The genomic biomarker market has witnessed significant growth in recent years owing to the advent of precision medicine and their extensive applications in oncology. Genomic biomarkers play a vital role in drug development, treatment response prediction, and disease prognosis by understanding a patient's genetic makeup. They help clinicians determine which therapeutic strategy is likely to work well for a patient's specific condition. Moreover, genomic biomarkers aid in developing targeted therapies and optimizing clinical trials by identifying the population most likely to benefit from investigational drugs.

The global Genomic Biomarker Market is estimated to be valued at Us$ 6072.92 Mn in 2024 and is expected to exhibit a CAGR Of 7.1% over the forecast period from 2024 To 2030.

Key Takeaways

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. The major players are focusing on new product launches, collaborations, and expansion strategies to sustain their position in the highly competitive market. For instance, in March 2021, IsoRay Inc. launched the TMS-FGM CT/CBCT Image Fusion system which helps clinicians identify the precise location of tumors for administering targeted radiation therapy.

The demand for genomic biomarkers is expected to grow significantly during the forecast period owing to the rising prevalence of cancer across the globe. As per the World Health Organization (WHO), cancer is among the leading causes of death worldwide, accounting for nearly 10 million deaths in 2020. Genomic biomarkers play a vital role in cancer diagnosis, prognosis, and prediction of treatment response. Their use enables tailored treatment decisions and improves clinical outcomes.

The genomic biomarker market is also witnessing increased growth opportunities in emerging markets like Asia Pacific, Middle East & Africa. The rising healthcare expenditures, increasing research funding, and growing cancer incidence rate in these regions are prompting market players to expand their geographic footprint. For instance, in August 2022, Becton, Dickinson and Company collaborated with the Biomedical Sciences Institute in Singapore to develop innovative genomic technologies for precision oncology in Asia.

Market drivers

The increasing adoption of precision medicine and targeted therapies is a major factor driving the growth of the genomic biomarker market. Genomic biomarkers enable understanding a patient's genetic features and identifying targeted drug candidates that work best for the patient's specific disease condition and genetics. This improves clinical outcomes and reduces trial and error costs associated with conventional one-size-fits-all treatment approaches. Moreover, growing focus on companion diagnostics to develop biomarkers to identify patients likely to respond to specific therapies augments the demand for genomic biomarkers. Technological advancements enabling high-throughput analysis of biomarkers and development of non-invasive detection methods are further expected to support market growth over the forecast period.

Geopolitical impact on Genomic Biomarker Market growth
The current geo-political situation across various regions is impacting the growth of the genomic biomarker market. Russia-Ukraine war has disrupted supply chains and trade relations between Europe and Eastern countries. This has led to increased logistics and transportation costs for genomic biomarker manufacturers and suppliers operating across these regions. Furthermore, political tensions and economic sanctions have made it difficult for companies to establish new collaborations and partnerships for biomarker research and development activities. Rising security concerns due to instability in global order is also discouraging cross-border investments into precision medicine and clinical testing infrastructure development.

To counter these challenges, genomic biomarker players need to diversify their supply networks and consider alternative sourcing options from politically stable countries. Manufacturers must localize production and expand manufacturing footprints across multiple regions to reduce dependency on key markets prone to geopolitical disruptions. Companies also need to focus on strategic alliances and consortiums within their local geographies to fast-track the commercialization of novel biomarker technologies. Governments across regions should incentivize private sector investments through funding schemes and regulatory reforms to make precision oncology more affordable and accessible for patients.

Geographical regions with high Genomic Biomarker market value
North America currently dominates the genomic biomarker market in terms of value, accounting for over 40% revenue share. Favorable reimbursement policies, established precision medicine industry, and rising adoption of companion diagnostics for cancer care are driving the North American market. Europe is the second largest regional market driven by increased biomarker-based drug approvals and growing focus on pharmacogenomics in the region. Asia Pacific is expected to be the fastest growing market for genomic biomarkers owing to rising healthcare investments, increasing cancer incidence, and expansion of pharmaceutical industry in countries like China and India.

Fastest growing geographical region for the Global Genomic Biomarker Market
Asia Pacific is projected to be the fastest growing regional market for genomic biomarkers during the forecast period of 2024 to 2030 with a CAGR of over 9%. This can be attributed to rapidly growing healthcare infrastructure, rising expenditure on cancer diagnostics and therapeutics, and increasing contract research and manufacturing activities by global players across Asia Pacific economies. Furthermore, presence of large patient pools and focus on precision medicine by governments is positively impacting the growth. Countries like China, Japan and India are expected to be the major revenue contributors to the genomic biomarker market in Asia Pacific due to their large population bases and evolving pharmaceutical industries.

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