Genomic biomarkers refer to specific genes, chromosomes, or DNA regions that serve as indicators of biological states or conditions related to health or disease. Genomic biomarkers are utilized in oncology and other disease states to identify patients who may benefit from specific therapies by analyzing genomic alterations in tumors. For instance, genomic biomarkers such as changes in the BRCA1 and BRCA2 genes can help determine appropriate treatment options for cancer patients. The global genomic biomarker market enjoys significant demand due to the increasing adoption of personalized medicine.

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 Opportunity:

The opportunity in personalized medicine is driving the Global genomic biomarker market growth. Genomic biomarkers allow the customization of healthcare, with medical decisions, practices, and products being tailored to the individual patient. This helps in targeting therapies according to an individual's genetic makeup. Genomic biomarkers help deliver the promise of personalized medicine by identifying which patients are most likely to respond to specific drugs, or suffer adverse reactions. This level of customization and precision improves clinical outcomes and quality of life. With increasing focus on tailored healthcare, the role of genomic biomarkers in enabling personalized treatment decisions will continue to stimulate the market in the coming years.

Porter's Analysis

Threat of new entrants: The threat of new entrants in the genomic biomarker market is moderate as it requires high capital investment and regulatory compliance to set up research and production facilities.

Bargaining power of buyers: The bargaining power of buyers is high as the market has the presence of many regional and local players offering genomic biomarkers at competitive prices.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials used are commodity chemicals and suppliers have the threat of forward integration by buyers.

Threat of new substitutes: The threat of new substitutes is low as genomic biomarkers are unique and there are no close substitutes for gene expression and proteomic analysis.

Competitive rivalry: The competitive rivalry is high owing to the presence of many global and regional market players.

SWOT Analysis

Strength: Genomic biomarkers have high sensitivity and specificity for detecting disease risk and prognosis. Advances in genomics and data analytics have expanded clinical applications.

Weakness: High costs associated with biomarker discovery, development and validation processes. Complex regulatory approvals required for commercialization.

Opportunity: Rising cases of cancer and other complex diseases will drive the need for precision medicine using biomarkers. Emerging economies offer lucrative growth opportunities.

Threats: Reimbursement challenges may limit widespread clinical adoption. Ethical issues related to genetic tests can negatively impact the market.

Key Takeaways

The global genomic biomarker market is expected to witness high growth during the forecast period aided by increasing focus on precision medicine. 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.

North America will continue dominating the market owing to presence of advanced healthcare infrastructure and research facilities for genomic research. Asia Pacific region expected to grow at fastest pace during 2023-2030 backed by improving healthcare infrastructure, rising medical tourism, and growing focus of key players on emerging countries. China and India offer significant growth potential.

Key players: Key players operating in the genomic biomarker market are Varian Medical Systems; Elekta AB; Becton, Dickinson and Company; IsoRay, Inc.; Eckert & Ziegler BEBIG; and iCAD. These players are focusing on new product launches, collaborations and geographical expansions to consolidate their market presence.

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