They offer non-invasive methods for cancer screening and diagnosis. Genomic biomarkers help detect gene mutations that cause cancer development. They help develop customized therapies based on an individual’s genomic profile. They enable stratified medicine by identifying patients most likely to benefit from specific drugs.
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:
The growing adoption rate of personalized medicine and precision treatment has increased the use of genomic biomarkers. Next-generation sequencing, bioinformatics approaches and other advanced technologies allow sequencing of the entire genome or targeted regions to get a comprehensive genomic profile. This helps doctors select the right treatment for individual patients. Various cancer genomic profiling projects are underway to identify genetic changes associated with different cancers. Such efforts are accelerating research and aiding development of more targeted treatments. Large biopharma companies are investing heavily in biomarker development and clinical validation to gain first-mover advantage in precision cancer therapies.
Segment Analysis
The Global genomic biomarker market growth is fragmented based on technology, disease, application, and end user. Based on technology, the genetic biomarker segment dominated the market in 2022 as genetic factors play a key role in the development and progression of major chronic diseases. Based on disease, the cancer segment accounted for the largest share owing to the rising prevalence of cancer worldwide and increasing acceptance of biomarkers in cancer diagnosis and treatment guidance.
Key Takeaways
The global genomic biomarker market is expected to witness high growth. 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.
The North American region held the largest share of the genomic biomarker market in 2022 and is expected to maintain its dominance over the forecast period. This is attributable to the factors such as rising prevalence of chronic diseases such as cancer, high acceptance of precision medicine, and increasing healthcare expenditure.
Key players operating in the genomic biomarker market include Varian Medical Systems, Elekta AB, Becton, Dickinson and Company, IsoRay, Inc., Eckert & Ziegler BEBIG. Varian Medical Systems offers a comprehensive portfolio of treatment solutions including radiosurgery, stereotactic body radiation therapy, proton therapy, and brachytherapy. The company focuses on developing innovative products as well as expanding globally through acquisitions and partnerships to strengthen its market position.
Elekta AB is a medical technology company providing advanced solutions for treating cancer and brain disorders. The company offers flagship products such as Elekta Axesse and Elekta Harmony for precise and effective radiation therapy. It maintains a strong geographical presence across major regions worldwide.
Becton, Dickinson and Company develops, manufactures, and sells medical devices, instrument systems, and reagents. The company offers ArrayChex system for genomic biomarker profiling. It focuses on strengthening its oncology portfolio through strategic collaborations and product launches.
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