Global Genomic Biomarkers Market To Witness Spectacular Growth, Revenue to Surge to USD 19.7 Billion by 2028 – Zion Market Research
The global Genomic Biomarkers market accounted for USD 5.5 billion in 2020 and is expected to reach USD 19.7 billion by 2028, growing at a CAGR of around 17.5% between 2021 and 2028.
The report covers forecast and analysis for the Genomic Biomarkers Market on a global and regional level. The study provides historic data of 2016 along with a forecast from 2021 to 2028 based on revenue (USD Billion). The study includes drivers and restraints for the Genomic Biomarkers market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Genomic Biomarkers market on a global level.
A biomarker is a substance that is introduced into an organism as a means to examine organ function or other aspects of health. A genomic biomarker is in the form of DNA or RNA. Genomic biomarkers are DNA or RNA characteristics, which act as an indicator of normal biologic processes, pathogenic processes, and/or response to therapeutic or other intervention. Genomic biomarkers offer a valuable tool for genetic testing of various disorders that identifies changes in chromosomes, genes, or proteins. The results of a genetic test can confirm or rule out a suspected genetic condition or help determine a person’s chance of developing or passing on a genetic disorder.
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The reports includes key developments strategies in the genomic biomarkers market. Various companies are focusing on strategies such as product launches, product approvals and others such as patents and events. For instance, in 2016, Merck Millipore launches MILLIPLEX MAP for human cytokine assays, with Luminex FLEXMAP 3D platform technology.
COVID-19 Impact Analysis:
The pandemic has led to increase the demand for genomic biomarkers as can enhance the development and approval of new, innovative drugs and biological products, particularly in field of vaccines. Clinical biomarkers are generally defined as the measurable biological indicators of the presence, severity or type of disease in medical settings. As the pandemic progresses, the amount of scientific publications on COVID-19 research has also grown exponentially. The covid-19 has created an opportunity for the numbers of patients as there is high chances of adverse health effects of covid-19 on the people. However, the covid-19 has positively impacted on the Genomic Biomarkers market.
Global genomic biomarkers market is primarily driven by growing prevalence of life-threatening diseases such as cancer, cardiovascular diseases and neurological disorders across the globe. Other major driving factors are a need for genomic biomarker-based personalized medicines and their increasing adoption. However, high cost, complex development procedure, and stringent government regulations are the major restraints that may limit the growth of the market. Nonetheless, growing awareness about advantages of genomic biomarkers over conventional methods for diagnosis coupled with a huge investment in genomic biomarkers across the globe is likely to disclose the new avenues for genomic biomarkers market in the near future.
Segment Analysis Preview
The genomic biomarkers market is segmented on the basis of different indications such as oncology, cardiovascular diseases, neurological diseases and others. Oncology segment holds a maximum share of global genomic biomarkers market. It helps clinicians make important decisions about the diagnosis, disease stage, therapy plan, and prognosis in patients.
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End User Analysis Preview
Based on the End User the market of Genomic Biomarkers has been segmented as Hospitals, Diagnostic & Research Laboratories, and others. Diagnostic & Research Laboratories segment gain a major traction in the market. They can also help doctors decide which patients are likely to respond to a given drug (prediction) and at what dosage it might be most effective (pharmacodynamics).
Key Market Players & Competitive Landscape
The major players operating Genomic Biomarkers market are Thermo Fisher Scientific, Roche Diagnostics, Myriad Genetics, QIAGEN, Bio-Rad Laboratories, US Biomarkers Inc., Almac Group and Epigenomics AG among others.
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