Genomic Biomarker Market Poised To Expand Significantly Due To Rising Adoption In Personalized Medicine
The global genomic biomarker market is complex with a variety of applications in cancer diagnosis, prognosis, and targeted therapy selection. Genomic biomarkers are genetic variations detected either in DNA or RNA from blood or other clinical samples that help predict treatment response, survival, recurrence, and other clinically significant outcomes. The genomic data from next-generation sequencing technology enables analysis of genomic biomarkers related to diagnosis, targeted therapy selection, and monitoring of diseases like cancer. 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 Dynamics:
The rising adoption of personalized medicine driven by precision oncology is expected to drive the growth of the genomic biomarker market over the forecast period. Precision medicine utilizes a patient's genomic biomarkers information to select optimal treatment and understand each patient's risk of disease or response to therapies. It enables targeted therapeutics development and clinical validation of diagnostic tests to facilitate treatment decisions. In addition, increasing funding and investments for biomarker research by both public and private organizations will also contribute to the market growth during the forecast period. For instance, in 2017 the National Cancer Institute invested over $780 million towards development of new biomarkers and precision medicine approaches for cancer diagnosis and treatment.
However, extensive computational skills required to analyze large genomic datasets generated by next-generation sequencing acts as a challenge for the genomic biomarker market growth. Furthermore, lack of understanding regarding clinical utility and regulatory approval issues also hampers the market growth.
SWOT Analysis
Strength: Genomic biomarkers are able to detect diseases at an early stage, which increases chances of effective treatment. More personalized medicines can be developed based on individual genomic profiles. Advances in DNA sequencing technologies have made genomic analyses more affordable and accessible.
Weakness: Significant investment is required for research and development of new genomic biomarker tests. Regulatory approvals for new tests can be a long and expensive process. Reliability and reproducibility of certain genomic biomarker tests still need improvement.
Opportunity: Growing focus on precision medicine is expected to drive demand for genomic biomarkers. Their integration into clinical practices will enable more targeted disease diagnosis and treatment selection. Potential opportunities also exist in new therapeutic areas like oncology and neurology.
Threats: Ethical and legal issues around genetic testing and data sharing pose challenges. Changes in reimbursement policies or funding priorities can impact market growth. Technical limitations and lack of standardization in genomic data analysis remain threats.
Key Takeaways
The Global Genomic Biomarker Market Share is expected to witness high over the forecast period of 2023 to 2030.
Regional analysis shows North America currently dominates due to presence of leading biopharma companies and availability of research funding. The Asia Pacific region is expected to be the fastest growing market with increasing healthcare investments in countries like China and India.
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 companies are focusing on partnerships, new product approvals and geographic expansion to solidify their leadership positions. For instance, Varian Medical Systems launched new solutions to integrate radiation therapy with genomic testing to enable truly personalized cancer care.
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