Market Size of Genomic Biomarkers Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Genomic Biomarkers Market Analysis
The global genomic biomarkers market is expected to witness a CAGR of 9.2% over the forecast period. The rising burden of chronic diseases (cardiovascular diseases, cancer, strokes, and arthritis), high demand for minimally invasive procedures, technological advancements, development in R&D, and the infrastructure for data sharing and the demand for personalized medicines are expected to drive the growth during the forecast period. Technologies such as Gene Expression Profiling (microarray) and Next-Generation Sequencing (NGS) are currently the leading advances in this market segment. According to the World Health Organization's estimation in 2018, nearly 1 out of every 6 death is due to cancer followed by cardiovascular diseases, which accounts for the number one cause of death in the world. In August 2020, GeneCentric Therapeutic announced its entry into a research collaboration with Janssen Research & Development, LLC around an RNA-Based genomic biomarker, to develop novel non- invasive bladder cancer (NMIBC). According to a 2015 publication by the United States Food and Drug Administration (USFDA), they have undertaken several initiatives to initiate the use of genomic biomarkers in the development of medicinal products. However, high cost, complex development process, stringent government regulations and lack of standardized means to validate the marker may impose few challenges in the growth of genomic biomarkers market.
