June 25, 2024
Genomic Biomarker Market

The Rising Demand For Personalized Medicine Is Driving The Genomic Biomarker Market

Genomic biomarkers are DNA or RNA molecules that can be used to predict disease risk, identify pathogens and assess tumor progression in cancer patients. They play a key role in the development of precision or personalized medicine by helping researchers and clinicians understand an individual’s genetic make-up and their biological responses to various pathogens, drugs and environmental agents. With continuous advancements in genomics, the use of biomarkers in drug development, risk assessment and disease management is growing rapidly. Genomic biomarkers can indicate genetic predispositions to various medical conditions and help doctors tailor treatment and prevention plans specific to an individual’s genetic profile. They enable a shift from reactive to preemptive and preventive models of care.

The global genomic biomarker market is estimated to be valued at US$ 5271.63 Mn in 2024 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 key trends:

Next Generation Sequencing is Revolutionizing the Discovery of Genomic Biomarkers

Next Generation Sequencing (NGS) technologies such asWhole Genome Sequencing (WGS) and Whole Exome Sequencing (WES) have enabled the discovery of thousands of new genomic biomarkers linked to various diseases. NGS allows researchers to analyze multiple genomic biomarkers simultaneously from a single DNA or RNA sample. It has significantly accelerated the pace of biomarker discovery by reducing the time required and lowering the cost of sequencing an entire human genome. With rapid advancements, NGS technologies are becoming more affordable and accessible. This is fueling their increased adoption for genomic biomarker research.As the price of sequencing continues to decline, the application of NGS-based approaches for biomarker discovery and validation will become more widespread. They are revolutionizing the field of precision medicine by enabling the development of advanced diagnostic tests and personalized treatment strategies based on an individual’s unique genomic profile.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. Although the Global genomic biomarker market growth rate is high, it requires huge capital investment and R&D efforts for new technologies. The presence of major players also poses barriers for new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of alternative diagnostic technologies provides buyers with some bargaining power. However, customized treatment options provided by genomic biomarkers reduce sensitivity to price changes.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. There exist many suppliers for raw materials and technologies. However, suppliers of innovative solutions can negotiate on price.
Substitutes: The threat of substitutes is low to moderate. Other imaging and diagnostic methods offer substitutes. However, genomic biomarkers enable personalized treatment, reducing threat from substitutes.
Competitive rivalry: The competitive rivalry is high due to major players differentiating products and continuous technological advancements.

Key Takeaways

The global genomic biomarker market is expected to witness high growth. Advances in genomics and cancer research along with growing applications in oncology are fueling the market. The global genomic biomarker market is estimated to be valued at US$ 5271.63 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.

Regional analysis – North America dominates the market and is expected to continue its lead during the forecast period. High adoption of advanced diagnostic technologies, strong healthcare infrastructure and large cancer patient population in the US and Canada drive the North American genomic biomarker market. Asia-Pacific is poised to be the fastest growing regional market owing to increasing healthcare spending, rapid modernization of healthcare systems and rising patient awareness.

Key players operating in the genomic biomarker market are Varian Medical Systems; Elekta AB; Becton, Dickinson and Company; IsoRay, Inc.; Eckert & Ziegler BEBIG; and iCAD. Major players are focusing on new product launches, partnerships and acquisitions to strengthen their market position and expand presence worldwide.

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