Sarasota, FL, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Genomic Biomarkers Market by Indication (Oncology, Cardiovascular Diseases, Neurological Diseases and Others) and End User (Hospitals, Diagnostic & Research Laboratories, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022”. According to the report, global genomic biomarkers market was valued at approximately USD 2.98 billion in 2016 and is expected to generate revenue of around USD 7.80 billion by end of 2022, growing at a CAGR of around 17.4% between 2017 and 2022.
A biomarker is a substance that is introduced into an organism as a means to examine organ function or other aspects of health. A genomic biomarker is in the form of DNA or RNA. Genomic biomarkers are DNA or RNA characteristics, which act as an indicator of normal biologic processes, pathogenic processes, and/or response to therapeutic or other intervention. Genomic biomarkers offer a valuable tool for genetic testing of various disorders that identifies changes in chromosomes, genes, or proteins. The results of a genetic test can confirm or rule out a suspected genetic condition or help determine a person’s chance of developing or passing on a genetic disorder.
Browse through 22 Tables & 61 Figures spread over 110 Pages and in-depth TOC on "Global Genomic Biomarkers Market: Industry Size, Share, Trends, Growth Analysis & Forecast, and 2016-2024”.
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Robust, reproducible genomic biomarkers are of diagnostic value and help identify causal factors. Thus can be used clinically for diagnosis, to monitor the activity of diseases, and also may be useful to guide molecularly targeted therapy and personalized medicines.
Global genomic biomarkers market is primarily driven by growing prevalence of life-threatening diseases such as cancer, cardiovascular diseases and neurological disorders across the globe. Other major driving factors are a need for genomic biomarker-based personalized medicines and their increasing adoption. However, high cost, complex development procedure, and stringent government regulations are the major restraints that may limit the growth of the market. Nonetheless, growing awareness about advantages of genomic biomarkers over conventional methods for diagnosis coupled with a huge investment in genomic biomarkers across the globe is likely to disclose the new avenues for genomic biomarkers market in the near future.
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The genomic biomarkers market is segmented on the basis of different indications such as oncology, cardiovascular diseases, neurological diseases and others. Oncology segment holds a maximum share of global genomic biomarkers market.
Based on the end user, genomic biomarkers market is classified into hospitals, diagnostic & research laboratories, and others.
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North America represents developed regional market for genomic biomarkers and is expected to see the rapid growth in the years to come. The U.S. is by far the leading genomic biomarkers market by country in North America. The U.S. market is expected to grow at the highest CAGR during the forecast period. This growth is mainly due to the well-developed healthcare infrastructure, huge investments in research and development of genomic biomarkers and increasing awareness and adoption of personalized medicines. Moreover, the government fund/grant will promote the growth of genomic biomarkers market.
Europe was the second largest regional market and is expected to show significant growth in the years to come. This growth is mainly due to increasing prevalence of cardiovascular diseases, cancer among all age groups.
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The Asia Pacific is expected to witness noticeable growth in the near future. In Asia, China, India, and Japan will continue to be the fastest growing markets in genomic biomarkers market. Growth in Asia Pacific market is expected to be driven by low cost of clinical trials favoring research and development of genomic biomarkers as personalized medicines, increasing health awareness, growing population base with cardiovascular diseases and cancer along with increasing disposable income.
In Middle East & Africa; African region is projected to register moderate growth rate due to lack of awareness. Latin America is another important regional market and is expected to experience moderate growth over the forecast period. Thus, all the aforementioned parameters are expected to propel the market growth in this region.
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Some of the key players in genomic biomarkers market include Thermo Fisher Scientific, Roche Diagnostics, Myriad Genetics, QIAGEN, Bio-Rad Laboratories, US Biomarkers Inc., Almac Group and Epigenomics AG among others.
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This report segments the global genomic biomarkers market as follows:
Global Genomic Biomarkers Market: By Indication
- Oncology
- Cardiovascular diseases
- Neurological diseases
- Others
Global Genomic Biomarkers Market: By End User
- Hospitals
- Diagnostic & Research Laboratories
- Others
Global Genomic Biomarkers Market: By Region
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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