The global genomic biomarkers market is estimated to expand at a substantial CAGR during the forecast period, 2021-2028. Genomic biomarkers are measurable Deoxyribonucleic acid (DNA) and Ribonucleic acid (RNA) characteristics, which act as indicators of diagnosis, normal biologic processes, pathogenic processes and therapy selection. These biomarkers reflect disease susceptibility, disease expression, and disease outcome or other intervention. Easily detection of variants in the DNA code, genomic biomarkers facilitate early discovery of diseases by predicting its possibility and enhances patient care by monitoring the outcomes.
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Market Trends, Drivers, Restraints, and Opportunities:
- The increasing affliction of chronic diseases such as cardiovascular diseases, cancer, strokes, and arthritis is attributed to the growing genomic biomarkers market. As per the estimation by the World Health Organization in 2018, around 16% of deaths around the world are caused due to cancer trailed by cardiovascular diseases.
- Soaring demand for marginally invasive procedures and technological progressions are anticipated to increase in the demand for genomic biomarkers.
- Huge costs, complicated development process, strict government policies, and lack of uniform means to validate the products of manufacturers can restraint the growth of the genomic biomarkers market during the forecast period.
- Progressing R&D and the development of advanced infrastructure that allows data sharing along with the call for individualized medicines are expected to propel the further development of the market during the forecast period.
Oncology Segment is Expected to Dominate the Market
On the basis of applications, the global genomic biomarkers market can be segmented into oncology, cardiovascular diseases, neurological diseases, renal disorders, and others. The oncology segment is estimated to dominate the market during the forecast period. The growth of the segment is owing to the predominance use of the devices for various applications related to types of cancers such as prostate, breast, and lung cancer.
Diagnostic & Research Laboratories to occupy significant market share
In terms of end users, the global genomic biomarkers market can be divided into diagnostic & research laboratories, hospitals, and others. The diagnostic &research laboratories segment is anticipated to account for a significant market share due to increase in number of patients who adopt genomic biomarkers for various diagnostic and research purposes.
North America constitutes a large share of the global market
Based on regions, the global genomic biomarkers market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounted for a prime share in terms of revenue and is anticipated to retain its position during the forecast period. Some of the key reasons pushing the market growth in the region can be attributed to advanced healthcare facilities, encouraging government policies, and vast research funds.
Compititive Landscape
The genomic biomarkers market is extremely competitive due to the huge number of competitors. Major players in the global genomic biomarkers market include Alma Group, Beckman Coulter, Inc., Bio-Rad Laboratories, Inc., CENTOGENE N.V., Euro fins Scientific, QIAGEN, GENOME LIFE SCIENCES, Hoffmann-La Roche Ltd, Myriad Genetics, Inc, Sema4, and Thermo Fisher Scienti
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