Published Date : 14 Jun 2023
The global genomic biomarker market size surpassed USD 4.84 billion in 2022 and is projected to rise to USD 8.6 billion by 2030, anticipated to grow at a strong CAGR of 7.46 percent during the projection period from 2022 to 2030.
Biomarkers indicate the pathogenic process; it has multiple uses in cancer diagnoses, such as prognosis, therapeutics response, risk assessment, and monitoring of disease progression. The rising prevalence of cancer in the population will likely boost the demand for genomics biomarkers. The growth of the global genomic biomarker market is supported by the growing cases of chronic diseases and the increasing need for personalized medicine across the globe. The enhanced focus on research and development activities will boost the growth of the market in the upcoming period.
Biomarkers can specifically be used for the identification of ovarian and gastric cancer. The increasing number of ovarian and gastric cancer cases and the continuous laboratory and clinical technological advancements in the analyzed period fuel the development of the genomics biomarker market.
North America dominated the global genomic biomarkers market with the most significant market share revenue in 2022. The region will continue its dominance due to the rising prevalence of chronic diseases due to the changing lifestyle and eating habits in the area. The increasing technological advancements in the pharmaceutical industry resulted in the growth of the genomics biomarker market. Rising research and development programs for the development of the genomic biomarker market in countries like the United States, Canada, etc., are anticipated to propel the growth of the genomic biomarker market.
Asia Pacific is expected to witness the fastest growth in the global genomic biomarkers market during the forecast period. China, Japan, South Korea, and India are expected to be the largest and most significant contributors to the growth of the market in the region. The considerable investments in the development of the pharmaceutical industry by both private and government institutions promote the growth of the market in the Asia Pacific. The rising emphasis on various genetic testing activities and research associated with the improvement of the healthcare industry is expected to fuel the market’s growth in the Asia Pacific.
Genomic Biomarker Market Report Scope:
|Market Revenue in 2023||USD 5.2 Billion|
|Projected Forecast Revenue in 2030||USD 8.6 Billion|
|Growth Rate from 2022 to 2030||CAGR of 7.46%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Increasing prevalence of cancer across the globe
The increasing prevalence of several types of cancer, such as breast cancer, ovarian cancer, prostate and lung cancer, etc., is likely to be higher in the market demand for genomics biomarkers. Biomarkers are used to target disease and organ segments of human health. Biomarkers are specifically gaining popularity in healthcare practices which results in disease-based diagnosis, intensive care, and therapy. Increasing global demand for genomics biomarkers for the better diagnosis and treatment of chronic diseases like cancer and cardiovascular diseases. Results in the growth in the demand for the genomics biomarker market in the forecast period.
Large-volume data storage
The genomics biomarker market has seen significant growth in the last decades. The market is primarily driven by the decreasing price of sequencing technologies and the rising government investment in the development of personalized medicines. These factors affect the market positively to the growth of the genomics biomarker market. All these factors create enormous amounts of data and issues regarding data storage are created. The larger amount of data can be the most challenging factor in the growth of the genomics biomarkers market in the predicted timeframe.
Development of personalized medicine
The rising development of personalized medicine offers significant opportunities for the genomic biomarkers market. Genomic biomarkers play a crucial role in personalized medicine. The genomic biomarkers are capable of identifying specific genetic variations or patterns that can be used to identify the disease risk to select the required treatment pattern.
The rising adoption of personalized medicine and the growing understanding of the role of genomics in the healthcare sector promotes the continuation of research and development activities. Moreover, genomic biomarkers also help in monitoring the progress of treatment and predicting prognosis. Considering the multiple advantages offered by genomic biomarkers in the personalized medicine sector will act as a growth factor by offering multiple opportunities for the market’s growth.
Complicated web issues and lack of funding
Results from real-world analyses show that patients with a variety of tumor types are not being screened for recommendations suggested biomarkers, resulting in an inadequate utilization of targeted medicines. The "pervasive undertesting" of tumor-specific biomarkers and hereditary cancer risk has been bemoaned by researchers. the researchers also have noted a complicated web of issues that are hindering the adoption of genomic testing, including knowledge gaps among healthcare professionals and assistance for interpreting test findings, flaws in tissue samples (especially in lung cancer), a lack of access to tests, and difficulties with funding.
Major Key Players:
Segments Covered in the Report
By Disease Indication
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