May 28, 2024

Genomic Biomarker Market Is Expected To Be Flourished By Increased Personalized Medicine Adoption

Genomic biomarkers are biological molecules found in blood, tissues or other samples that are objectively measured and evaluated as indicators of physiological or pathologic processes or pharmacological responses occurring in the body. Genomic biomarkers play a pivotal role in personalized medicine. They are increasingly used in diagnosis, identification of disease subtypes, prognosis, prediction of treatment response and surveillance for disease recurrence or progression. The growing trend towards personalized healthcare has driven biomarker development and testing. Advancements in genomics and proteomics technologies have enabled development of genomic biomarkers for various diseases like cancer, cardiovascular diseases, neurodegenerative disorders and infectious diseases.

The global genomic biomarker Market is estimated to be valued at US$ 5271.63 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increased adoption of personalized medicine driven by growing awareness about personalized healthcare among patients and physicians is a major driver for genomic biomarker market. Personalized medicine aims to tailor treatment based on individual characteristics of each patient. Genomic biomarkers help in understanding the biological pathways involved in diseases at the molecular level and guide the treating physicians in clinical decision making. For instance, genomic biomarkers are used in determining the most suitable therapy for cancer patients based on their genomic makeup. This is expected to boost genomic biomarker market growth over the forecast period.

Additionally, growing research activities to identify novel genomic biomarkers is another driver. Researchers and life science companies are investing significantly into biomarker discovery and validation programs. This helps in developing new diagnostics and therapeutics targeting specific patient populations.

Segment Analysis
The Genomic Biomarker Market Size can be segmented based on product type, technology, indication, sample type and end-users. Based on product type, the assays kits & reagents segment dominates the market as it is the primary tool used for genomic biomarker testing. This segment captured over 50% market share in 2023 due to the high usage of assays in cancer research, diagnosis and treatment.

PEST Analysis
Political
: Governments across the globe are supporting genomics and precision medicine research through initiatives and funding. This will help the Genomic Biomarker Market grow.
Economic: The rising healthcare spending across developed and developing nations are fueling the demand for expensive but effective cancer treatment options like genomic biomarkers.
Social: Growing awareness about personalized medicine and early cancer screening is driving individuals to opt for genomic biomarker tests.
Technological: Next-generation sequencing, AI and big data analytics are allowing development of novel biomarkers and assisting in early detection of cancer through biospecimen analysis.

Key Takeaways

The global genomic biomarker market is expected to witness high growth at a CAGR of 7.1% from 2023 to 2030.

The North American region currently dominates the market due to the availability of advanced healthcare infrastructure and supporting government policies for precision medicine adoption in the region. According to estimations, the North America genomic biomarker market size was over US$ 2 Bn in 2023.

Key players operating in the genomic biomarker market are Varian Medical Systems; Elekta AB; Becton, Dickinson and Company; IsoRay, Inc.; Eckert & Ziegler BEBIG. These players are focusing on portfolio expansion and strategic collaborations with pharmaceutical companies and diagnostic labs to strengthen their market presence. Key players are also investing in biomarker discovery and companion diagnostic development throughAI and machine learning.

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