February 28, 2024

Genomic Biomarker Market Is Estimated To Witness High Growth Owing To Increasing Adoption Of Precision Medicine And Personalized Healthcare

Genomic biomarkers are DNA or RNA variations or mutations that indicate normal biological processes, pathogenic processes, or responses to an environmental exposure. They play a key role in the development and practice of precision medicine by identifying individuals who are more likely to benefit from targeted therapies and diagnostics. The growing application of genomics and proteomics in disease diagnosis and management is driving increased demand for genomic biomarkers.

The global Genomic Biomarker Market is estimated to be valued at Us$ 6072.92 Mn in 2024 and is expected to exhibit a CAGR Of 7.1% over the forecast period 2024 To 2030.

Key Takeaways

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. Genomic biomarkers are being increasingly used for disease screening, diagnosis, prognosis, and monitoring treatment response. This is expected to present lucrative opportunities for players in the market. The increasing adoption of precision medicine and personalized healthcare in developed regions such as North America and Europe is fueling the expansion of the global genomic biomarker market.

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. These players are focusing on new product launches and enhancements to gain a competitive edge in the market.

The increasing adoption of precision medicine and personalized healthcare is expected to offer significant growth opportunities for players in the genomic biomarker market. Biomarker discovery and development is central to the advancement of precision medicine. This is encouraging investments toward the development of novel genomic biomarkers.

The growing demand for genomic biomarkers for clinical use across major markets such as the U.S., Germany, the U.K., Japan, and China will drive the global expansion of the genomic biomarker market over the forecast period. Supportive regulatory guidelines and reimbursement schemes are supporting the integration of genomic biomarkers into clinical practice in these regions.

Market drivers

The increasing focus on precision medicine and personalized healthcare for effective disease management is a major driver of the genomic biomarker market. Genomic biomarkers are critical for target identification and validation to implement personalized treatment approaches. Growing healthcare expenditures and demand for non-invasive and accurate disease diagnosis are also fueling the demand for genomic biomarkers. In addition, increasing collaborations between pharmaceutical companies and genomic biomarker vendors to co-develop companion diagnostics is expected to propel market growth over the coming years.

PEST Analysis

Political: Favorable legislative reforms and increase in healthcare spending are expected to drive genomic biomarker market growth.

Economic: Rise in disposable income and improvement in access to healthcare facilities have positively impacted market demand.

Social: Increasing incidences of cancer and other genetic disorders have led to greater awareness on early detection and diagnosis.

Technological: Advancements in genomic technologies such as next generation sequencing and bioinformatics are enabling development of novel biomarkers.

North America is currently the largest market for Global Genomic Biomarker Market
 , accounting for over 35% of the global revenue share. This is attributed to significant R&D investments from government and private players towards precision medicine in the US and Canada. Supportive regulatory guidelines and robust reimbursement structure for biomarker-based diagnostic tests have also propelled North America’s dominance.

Asia Pacific promises to be the fastest growing regional market in the forthcoming years. The primary factors accelerating APAC’s growth include rising healthcare expenditure, growing geriatric population, increasing prevalence of chronic diseases, developing healthcare infrastructure, and focus on precision medicine approach. China, Japan and India are likely to be at the forefront of this regional market expansion due to improving research capabilities and progressive regulatory scenario.

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