Genomic biomarkers are DNA or RNA signatures in human specimens that provide crucial information about a person’s health status, disease risk or disease diagnosis. Biomarkers are used in clinical practices like oncology, pharmacogenomics and prenatal testing. Biomarker discovery helps understand diseases at molecular level and facilitate development of personalized medicines tailored to individual patients. Currently, genomic biomarkers are used for cancer screening and prognosis, predict treatment response for various cancers, monitor cancer recurrence and aid drug development for targeted cancer therapies.
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.
Growing Demand for Personalized Medicines: Personalized medicines target specific patients based on their genetic make-up and molecular characteristics of diseases. Genomic biomarkers play a crucial role in developing personalized treatment regimens as they help physicians select appropriate therapies as per individual patient’s biomarker profile. With rising focus on precision medicine, demand for genomic biomarkers is expected to surge over the forecast period.
Shortage of skilled professionals: Despite growing adoption of genomic biomarkers in clinical settings, shortage of trained personnel with expertise in genomics remains a challenge. Lack of specialists who can interpret complex biomarker data and apply it for better diagnosis and prognosis hampers full utilization of biomarker potential. Extensive training and workforce development programs are required to bridge the skill gap.
The global genomic biomarker market is dominanted by two sub segments viz. companion diagnostics and population screening. Companion diagnostics sub segment holds around 55% share owing to its wide application for targeted therapies. The companion diagnostics uses biomarkers to identify which patients are most likely to benefit from a particular drug or therapeutic product. This helps in more effective treatment strategies.
Political: Regulations around genomic data privacy and safety are being strengthened globally which is positively impacting the market. Many countries have also implemented national genetic testing programs.
Economic: Rising healthcare spending especially in developing nations and growing investments in precision medicine and genomic research is fueling the market growth.
Social: Increasing awareness about personalized medicine and early disease detection is driving people towards genetic screening and testing.
Technological: Advancements in high-throughput sequencing, bioinformatics and artificial intelligence is making genomic analysis more affordable and increasing test volumes.
The Global Genomic Biomarker Market Size was valued at US$ 5271.63 Mn in 2023 and is expected to reach over US$ 10000 Mn by 2030, registering a CAGR of 9.5% during the forecast period.
North America dominates currently due to strong government support and high adoption of precision medicine approach. Asia Pacific is poised to be the fastest growing region on back of rising healthcare spending, improving infrastructure and growing medical tourism.
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. Thermo Fisher and Roche are the leading players owing to their comprehensive product portfolios and global footprints.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it