Fort Collins, Colorado, Jan. 12, 2024 (GLOBE NEWSWIRE) -- The Genomic Biomarkers Market size was valued at USD 54.8 Billion in 2022 and is anticipated to reach USD 183.5 Billion by 2032 at a CAGR of 12.9%.
The International Agency for Research on Cancer (IRAC) predicts that smoking, unhealthy lifestyles, and lack of exercise cause rising cancer rates. This burden is expected to increase and create more opportunities for specialized treatments. Consequently, biopharmaceutical companies are likely to focus on expanding their oncology product lines, leading to growth in this market during the forecast period.
Genomic biomarkers have become increasingly significant in the current era of precision medicine, enabling healthcare interventions customized to individual genetic profiles. The paradigm shift towards personalized treatment methods has accentuated the importance of genomic biomarkers in predicting disease susceptibility, guiding therapy selection, and optimizing treatment outcomes.
Pharmaceutical companies are increasingly using genomic biomarkers for drug development. This approach makes clinical trials more targeted and efficient, resulting in safer and more effective drugs. Supportive government initiatives and increased investment in genomics research have played a crucial role in advancing the field, leading to the identification of new biomarkers for clinical applications.
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Segmentation Overview:
The global genomic biomarkers market has been segmented into type, disease indication, end-user, and region. Lifestyle, genetics, and family history increase the risk of chronic disease. The demand for prognostic biomarkers, which can forecast recurrence risks, is estimated to rise. Predictive biomarkers support treatment decisions in various therapeutic areas, such as cancer. Gene expression profiles have been used as predictive biomarkers for new medications.
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Genomic Biomarkers Market Report Highlights:
- The global genomic biomarkers market growth is anticipated at a CAGR of 12.9% by 2032.
- Genomic biomarkers enable personalized healthcare interventions based on individual genetic profiles. They predict disease susceptibility, optimize treatment outcomes, and aid drug development. Increased investment in genomics research has led to the identification of new biomarkers for clinical use.
- North America dominates the biomarkers market due to factors such as an increasing prevalence of chronic diseases, wider use of biomarkers in personalized medicine, various growth strategies adopted by key players, and advancements in biomarkers.
- Some prominent players in the genomic biomarkers market report include Thermo Fisher Scientific, F. Hoffmann-La Roche Ltd, Myriad Genetics, Inc, Eurofins Scientific, QIAGEN, Bio-Rad Laboratories, Inc., MedGenome, Almac Group, Sema4, GENOME LIFE SCIENCES, Creative Diagnostics, FOUNDATION MEDICINE, INC., and Quanterix among others.
Industry Trends and Insights:
- Thermo Fisher Scientific has launched a new Axiom PangenomiX Array, which provides comprehensive genetic coverage for large-scale disease studies and pharmacogenomic research. This latest array is the largest and most diverse to date, encompassing many ethnicities. It is based on the complete genetic profiles of 47 individuals worldwide, resulting in a more inclusive representation of the human genome.
- MedGenome and PacBio offer a grant for De Novo Genome Assembly and Annotation, providing end-to-end support for sequencing, assembling, and annotating a high-quality reference genome of any organism. The grant winner can present their research at future events with MedGenome's support for genome publication.
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Genomic Biomarkers Market Segmentation:
By Type: Predictive Biomarkers, Prognostic Biomarkers
By Disease Indication: Oncology, Cardiovascular Diseases, Neurological Diseases, Renal Disorders, Others
By End-User: Diagnostic, Research Laboratories, Hospitals, Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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