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/
Comments
Post a Comment