Genomic Biomarkers are DNA or RNA molecules that serve as indicators of biological states and can be used to detect and diagnose diseases. The genomic biomarkers help in identifying patient's risk of developing certain diseases and are useful for the diagnosis, prognosis and prediction of disease recurrence and response to treatment. Testing for genomic biomarkers enables personalized medicine by helping healthcare professionals customize treatment and therapy plans based on individual patient genetics.
Market Opportunity:
The rising adoption of personalized medicine is estimated to drive the growth of the genomic biomarker market during the forecast period. Genomic biomarkers help enable personalized medicine by facilitating tailored treatment plans based on a patient's genetic composition. They enable stratifying patients into subgroups based on biomarkers for condition severity and expected treatment responses. This allows for selecting appropriate targeted therapies with higher response rates and fewer side effects. The precision diagnostic information offered by genomic biomarkers is thus increasing their utility in personalized healthcare, presenting lucrative opportunities for market players.
Porter's Analysis
Threat of new entrants: The genomic biomarkers market has moderate threat of new entrants due to high R&D and regulatory costs needed to enter the market.
Bargaining power of buyers: Individual buyers have moderate bargaining power due to availability of alternative treatment options and substitutes. However, buying power increases for large healthcare providers and group purchasing organizations.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative suppliers of raw materials, reagents and instruments used in genomic biomarkers testing.
Threat of new substitutes: Threat of substitute is low as there are limited substitutes for genomic biomarkers used to aid in diagnosis and personalized treatment of diseases.
Competitive rivalry: The market witnesses high competitive rivalry due to presence of established global players competing on basis of portfolio expansion, pricing and marketing strategies.
SWOT Analysis
Strength: Genomic biomarkers have applications in various therapeutic areas and aid personalized treatment decisions. Next generation sequencing technologies facilitate biomarker discovery.
Weakness: High investment and expertise required for biomarker discovery, development and validation. Regulatory policies pose challenges to market adoption.
Opportunity: Emerging economies provide scope for market expansion. Liquid biopsy and non-invasive testing gain popularity.
Threats: Limited clinical evidence restricts clinical adoption. Reimbursement issues and data privacy laws pose challenges.
Key Takeaways
The Global Genomic Biomarker Market Size is expected to witness high growth led by increasing application of biomarkers in disease management. 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 4.8% over the forecast period 2023 to 2030.
North America dominates the market currently owing to presence of leading biomarker developers, favorable reimbursements and regulatory approvals. Europe holds second largest revenue share and Asia Pacific shows fastest growth.
Key players operating in the genomic biomarker market are Fera Pharmaceuticals, Pfizer, Novartis AG, Merck KGaA, Baxter, Cipla Limited, Zydus Cadila, Lupin Pharmaceuticals, Inc., UCB, Inc., APOTEX INC, and Moleculin Biotech, Inc. Companies primarily focus on leveraging biomarkers for precision medicine through clinical trial collaborations, technology advancements and expanding indications.
Get More Insights Here
https://www.trendingwebwire.com/genomic-biomarkers-market-size-share-growth-outlook-2023/
Comments
0 comment