The Genomic Biomarker Market will grow at highest pace owing to increasing application in cancer diagnostics
The Genomic Biomarker Market involves the development and use of genomic technologies to detect specific genomic changes, primarily in the genome, epigenome and transcriptome, which can be used as an indicator of normal biological or pathogenic processes, or pharmacological responses to a therapeutic intervention. Biomarkers assist physicians in monitoring disease activity, understanding prognosis, as well as guiding treatment decisions. Key advantages of genomic biomarkers include their non-invasive nature, high specificity and ability to provide insights into disease mechanisms at the molecular level. The growing burden of cancer and rising need for personalized medicine is driving significant demand for genomic biomarkers.
The Global Genomic Biomarker Market Is Estimated To Be Valued At US$ 4,396.6 Mn In 2021, And Is Expected To Exhibit A CAGR Of 9.5% Over The Forecast Period (2021-2028).
Key Takeaways
Key players operating in the genomic biomarker market are Thermo Fisher Scientific, Myriad Genetics, QIAGEN, Eurofins Scientific, Bio-Rad Laboratories, Medtronic, Preventive Genetics and others. Key players are focusing on launching new products and expanding their presence in emerging markets which is expected to intensify competition in the coming years.
The rising prevalence of cancer is a major factor fueling Genomic Biomarker Market Growth. According to WHO, cancer burden is expected to grow to 27.5 million new cases and 16.3 million cancer deaths by 2040. Genomic biomarkers play a crucial role in early cancer detection and personalized cancer treatment. Growing demand for non-invasive screening and diagnosis tests is further propelling market growth.
Technological advancements have enabled high-throughput detection of genomic biomarkers using next generation sequencing and microarray techniques. This has enhanced clinical applicability of genomic biomarkers for various disease indications. Key companies are heavily investing in developing clinical grade genomic biomarker panels and multi-analyte assays to expand their diagnostic capabilities.
Market Trends
Personalized medicine is gaining prominence in oncology which is promoting demand for genomic-based companion diagnostics for targeted cancer therapies. Key players are engaged in partnerships with pharmaceutical companies to develop companion diagnostics using genomic biomarkers.
Non-invasive liquid biopsy using cell-free DNA analysis has emerged as a promising trend allowing longitudinal monitoring of disease progression and treatment response. Liquid biopsy offers advantages over solid tumor biopsies and is finding increasing use.
Market Opportunities
Increasing research funding and marketing approvals for pharmacogenomic biomarkers offer lucrative growth opportunities. Biomarkers assisting in drug dosing based on patient genotypes are helping develop personalized medication regimes.
Emerging markets such as Asia Pacific and Latin America offer high growth potential driven by rising healthcare expenditures, increasing diagnostic rates and growing disease incidence. As the genomic biomarkers market matures, opportunities will rise in untapped regional markets.
Impact of COVID-19 on Genomic Biomarker Market Growth
The pandemic resulted in lockdowns and restrictions across nations. This impacted the genomic biomarker market in initial months. Restrictions on non-essential medical services lowered demand for advanced diagnostics that rely on these biomarkers. Supply chain disruptions led to delays in procurement of required biological samples and consumables. Manufacturers faced hurdles in operations due to social distancing norms and reduced staff strength. With rising COVID-19 cases, biomarker research gained focus to identify genomic signatures for disease severity and therapeutic responses. Several studies evaluated host genomic markers correlating with virus infection outcomes. Post lockdowns, demand is recovering faster than anticipated as diagnostics sector adopts stringent safety guidelines. Healthcare providers are focusing on precision medicines aided by biomarker profiling to offer personalized care. Market players are collaborating with pharma firms and research organizations for test development and clinical validations. Telehealth and home sample collection are supporting market expansion.
Geographical Concentration
North America accounted for the largest revenue share owing to established healthcare infrastructure, favorable reimbursement policies and increased healthcare spending. Presence of leading market players and advanced research facilities drive market growth. Government initiatives promoting precision medicine adoption aid the regional market. Asia Pacific is expected to witness fastest gains through the forecast period led by China and India. Increased healthcare investments, growing awareness, expanding medical tourism and rising disposable incomes support market expansion in the region. Burgeoning diagnostic industry, large patient pools and improving healthcare accessibility present lucrative opportunities.
Fastest Growing Region
Asia Pacific is projected to emerge as the fastest growing regional market during the forecast timeframe. Factors such as rising incidences of chronic diseases, surging geriatric population, developing pharmaceutical industry and healthcare infrastructure augment the regional market. Government efforts to strengthen healthcare systems through initiatives like ‘Ayushman Bharat’ in India and modernization programs in other Asian countries create a favorable environment. Increasing incorporation of advanced diagnostic technologies and collaboration between market stakeholders will further drive demand. Growing medical tourism due to availability of quality care at lower costs also stimulates market growth.
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