WASHINGTON, Nov. 01, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Genomic Biomarkers Market has steadily grown due to the increasing demand for personalized medicine and targeted therapies.
According to Vantage Market Research, the Global Genomic Biomarkers Market is estimated to be valued at USD 8.6 Billion by 2030 and is expected to exhibit a CAGR of 12.9% from 2023 to 2030. The global Genomic Biomarkers market will grow to USD 3.7 Billion in 2022.
Genomic Biomarkers refer to certain genetic variations or mutations associated with developing certain diseases or conditions. These biomarkers are used to identify individuals at risk of developing certain diseases or predict drug response, allowing for personalized medicine. The market is primarily driven by increasing advancements in genomic technologies and the growing need for personalized medicine. The development of next-generation sequencing (NGS) technologies has significantly improved the ability to identify genetic variations and biomarkers, driving the demand for genomic biomarker testing.
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Key Highlights
- By Type, the high demand for the Prognostic Biomarkers segment will increase the Genomic Biomarkers market from 2023 to 2030.
- By Disease Indication, the Oncology segment dominated the global market share from 2023 to 2030.
- By End-User, the Hospital Pharmacy segment holds the major share globally from 2023 to 2030.
- In 2022, North America dominated the market with the highest revenue share of 40.6%.
- Asia Pacific will grow at the highest CAGR from 2023-2030.
The integration of artificial intelligence (AI) in the analysis of genomic data further advances the field of Genomic Biomarkers. AI algorithms can quickly and accurately analyze vast amounts of genomic data, identify patterns, and make predictions, paving the way for more precise diagnostic and therapeutic approaches.
Factors affecting the growth of the Genomic Biomarkers Industry
There are several factors that can affect the growth of the Genomic Biomarkers industry. Some of these factors include:
- Government initiatives and funding: Governments worldwide are investing in genomics research and supporting the development and adoption of Genomic Biomarkers. These initiatives and funding programs are driving the growth of the Genomic Biomarkers industry, as they provide resources and incentives for the development of new biomarkers and their translation into clinical practice.
- Collaborations and partnerships: Collaborations between academic institutions, research organizations, and pharmaceutical companies are playing a significant role in advancing the field of Genomic Biomarkers. These partnerships enable the sharing of resources, expertise, and data, leading to the development of new biomarkers and their successful translation into clinical settings.
- Reimbursement policies: Reimbursement policies and coverage decisions by healthcare payers can influence the adoption of Genomic Biomarkers. If payers do not provide adequate reimbursement for genomic biomarker tests, it may hinder their implementation in clinical practice and slow down the growth of the industry.
- Public awareness and acceptance: Increasing public awareness and acceptance of Genomic Biomarkers play a crucial role in their adoption. Education and awareness campaigns can help address misconceptions and increase understanding about the benefits and limitations of Genomic Biomarkers, leading to their wider acceptance and use.
Top Companies in The Global Genomic Biomarkers Market
- Thermo Fisher Scientific Inc. (U.S.)
- F. Hoffmann-La Roche AG (Switzerland)
- QIAGEN (Germany)
- Bio-Rad Laboratories Inc. (U.S.)
- Myriad Genetics Inc. (U.S.)
- Eurofins Scientific (Luxembourg)
- Almac Group (UK)
- Agilent (U.S.)
- Illumina (U.S.)
- Pfizer Inc. (U.S.)
- Danaher Corp. (U.S.)
- Siemens Healthineers AG (Germany)
- Merck KGaA (Germany)
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Top Trends in Global Genomic Biomarkers Market
As advancements in genomics continue to grow, there is a growing emphasis on personalized medicine. Genomic Biomarkers can potentially provide targeted therapies and treatment plans based on an individual's genetic makeup. This trend is driving the demand for Genomic Biomarkers in the healthcare industry. Moreover, next-generation sequencing technology has revolutionized the field of genomics. It allows for the rapid and cost-effective sequencing of large amounts of DNA, enabling the identification of genetic variations and biomarkers associated with diseases. The adoption of NGS technology is driving the growth of the Genomic Biomarkers market. Also, non-invasive diagnostic tests, such as liquid biopsies, are gaining popularity in the healthcare industry. These tests use Genomic Biomarkers to detect the presence of genetic alterations in diseases like cancer without the need for invasive procedures. The rising demand for non-invasive diagnostic tests is driving the growth of the Genomic Biomarkers market.
Market Drivers
The global burden of chronic diseases such as cancer, cardiovascular diseases, and diabetes is increasing rapidly. Genomic Biomarkers can help in the early detection, diagnosis, and treatment of these diseases, thereby driving the demand in the market. Genomic Biomarkers play a crucial role in personalized medicine by providing information about an individual's genetic makeup. The growing adoption of personalized medicine drives the demand for Genomic Biomarkers in various healthcare applications. Also, the development of high-throughput sequencing technologies and other genomic technologies has significantly improved the identification and characterization of Genomic Biomarkers. This has boosted market growth by enabling better genomic profiling and analysis.
Market Restraints
The development and commercialization of Genomic Biomarkers are subject to stringent regulatory approvals, particularly in the case of diagnostic tests. The complex and lengthy approval processes act as a challenge for market players and may hinder market growth. Genomic biomarker testing can be expensive, especially in developing countries with limited healthcare budgets. The high cost of testing can limit the adoption of Genomic Biomarkers, particularly in resource-constrained settings.
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Market Opportunities
Precision medicine is a rapidly growing field that aims to deliver personalized treatments based on an individual's genetic information. The adoption of Genomic Biomarkers is expected to increase significantly in this space, presenting lucrative opportunities for market players. Furthermore, there is a substantial increase in research activities focused on genomics and its applications in various fields, including healthcare. This research investment is driving the discovery and development of new Genomic Biomarkers, creating opportunities for market expansion.
Recent Development of the Global Genomic Biomarkers Market
- On August 2022, the FDA has approved Roche's companion diagnostic to identify dMMR solid tumour patients suitable for anti-PD-1 immunotherapy.
- On August 2022, an agreement to buy all of the outstanding shares of Curiosity Diagnostics, Sp. Z. o. o. from Scope Fluidics, S.A., a Warsaw, Poland-based developer of innovative technology solutions for the medical diagnostic and healthcare markets, has been reached, according to Bio-Rad Laboratories, Inc., a world leader in life science research & clinical diagnostic products. The purchase price could reach $170 million, with around $100 million in cash and the remaining $70 million.
Report Segmentation of the Global Genomic Biomarkers Market
Type Analysis
The Prognostic Biomarkers segment in the global Genomic Biomarkers market is projected to witness major growth during the forecast period due to the rise in chronic diseases such as cancer and cardiovascular diseases. Prognostic biomarkers predict the likelihood of a disease recurrence, clinical outcome, and response to treatment. The rise of precision medicine and personalized healthcare is also expected to drive demand for Prognostic Biomarkers.
Disease Indication Analysis
The Oncology segment has most of the Genomic Biomarkers market's revenue. This is due to the increasing prevalence of cancer globally and the rising demand for personalized cancer treatments. Genomic Biomarkers play a critical role in understanding tumors' genetic makeup, which helps select the most effective treatment option for patients. The increasing adoption of Genomic Biomarkers in cancer diagnosis and treatment is expected to fuel the growth of the oncology segment in the market.
Validation Analysis
The Clinical Validation segment in the Genomic Biomarker Market plays a crucial role in ensuring the accuracy and reliability of Genomic Biomarkers. Clinical validation involves extensive research and testing to determine the clinical utility of specific biomarkers and their ability to predict certain diseases, prognosis, or response to treatment. This segment involves collecting and analyzing large clinical data sets to validate the effectiveness, sensitivity, and specificity of the Genomic Biomarkers. It includes rigorous statistical analysis to establish the biomarker's association with the disease, its predictive value, and its ability to provide actionable clinical information.
End-user Analysis
The global Genomic Biomarkers market is segmented into various sectors, including the hospital segment. The hospital segment is expected to hold a significant share of the market. Adopting Genomic Biomarkers in hospitals helps rapidly diagnose and treat diseases, which is expected to drive demand. Additionally, the increasing number of patients undergoing advanced genomic testing in hospitals is expected to expand the hospital segment in the global Genomic Biomarkers market.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Genomic Biomarkers Market Forecast Report (2023-2030).
Genomic Biomarkers Market Segmentation
By Type
- Prognostic Biomarkers
- Predictive Biomarkers
By Disease Indication
- Oncology
- Cardiovascular Diseases
- Neurological Diseases
- Renal Disorders
- Other Disease Indications
By Validation
- Analytical Validation
- Clinical Validation
- Clinical Utility
By End-Use
- Hospitals
- Diagnostic Centers
- Research Laboratories
- Other End Uses
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis
North America dominated the global market share for Genomic Biomarkers, with a market share of 40.60% in 2022. This is attributable to various factors, such as the surge in chronic diseases, technological advancements, growing demand for personalized medicine, and increasing investments by key players. The U.S. had the largest market share because of the availability of advanced healthcare infrastructure and the rising adoption of genomic medicine in the country. Advancements in biomarker technologies, such as next-generation sequencing, polymerase chain reaction, and gene expression profiling, have led to the development of more advanced and precise biomarker tests, significantly contributing to the market's growth. However, the high cost of biomarker tests and lack of reimbursement policies might restrain the market growth.
The Asia Pacific market is the most lucrative due to several possible areas for future enlargement. Factors driving the market growth in the region include increasing investment in genomics research, rising healthcare expenditure, and growing awareness of personalized medicine. The market is highly competitive, with several major players operating in the region. These companies are involved in the development and commercialization of genomic biomarker tests, as well as the provision of related services.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 3.7 Billion |
| Revenue Forecast by 2030 | USD 8.6 Billion |
| CAGR | 12.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, QIAGEN, Bio-Rad Laboratories Inc., Myriad Genetics Inc., Eurofins Scientific, Almac Group, Agilent, Illumina, Pfizer Inc., Danaher Corp., Siemens Healthineers AG, Merck KGaA |
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