic diseases, growing healthcare expenditure, increasing adoption of precision medicine are fueling the genomic biomarker market growth.
Social: Growing awareness about personalized medicine and advanced diagnostic techniques is positively impacting the market.
Technological: Continuous innovations in genomics, high-throughput technologies, bioinformatics are enabling development of novel genomic biomarkers. Big data analytics also supports genomic research.
Key Takeaways
The Global Genomic Biomarker Market Size is expected to witness high growth at a CAGR of 4.8% during the forecast period of 2023 to 2030.
Regional analysis comprises: North America dominates the genomic biomarker market currently. Factors such as advanced healthcare infrastructure, rising R&D investments, and growing precision medicine market are supporting the regional market growth.
Key players operating in the genomic biomarker market are Fera Pharmaceuticals, Pfizer, Novartis AG, Merck KGaA, Baxter, Cipla Limited, Zydus Cadila, Lupin Pharmaceuticals, Inc., UCB, Inc., APOTEX INC, and Moleculin Biotech, Inc. Key players are focusing on launch of innovative products and target collaborations to expand their presence. For instance, Pfizer launched a genomic profiling test to identify genomic alterations in cancer patients.
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