Genomic biomarkers help in the detection of gene expressions and mutations. With advancements in high-throughput technologies, genomic biomarkers are increasingly being used in various disease diagnostics and monitoring treatments. They help in analyzing DNA and RNA variations to provide insights into disease risk, diagnosis, prognosis, and drug response prediction.
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 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing use in companion diagnostics is one of the key trends spurring market growth. Genomic biomarkers play a vital role as companion diagnostics in selecting appropriate treatment options for precision medicine. They help identify patients who are most likely to benefit from a particular therapy by detecting specific genetic mutations or expressions in tumor cells. This facilitates personalized treatment regimens and improves clinical outcomes. With the rising demand for precision medicine, more pharmaceutical companies are co-developing companion diagnostics along with their drugs, which is fueling the adoption of genomic biomarkers in companion diagnostics.
Segment Analysis
The global genomic biomarker market is segmented by product and services into development and discovery, validation, and diagnostic testing. The diagnostic testing segment holds the largest market share owing to the growing usage of genomic biomarkers in cancer diagnostic procedures. This segment examines and monitors specific biomarkers in a patient's DNA, RNA, or protein to determine if cancer is present or is at risk of recurring.
Key Takeaways
The Global Genomic Biomarker Market Demand is expected to witness high growth over the forecast period from 2023 to 2030.
Regional analysis
The North American region dominates the genomic biomarker market currently due to growing government initiatives, rising cancer prevalence, increasing healthcare expenditure, presence of important players, and growing trend of precision medicine. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to increasing investments in healthcare, rising awareness about personalized medicine, growing disposable income, and developing healthcare infrastructure.
Key players
Key players operating in the genomic biomarker market are Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Liquid Genomics, Inc., AROS Applied Biotechnology A/S, Myriad Genetics, Inc., QIAGEN, Eurofins Scientific, Genomic Health, Bio-Rad Laboratories, Inc., Epigenomics AG, and Aepodia. QIAGEN, Thermo Fisher Scientific, and Roche dominate the market owing to their strong global presence and wide range of biomarker discovery and validation product portfolios. Myriad Genetics has a strong presence in diagnostic biomarker testing.
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