PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515444
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515444
Genomic Biomarker Market size was valued at USD 7,684.2 Million in 2023, expanding at a CAGR of 18.20% from 2024 to 2032.
Genomic biomarkers are characteristics of DNA and RNA that are used to characterize diseases, choose treatments, and provide diagnostic information. Genomic biomarkers reflect pathological and physiological processes, as well as the reaction of the organism to treatment. One gene, a collection of genes, or the entire genome can have molecular alterations discovered by genomic biomarker testing. There may or may not be substantial supporting evidence for a connection between a genetic biomarker and the risk of contracting a disease. The clinical validity and usefulness of genomic biomarkers are influenced by two factors: genetic epidemiology data and functional laboratory assessments.
Genomic Biomarker Market- Market Dynamics
Growing Cancer Prevalence to Propel Market Growth
The market demand for genomics biomarkers is expected to increase due to the rising prevalence of various cancers, including lung, prostate, ovarian, and breast cancer. Targeting organ systems and diseases is the goal of biomarkers in human health. In particular, biomarkers are becoming more and more common in medical procedures that lead to therapy, critical care, and disease-based diagnosis. There is a growing need for genetic biomarkers worldwide in order to improve the detection and management of chronic illnesses, including cancer and cardiovascular disease. This leads to an increase in the market's demand for genomics biomarkers during the projected term.
Genomic Biomarker Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 18.20% over the forecast period (2024-2032)
Based on type segmentation, the predictive biomarkers category was predicted to show maximum market share in the year 2023
Based on disease indication segmentation, the oncology category was the leading type in 2023
Based on end user segmentation, the diagnostic category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Genomic Biomarker Market is segmented on the basis of Type, Disease Indication, Validation, End User, and Region.
The market is divided into two categories based on type: Predictive Biomarkers and Prognostic Biomarkers. The predictive biomarkers category dominates the market. The reason the segment benefits is that predictive biomarkers are pretreatment or baseline data that indicate a patient's likelihood of benefiting or not from a particular treatment. When creating a particular therapeutic drug, a predictive biomarker is often selected as a companion biomarker. A common example in oncology is a biomarker that might be used to forecast when to administer trastuzumab (Herceptin) if it can identify the overexpression of the growth factor protein Her-2, which gives rise to cell proliferation in breast cancer cells. For patients with breast cancer, this medication blocks the actions of Her-2. Thus, the need for predictive biomarkers has grown as a result. Given the aforementioned claims, it can be inferred that over the forecast period, the market segment will have the greatest market share.
The market is divided into the following categories based on disease indication: Oncology, Cardiovascular Diseases, Neurological Diseases, Renal Disorders, and Others. The oncology category dominates the market and is likely to maintain its dominance during the forecast period. The expanding number of cancer patients worldwide and the increasing technological breakthroughs in biomarker approaches are responsible for the significant stake. Recent years have seen a number of possible uses for genomic biomarkers in oncology, including risk assessment, predictive determination, screening for differential diagnoses, tracking the course of cancer, and therapy response prediction. As per the World Health Organization (WHO), cancer ranks as the second most common cause of death worldwide, taking into consideration 70% of fatalities in low- and middle-income nations. Additionally, according to WHO estimates, there were 9.6 million cancer deaths and 18.1 million new cases of cancer reported worldwide in 2018.
Genomic Biomarker Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Over the course of the forecast period, North America is anticipated to hold the greatest share of the global market for genomic biomarker. The increasing incidence of chronic illnesses brought on by the region's shifting dietary and lifestyle patterns will ensure its domination. The market for genomics biomarkers grew as a result of the pharmaceutical industry's increased use of technology. The genomic biomarker market is expected to rise as a result of increased research and development initiatives being implemented in nations like the United States, Canada, etc.
In addition, the genomic biomarker market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. The countries that are anticipated to have contributed the most to the market's expansion in the area are China, Japan, South Korea, and India. The significant sums of money that both public and private organizations have invested in the advancement of the pharmaceutical sector support the expansion of the Asia Pacific market. The market's expansion in Asia Pacific is anticipated to be fueled by the growing emphasis on various genetic testing initiatives and research related to the advancement of the healthcare sector.
Key players in the Genomic Biomarkers market include, Thermo Fisher Scientific (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Myriad Genetics, Inc (U.S.), Eurofins Scientific (Luxembourg), and QIAGEN (Germany), among others. One or more of the growth tactics highlighted is mergers and acquisitions; other strategies include trends and analysis regarding strategic collaboration among partners, mutual agreements, and partnerships. To increase their geographic presence, the major firms are implementing cutting-edge strategies for new product releases.
May 2023: The UK MHRA and Genomics England jointly stated that they have formed a joint venture to develop cutting-edge resources to comprehend how a person's genetic composition affects the safety of medications.
May 2023: The announcement was made by Kyoto University, Fujistsu, and Chordia Therapeutics regarding their strategic partnership to begin an AI trial aimed at identifying biomarkers for novel cancer treatments. These findings have led to the collaboration's goal of developing novel cancer therapies that are tailored to each patient.
October 2022: Launching its first commercial product, Biofidelity of North Carolina said that it is funding $23 million to maintain its ASPYRE-Lung diagnostic assay for lung cancer.
GLOBAL GENOMIC BIOMARKER MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Thermo Fisher Scientific (U.S.)
F. Hoffmann-La Roche Ltd (Switzerland)
Eurofins Scientific (Luxembourg)
FOUNDATION MEDICINE, INC. (U.S.)
QIAGEN (Germany)
Myriad Genetics, Inc (U.S.)
Bio-Rad Laboratories, Inc. (U.S.)
MedGenome (India)
Sema4 (U.S.)
GENOME LIFE SCIENCES (India)
Almac Group (U.K.)
Creative Diagnostics (U.S.)
Quanterix (U.S.)
Others