Genomic Biomarker Market

Genomic Biomarker Market Size (2024 to 2029)

The global genomic biomarker market is predicted to grow at a CAGR of 8.9% from 2024 to 2029 and the market size is predicted to grow from USD 30.77 million in 2024 to USD 47.13 million by 2029.

MARKET DRIVERS

The growing number of initiatives from the governments of various countries around genetic research and the rising emphasis on the availability of personalized medicine for enabling improved patient care primarily drive the growth of the genomic biomarker market.

The availability of personalized medicines enables better patient care along propels the global market growth. The growing patient population suffering from chronic diseases such as cancer, cardiovascular diseases, diabetes and neurodegenerative disorders contributes to the global market growth. Genomic biomarkers enable researchers and healthcare professionals to identify specific genetic variations and this helps to develop targeted therapies and personalized medicine that lead to better patient outcomes. As genomic biomarkers play an important role in early disease detection and analyzing risk associated with diseases by analyzing an individual’s genetic profile, healthcare providers can identify individuals at a higher risk of developing certain chronic diseases. This enables proactive interventions, lifestyle modification and preventive measures to mitigate the risk early when treatment outcomes are generally more favorable. 

The growing number of R&D activities around genomic biomarkers by the key market participants further fuels the growth rate of the market. New genetic biomarkers linked to a variety of diseases are the focus of research and development initiatives. With the use of new genomic technologies such as high-throughput genotyping and next-generation sequencing, researchers may now more precisely and quickly find novel biomarkers. The number of genetic biomarkers that can be utilized for diagnosis, prognosis, and prediction is growing because of these studies. This research activity helped pharmaceutical companies to develop targeted therapies associated with genetic abnormalities and disorders.

Factors such as technological advancements, an increasing number of product launches, a growing number of strategic collaborations between the market participants, the rise in the development of clinical laboratory tests, rise in the ovarian and gastric cancer and the rising burden of chronic diseases support the growth rate of the genomic biomarker market.

MARKET RESTRAINTS

The drawbacks associated with the utility and analysis of genomic biomarkers are one of the major factors hampering the global market growth.

Some genomic biomarkers, such as miRNA present in stool samples, cannot be used as a diagnostic tool for the detection of colon cancer due to concerns regarding the stability of biomarkers and failure to establish predictive value for diagnosing colon cancer. The reimbursement challenges and limited market capabilities in underdeveloped regions further hinder the growth of the genomic biomarker market. The use of genetic biomarker tests and associated services is greatly influenced by reimbursement. Distinct nations and healthcare systems have distinct reimbursement rules and procedures. It may be difficult for healthcare professionals to furnish these tests or for patients to obtain them in some circumstances because reimbursement may not fully cover the costs involved with genetic biomarker testing. The reimbursement that is too little can deter healthcare providers from spending money on genetic biomarker testing and delay the widespread implementation of these technologies.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Genomic Biomarker Market Analysis By Indication

Based on indication, the oncology segment is anticipated to account for the leading share of the global market during the forecast period. As there is a rising number of cancer patients globally along with the emerging technological advancement in biomarkers technique, these genomic biomarkers have had several potential applications in oncology, including risk assessment, determination of prognosis, screening of differential diagnosis, monitoring of cancer progression, and prediction of response to treatment. The WHO also estimated that 20.1 million new cancer cases and 9.8 million cancer deaths were reported globally in 2022.

The CVDs segment is estimated to witness a healthy CAGR in the global market during the forecast period. The growing patient population of cardiovascular diseases and the remarkable application of genomic biomarkers in ischemic heart diseases drive the growth of the CVDs segment in the global genomic biomarker market. The rising prevalence of cardiovascular diseases directly impacts the demand for genomic biomarkers as they provide access to reliable health intervention with high-quality control.

Global Genomic Biomarker Market Analysis By End-User

Based on end-users, the diagnostic segment is anticipated to hold the largest share of the global market during the forecast period. Factors such as the use of genomic biomarkers for the effective diagnosis of multiple diseases, such as cancer, infectious diseases, neurological disorders, and cardiovascular disorders, are on the rise. Genomic biomarkers are used to examine efficacy or screen for adverse impacts in model systems before human testing. Such factors are expected to boost the growth of the diagnostics segment in the global market.

The hospital segment is estimated to account for a substantial share of the global market during the forecast period. Factors such as the expanding availability of genetic biomarkers in hospitals, rising government spending on healthcare and numerous hospital programs that treat chronic diseases propel the growth of the hospital segment in the global market. For instance, the Centers for Medicare & Medicaid Services (CMS) estimates that American national health spending will increase by an average of 7.5% annually from 2023 to 2028 and will reach around USD 7.2 trillion in that year.

REGIONAL ANALYSIS

North America is anticipated to dominate the market among all regions in the global market during the forecast period. The presence of key market participants and an increasing number of partnerships, acquisitions and collaboration activities between the major market players drive the growth of the genomic biomarker market in the North American region. For instance, American genomic technology provider Gene Centric Therapeutics Inc. announced in August 2022 that it had teamed up with American pharmaceutical company Janssen Research & Development, LLC to create a novel, simple RNA-based genomic biomarker for the detection of bladder cancer.

The European region is expected to register a healthy CAGR in the global market during the forecast period. The growth of the genomic biomarker market in the European region is majorly driven by the presence of notable market players, favorable reimbursement systems, and increasing improvements in healthcare infrastructure across the region. These factors make it easier for healthcare professionals and patients to use and commercialize genetic biomarker testing, assuring their accessibility.

The Asia-Pacific region is predicted to showcase the fastest CAGR among all regions in the global market during the forecast period. The rapid growth of healthcare infrastructure initiatives in the Asian economy and the significant presence of extremely cutting-edge research facilities in developing nations such as China, India, and Japan are predicted to fuel the need for biomarkers and propel the APAC market growth. The research includes several Asian countries such as South Korea, Malaysia, India, Indonesia and others to capture the widest range of genetic variation.

The Latin American region is expected to grow the market at a healthy CAGR during the forecast period. To speed up scientific progress in the field of genomics, Latin American countries have been making investments in research and development of genomics. This includes the creation of genomics research facilities, partnerships with international organizations, and financial support for genomic investigations. Such investments are helping with the identification of novel genetic biomarkers and the subsequent commercialization of those biomarkers.

The Middle East and Africa is projected to grow at a moderate CAGR in the global market during the forecast period.

KEY PLAYERS IN THE GLOBAL MARKET GENOMIC BIOMARKER MARKET

Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Liquid Genomics, Inc., AROS Applied Biotechnology A/S, Myriad Genetics, Inc., QIAGEN, Eurofins Scientific, Genomic Health, Bio-Rad Laboratories, Inc., Epigenetics AG, and Aepodia are some of the major players in the global market.

RECENT HAPPENINGS IN THE MARKET

• In August 2022, the FDA approved Roche's companion diagnostic to identify dMMR solid tumor patients qualified for anti-PD-1 immunotherapy.
• In August 2022, Bio-Rad acquired Curiosity Diagnostics for the medical diagnostic and healthcare industries for a maximum aggregate value of $170 million, comprising roughly $100 million in cash and up to $70 million in potential future milestone payments.
• In March 2022, Japan got extended coverage by Myriad Genetics for the Utilization of the BRACAnalysis® Diagnostic System in Early-Stage Breast Cancer as a Companion Diagnostic to Lynparza.
• In June 2022, National Cancer Institute claimed that treating precancerous anal lesions reduces the incidence of anal cancer in persons with HIV by more than half.
• In September 2021, Epi proColon(R) raise CRC screening rates in medically disadvantaged communities, according to recent research published in the BMC Cancer Journal.

DETAILED SEGMENTATION OF THE GLOBAL GENOMIC BIOMARKER MARKET INCLUDED IN THIS REPORT

This research report on the genomic biomarker market has been segmented and sub-segmented based on the Indication, end-user, and region.

By Indication

• Oncology
• Cardiovascular Diseases
• Neurological Diseases
• Others

By End-User

• Hospitals

• Diagnostics
• Research Laboratories
• Others

By Region:

• North America

• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa