Global Genomic Biomarker Market 2022-2028

Global Genomic Biomarker Market 2022-2028

Global genomics biomarker market size was $5.6 billion in 2021 and is projected to exhibit a CAGR of 15.7% during the forecast period. Genomic biomarkers is a field of science that aims for the collective characterization and quantification of genes. Genomics additionally includes the sequencing and analysis of genomes using high-throughput DNA sequencing and bioinformatics for assembling and analyzing the function and structure of entire genomes. Major factors contributing to the growth of the market include the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, neurological disorders, and others. Other driving factors include increasing research and investment in the field of genomic biomarkers and the use of genomic biomarker services for the enhancement of drug development pipelines.

However, some factors are restraining the market growth that includes reimbursement challenges and limited market capabilities in underdeveloped markets. Genomic biomarkers in the development of personalized medicine and rising demand from emerging economies are the factors to create opportunities for the market across the globe.

Segmental Outlook

The global genomic biomarker market is segmented on the basis of disease indication and end-user. By disease indication, the market is segmented into oncology, cardiology, neurology, and others. By end-user, the market is segmented into hospitals and diagnostic and research laboratories.

Among disease indications, oncology contributed a significant share in 2021. The segmental growth is attributed to the high demand for genomic biomarkers in oncology owing to the rise in the prevalence of cancer and an increasing number of research efforts towards genomic biomarkers for cancer detection and understanding therapeutic responses for individual patients.

Regional Outlooks

Geographically, the global genomic biomarker market covers the analysis of four major regions including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and the Rest of the World. North America contributed a prominent share in the global genomic biomarker market. Factors contributing to the market growth include the presence of well-developed healthcare infrastructure, high healthcare R&D investments, high healthcare expenditure, and others. Europe is another significant market and holds a considerable market share in the global genomic biomarker market.

Market Players Outlook

Some of the key players of the genomic biomarker market include Agilent Technologies, Inc., Illumina, Inc., Myriad Genetics, Inc., Thermo Fischer Scientific, Inc., Genomic Health Inc., Bio-Rad Laboratories Inc., Second Genomic Therapeutics, and Hologic, Inc. In order to survive in the market, these players adopt different marketing strategies such as a merger and acquisitions, product launch, and geographical expansion. For instance, in 2020, Gilead Sciences, Inc. and Second Genome announced their four-year strategic collaboration to identify biomarkers associated with clinical response and to identify new potential targets and drug candidates for the treatment of IBD (inflammatory bowel disease).