by Genomic biomarkers involve DNA or RNA analysis to detect specific biological processes, pathogenic processes or specific disease conditions and they play a crucial role in various aspects of healthcare. Some of the key applications of genomic biomarkers include detection of specific gene mutations and expression profiles to enable customized treatment plans for diseases like cancer. Genomic biomarkers can provide insights on disease predisposition, disease diagnosis, prognosis, prediction of treatment responses and detection of residual/recurrent disease. They also aid in drug development by helping identify the right patient population most likely to benefit from an investigational therapeutic. The development of technologies like next-generation sequencing has enabled comprehensive analysis of genomic biomarkers from various biospecimens like blood, tumor tissue at relatively low cost. With rising demand for personalized healthcare approaches, genomic biomarkers are increasingly used in clinical practice to guide treatment decisions and enable precision medicine approaches.
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 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend gaining traction in the genomic biomarker market is the growing adoption of multi-omics approaches. While analysis of genomic biomarkers provides insights into genomic alterations, combining it with other omics data streams like transcriptomics, proteomics and metabolomics can provide a more comprehensive understanding of disease biology and progression. This integrated analysis of multiple layers of biological data using techniques like genomic, epigenomic and transcriptomic profiling is helping researchers gain novel insights into disease mechanisms. It also aids in biomarker discovery efforts to identify molecular signatures that can be developed into robust diagnostic, prognostic or predictive genomic biomarkers. Adopting multi-omics strategies holds potential to accelerate precision medicine capabilities and development of more effective targeted treatment approaches.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to large existing players dominating the market and high capital requirement for R&D. However, scope for new players to collaborate with big pharma companies exists.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternatives and price-sensitivity of consumers. Buyers can easily switch between vendors based on their offerings.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to significance of suppliers for continued operations. Suppliers can negotiate higher margins.
Threat of new substitutes: Threat of new substitutes is moderate as new drug treatment procedures and substitute biomarkers are continuously evolving.
Competitive rivalry: The competitive rivalry among existing players is high due to presence of large global players and regional medium players.
Key Takeaways
The Global Genomic Biomarker Market Size is expected to witness high growth. The rising prevalence of chronic diseases, growing demand for genomic biomarkers in cancer diagnostics, increasing government initiatives for genomic biomarkers, and technological advancements in genomic research are driving the market growth.
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 4.8% over the forecast period 2023 to 2030.
Regional analysis: North America holds the dominant share in the global genomic biomarker market due to availability of advanced healthcare facilities, growing demand for precision medicine, and presence of majority of global players in this region. Europe follows North America owing to rising prevalence of cancer and initiatives by government and private organizations for advanced therapeutics. Asia Pacific is expected fastest growing market due to increasing healthcare expenditure, developing R&D infrastructure, and growing focus of big pharmaceutical companies in this region.
Key players operating in the Genomic Biomarker market are Fera Pharmaceuticals, Pfizer, Novartis AG, Merck KGaA, Baxter, Cipla Limited, Zydus Cadila, Lupin Pharmaceuticals, Inc., UCB, Inc., APOTEX INC, and Moleculin Biotech, Inc. Key players are focused on developing novel genomic biomarkers through strong R&D facilities and collaborating with research institutes as well as pharmaceutical companies to strengthen their product pipelines.
