by Market overview : Genomic biomarkers are DNA or RNA molecules that can be used to predict disease progression, treatment response, and prognosis. They help in better diagnosis and personalized treatment plans.
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 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Personalized treatment has become the latest trend in healthcare with genomic biomarkers playing a major role. Genomic biomarkers help understand how a person’s unique genetic makeup will influence their disease and response to specific medications. This enables doctors to customize treatment and medication plans for each individual. Growing evidence that personalized treatment leads to better health outcomes is driving increased adoption of genomic biomarkers. Pharmaceutical companies are also increasingly incorporating biomarkers in drug development to identify likely responders. This is expected to significantly boost the genomic biomarker market over the coming years as personalized treatment becomes the standard of care.
SWOT Analysis
Strength: The genomic biomarker market offers early and non-invasive disease diagnosis which improves treatment outcomes. Identification of genetic variants helps in personalized medicine.
Weakness: High costs involved in genomic biomarker development and sequencing. Regulatory issues and inadequate reimbursement policies restrict market growth. Ethical concerns related to genetic testing.
Opportunity: Growing applications of biomarkers in cancer and other disease prognosis. Increasing R&D investments and funding from private and government bodies for precision medicine.
Threats: Challenges in biomarker discovery, validation and lack of standardized procedures. Intense competition among existing and new market players. Data privacy and security issues with large genomic data sets.
Key Takeaways
The Global Genomic Biomarker Market Growth is expected to witness high growth.Regional analysis comprised North America accounted for the largest share of the genomic biomarker market in 2023 and is expected to remain dominant during the forecast period. This is attributed to increasing disease awareness, rising adoption of precision medicine for treatment, and high healthcare expenditure in the region.
Key players operating in the genomic biomarker market are Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Liquid Genomics, Inc., AROS Applied Biotechnology A/S, Myriad Genetics, Inc., QIAGEN, Eurofins Scientific, Genomic Health, Bio-Rad Laboratories, Inc., Epigenomics AG, and Aepodia. Thermo Fisher Scientific dominates the market with the widest product portfolio across the cancer biomarker segment. Roche Diagnostics offers a diversified set of next-generation sequencing solutions for biomarker research applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
