The Global Genomic Biomarker Market Growth Accelerated By Advent Of Personalized Medicine

 

Genomic Biomarker Market

Genomic biomarkers are DNA or RNA molecules whose presence is indicative of specific disease conditions or response to therapeutic interventions. These biomarkers aid in personalized treatment approaches and pinpointing disease risk. Genomic biomarkers are utilized in cancer diagnostics to characterize tumor biology and predict drug response. For instance, BRAF mutations aid in treatment selection for melanoma patients.

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 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

 

Increasing demand for personalized medicine is one of the major drivers of the genomic biomarker market growth. Personalized medicine involves tailoring medical treatment to an individual’s characteristics, including their genome. Genomic biomarkers aid doctors make more informed decisions about disease risk stratification, drug selection and dosing, and prevention strategies. Moreover, increasing cases of cancer worldwide has necessitated the need for improved diagnostic methods and personalized treatment. Genetic testing aids early cancer detection and selection of targeted therapies most likely to benefit patients. Advancements in genomic technologies such as next-generation sequencing have led to discovery of new biomarkers linked to various diseases. This has augmented genomic biomarker applications in disease diagnosis and prognosis.

 

SWOT Analysis

Strength: Genomics biomarkers offers non-invasive and accurate diagnostic and prognostic capabilities in molecular biology. It provides highly sensitive and specific identification of diseases at molecular level. The genomic biomarkers helps in developing precision and personalized medicines.

Weakness: Developing a genomic biomarker is highly capital intensive and time consuming process. Validation of genomic biomarkers is a lengthy and complex process. Storage and analysis of large genomic data is challenging.

Opportunity: Increasing adoption of precision and personalized medicine offers huge growth opportunities. Growing geriatric population suffering from chronic diseases will boost the demand. Technological advancements in next generation sequencing and bioinformatics will expand applications.

Threats: Stringent regulatory policies and procedures increase compliance costs. Ethical issues related to genetic data security and privacy are major concerns. Reimbursement policies pose commercialization challenges.

 

Key Takeaways

 

The Global Genomic Biomarker Market Size is expected to witness high growth. 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 4.8% over the forecast period 2023 to 2030.

North America currently dominates the market owing to rising investments in R&D activities and presence of leading players. Asia Pacific market is expected to grow at fastest pace due to increasing healthcare spending, rising awareness, and growing collaborations between academic institutes and life sciences companies.

 

Key players operating in the genomic biomarker market are Fera Pharmaceuticals, Pfizer, Novartis AG, Merck KGaA, Baxter, Cipla Limited, Zydus Cadila, Lupin Pharmaceuticals, Inc., UCB, Inc., APOTEX INC, and Moleculin Biotech, Inc. Merck KGaA holds leading position due to its strong product portfolio and global presence. Pfizer has strong foothold in North America market. Zydus Cadila and Lupin are major Indian players focusing on generic biomarker development.


Get More Insights Here

https://www.newswirestats.com/genomic-biomarkers-market-size-share-growth-outlook-2023/

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