July 22, 2024
Genomic Biomarker Market

Advancing Personalized Medicine: Genomic Biomarker Market is driven by Increasing Focus on Precision Medicine

Genomic biomarkers help to identify an individual’s genetic predispositions and vulnerabilities towards certain diseases. These biomarkers are used in precision medicine to develop targeted therapies and predict responses to specific treatments. Various oncology genomic biomarkers have enabled the development of genetically targeted cancer therapies. Colorectal cancer genomic biomarker KRAS, for instance, determines whether patients will respond to anti-EGFR treatments and is part of standard clinical practice. The growing emphasis on precision medicine across healthcare systems globally is driving significant investments in genomic research. Biomarker discovery and clinical validation programs are identifying novel biomarkers to aid in diagnosis, prognosis and therapy selection.

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:

One of the key trends in the genomic biomarker market is the increasing focus on developing liquid biopsy tests. Liquid biopsy analyzes fragments of DNA present in blood or other bodily fluids to detect cancer at early stages or monitor disease progression and treatment response in a non-invasive manner. Compared to invasive tissue biopsies, liquid biopsies offer advantages such as real-time monitoring of disease, repeat sampling capabilities and identification of molecular changes governing metastases. Technological advancements are enabling highly sensitive detection of rare mutated DNA and identification of multiple genetic alterations from low template quantities in liquid biopsy samples. This is anticipated to make liquid biopsy testing an important clinical application for cancer management using genomic biomarkers.

Porter’s Analysis

Threat of new entrants: The genomic biomarker market has moderately high barriers to entry for new competitors due to the need for R&D capabilities, intellectual property protection and specialized testing equipment.

Bargaining power of buyers: The genomic biomarker market has moderate bargaining power of buyers due to the specialized nature of genomic biomarker products and services. However, the presence of some key players strengthens buyers’ negotiation ability.

Bargaining power of suppliers: The suppliers have moderate to high bargaining power due to the availability of genomic biomarker technologies globally and proprietary intellectual property protection by suppliers.

Threat of new substitutes: Currently, there are no perfect substitutes available for genomic biomarkers in disease treatment and diagnosis. Alternatives such as proteomic and radiomic biomarkers have limited applications.

Competitive rivalry: The global genomic biomarker market exhibits high competitive rivalry among major players due to their focus on new product development and geographic expansion.

Key Takeaways

The Global Genomic Biomarker Market Demand is expected to witness high growth over the forecast period. North America is expected to hold the largest market share owing to rising prevalence of cancer and growing adoption of genomic biomarker technologies among researchers in the region. The presence of key players such as Thermo Fisher Scientific, QIAGEN, Roche, and Myriad Genetics further strengthens the dominance of North America in this market.

The Asia Pacific region is anticipated to grow at the fastest rate during the forecast period due to improving healthcare infrastructure, rising healthcare spending, growing collaborations between regional and international market players, and increasing awareness regarding precision medicine. Rapid economic growth in emerging countries such as India and China will create new opportunities for genomic biomarker market players in the region.

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. These companies focus on new service/test launches in order to strengthen their market positions. For instance, QIAGEN launched the QCI Interpret product in 2021 to accelerate cancer research through combined analysis of genomic, clinical and other biomarker data.

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