The global genomic biomarkers market valued USD 4.46 billion in 2020 and is expected to reach a valuation at USD 11.2 billion by 2027 and is expected to grow with a CAGR of 14% over the forecast period. The driving factors influencing the global genomic biomarkers market include the growing prevalence for colorectal cancers, ovarian, gastric, increasing demand for minimally invasive procedures, rising developments in infrastructure for data sharing and analysis such as bioinformatics, introducing advancements in technologies, and rising concerns about genomics biomarkers.
As genomics biomarkers have complex processes and stringent government regulations the demand for the global genomic biomarker market is expected to hamper the growth. With the increasing awareness of biomarkers to diagnose fatal disease such as reimbursement issues and cardiovascular diseases are being solved with the intervention of regulatory authorities is expected to propel the growth of the global genomic biomarkers in the coming years.
With the increasing popularity of limitations of diagnosis and treatment and personalized medicines, the genomic biomarkers are generating a huge scope of opportunities across the globe. With a variety of fields of medicines, from cancer to psychiatry patients are moving towards tailored treatments on the basis of clinical or biological characteristics. The biomarkers play a major role in personalized medicines. Moreover, rise in the field of personalized medicines along with applications in selection of targeted therapies, diagnosis, and prognosis the demand for genomic biomarkers is expected to project maximum popularity over the forecast period.
With the increasing disease risk and response to therapy, the ongoing development and identification of biomarkers specific to a disease and individual patients is majorly considered as one of the vital for personalized medicine. The field of personalized medicine is anticipated to project a wide range of opportunities in the coming years.
Biomarkers are non-invasive tools which are generally used in imaging technology to provide clear imaging of oncology tumors and other problems. Moreover, it also eliminates the opportunity of radiation exposure during performing imaging through CT scans and MRI scans. It is reflected as the expression of a gene, regulation of a gene, and function of a gene in normal biology to test hyperkalemia, test high blood pressure, and other monogenic conditions.
Based on region, the global genomic biomarkers market is widespread to the Middle East and Africa, Egypt, Saudi Arabia, Canada, South Africa, Asia Pacific, Argentina, Mexico, Korea, India, France, Turkey, Nigeria, UAE, Europe, Japan, China, UK, Russia, South America, Brazil, Italy, North America, Southeast Asia, Germany, USA, and Columbia.
North America is anticipated to hold the largest market size in the genomic biomarkers market, followed by Europe. This is due to the increasing presence of key vendors in the region. Furthermore, Europe is expected to hold the highest market size in the market resulting in GDPR compliance. Due to the increasing technological advancement in Asia Pacific region, the factors influencing the genomic biomarkers market include growing prevalence for colorectal cancers, ovarian, gastric, increasing demand for minimally invasive procedures, rising developments in infrastructure for data sharing and analysis such as bioinformatics, introducing advancements in technologies, and rising concerns about genomics biomarkers.
In terms of market players, the global genomic biomarkers market is competitive and fragmented with the presence of various kind of different vendors including Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Aepodia SA, Myriad Genetics, Inc., Eurofins Scientific, QIAGEN, Bio-Rad Laboratories, Inc., Genomic Health, Liquid Genomics, Epigenomics AG, and AROS Applied Biotechnology A/S among others.
Report : Genomic Biomarkers Market - By Type (Oncology, Cardiovascular diseases, Neurological diseases and Others) By Application (Diagnostics, Research laboratories, Hospital, Other) By Region (North America, Europe, Asia Pacific, Middle East & Africa, RoW) - Industry Analysis, Opportunity and Forecast 2020 To 2027