The global genomic biomarkers market size is expected to reach USD 10.68 billion by 2029 according to a new study by Polaris Market Research. The report “Genomic Biomarkers Market Share, Size, Trends, Industry Analysis Report, By Disease Indication (Oncology, Cardiovascular Diseases, Neurological Diseases, Renal Disorders, Others); By Validation; By Type; By End-Use; By Region; Segment Forecast, 2021 - 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing burden of chronic diseases such as cardiovascular diseases, cancer, strokes, and arthritis, along with increasing funding & grants for biomarker research by government authorities, are the few factors expected to accelerate the industry growth during the forecast period. With the increased prevalence of chronic conditions, genomics biomarkers have emerged as an advanced laboratory test in disease diagnosis. As a result, genomics biomarker has been gaining significant traction in recent years. Moreover, the surging demand for early and accurate disease diagnosis and government initiatives to improve the quality and affordability of diagnostic testing are the few factors that amplify the scope for genomic biomarkers across reference laboratories.
Based on the disease indication segment, the oncology segment is observing a leading share in the global industry. This is due to comprehensive genomic profiling is revolutionizing the field of cancer therapy. However, the oncology segment is also projected to grow at the fastest CAGR during the forecast period, owing to the growing number of cancer research arising out through funding from government authorities in the developed and emerging nations. Rising government support to promote biomarker-based research and the vast presence of pharmaceutical laboratories and market vendors in the U.S makes it a lucrative market. Whereas Asia-Pacific is projected to register the highest growth rate, owing to an increasing burden of chronic diseases due to the growing geriatric population and growing healthcare infrastructure in development.
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Industry participants such as Thermo Fisher Scientific Inc., Myriad Genetics, Inc, Bio-Rad Laboratories, Inc., Eurofins Scientific, F. Hoffmann-La Roche Ltd, MedGenome, Almac Group, Qiagen, Transgenomic Ltd, Sema4., Creative Diagnostics, Cancer Genetics Inc., Genome Life Sciences, Foundation Medicine, Inc. Centogene N.V, and Quanterixare some of the key players operating in the global market.
The key players are likely to emphasize developing their product line and expanding by acquiring business and technologies to mark their global footprint in the unreached market. For instance, in September 2021, Illumina completed a partnership with Merck to advance and commercialize tests that can identify genetic mutations in Homologous Recombination Deficiency (HRD) evaluation. Similarly, in September 2021, Thermo Fisher Scientific collaborated with AstraZeneca to develop genetic companion diagnostics to screen patients with cancer and other diseases. The medication is designed for British drugmakers to expand the slate of targeted therapies. Such initiatives will drastically contribute towards the higher growth of the global market.
Polaris Market Research has segmented the genomic biomarkers market report on the basis of type, validation, disease indication, end-use, and region:
Genomic Biomarkers, Type Outlook (Revenue - USD Million, 2017 - 2029)
Genomic Biomarkers, Validation Outlook (Revenue - USD Million, 2017 - 2029)
Genomic Biomarkers, Disease Indication Outlook (Revenue - USD Million, 2017 - 2029)
Genomic Biomarkers, End-Use Outlook (Revenue - USD Million, 2017 - 2029)
Genomic Biomarkers, Regional Outlook (Revenue - USD Million, 2017 - 2029)