Genomic biomarkers are DNA or RNA variations that can be analyzed to determine the risk, diagnosis, and progression of certain diseases. Biomarkers help in assessing drug responses, toxicity, and effectiveness of treatment by analyzing genetic alterations in cells. The growing burden of chronic diseases such as cancer has increased the funding for genomic research which is driving the growth of the genomic biomarker market. 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 7.1% 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 driving the genomic biomarker market is the increased funding and initiatives for genomic research from both government as well as private organizations. For instance, the U.S. National Institutes of Health (NIH) funded close to US$ 6 billion for genomic research in 2022 alone which is expected to drive the use of genomic biomarkers in research. Similarly, cancer genomic initiatives such as the International Cancer Genome Consortium and Cancer Genome Atlas aim to map out genomic changes associated with cancer to identify biomarkers for diagnosis and treatment which is fueling market growth. The increased integration of genomic data with electronic health records by healthcare providers is also enabling widespread use of genomic biomarkers.
Segment Analysis
The Global Genomic Biomarker Market Analysis is dominated by cancer sub-segment. Genomic biomarkers play a key role in identifying the type and stage of cancer in patients which in turn helps in determining the right cancer treatment. They help medical professionals to select appropriate therapeutic strategies and monitor treatment response. Cancer genomic biomarkers ascertain metastasis, therapeutic targets and prognosis.
Key Takeaways
The global genomic biomarker market is expected to witness high growth over the forecast period. Growing prevalence of cancer and increasing use of precision medicine are driving the market.
Regional analysis: North America currently dominates the global genomic biomarker market owing to increasing adoption of companion diagnostics and growing funding for genomic research in the region. Asia Pacific is expected to be the fastest growing market due to rising healthcare expenditure, growing awareness regarding precision medicine and expanding research base in countries like China and India.
Key players: Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG are some of the prominent players operating in the genomic biomarker market. These players are focusing on new product launches and collaborations with research institutes to strengthen their market position. For instance, in 2022 Varian Medical Systems launched APEXTM Precision, a cancer treatment planning software to leverage real-time adaptive radiotherapy.
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