April 20, 2024

The Genomic Biomarker Market Is Trending Towards Personalized Medicine By Predictive Biomarkers


Genomic biomarkers find widespread use in medical diagnostics, facilitating rapid detection of diseases and prediction of drug responses in patients. Several key advantages are driving reliance on genomic biomarkers in clinical settings, such as their ability to detect issues at the genetic level, aid targeted treatment selection and enable prevention strategies.

The global Genomic Biomarker Market size is estimated to be valued at Us$ 6,072.92 Mn in 2024 and is expected to exhibit a CAGR Of 7.1% over the forecast period 2024 To 2030.

Key Takeaways

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. These industry leaders offer an extensive portfolio of genomic biomarker discovery and detection solutions.

Growing demand: A major factor fueling genomic biomarker market growth is the rising demand for minimally invasive diagnostic techniques across the healthcare sector. Their non-invasive nature supports enhanced patient outcomes.

Global expansion: Leading market players are increasingly focusing on geographic expansion strategies to capitalize on the high growth opportunities in emerging markets. Partnerships with local diagnostic labs are facilitating entry into new regional genomic biomarker markets.

Market Key Trends

The growing prominence of personalized medicine is one of the key trends shaping the genomic biomarker market landscape. With their predictive capabilities, genomic biomarkers are enabling tailored treatment regimens customized to individual patient genomes and molecular profiles. This shift towards precision medicine approaches based on genomic information is strengthening reliance on biomarker diagnostics. Simultaneously, biomarker discovery through whole genome sequencing is allowing for detection of subtle disease signatures and multi-omic insights, stimulating new genomic biomarker adoption.

Porter’s Analysis

Threat of new entrants: High capital requirements for R&D, technology and manufacturing infrastructure act as entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of differentiated products offered by established players and need for technical expertise.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as players can switch to alternate suppliers with minimal hassle or investment.

Threat of new substitutes: Threat of substitutes is low as genomic biomarker holds significant advantages over conventional diagnostics methods in terms of accuracy and personalization.

Competitive rivalry: Intense competition exists among key players to gain higher market share through investments in expanding application areas and portfolio.

Geographical Regions

North America dominated the Global Genomic Biomarker Market in terms of value in 2024 owing to rising healthcare spending, presence of advanced healthcare infrastructure and growing awareness regarding personalized medicine.

Asia Pacific is poised to witness the fastest growth during the forecast period driven by increasing healthcare expenditure, large patient pool and rising focus of key players on expanding presence in emerging Asian countries.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it