Global Genomic Biomarkers Market is valued approximately at USD 3.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 12.7% over the forecast period 2020-2027. Genomic biomarkers possess the attribute of Deoxyribonucleic acid (DNA) and Ribonucleic acid (RNA) that are typically used as a disease indicator, disease classification, and therapy assortment. They are minimally or non-invasive tools generally applied in imaging technology to deliver clear imaging of cancerous tumors & other complications, as well as reduce the possibilities of radiation treatment throughout CT scans and MRI scans. These biomarkers are further utilized to assess hyperkalemia, high blood pressure, and other monogenic circumstances. They reveal the function of gene, manifestation of a gene, and supervision of a gene in typical biologic procedures, pathogenic procedures, and responses to therapeutics. The increase in the genomic biomarker market is significantly imputed to the fact that the technological advancements in genomic biomarker, such as Gene Expression Profiling (microarray) and Next-Generation Sequencing (NGS, is relentlessly expanding across the globe. Moreover, the rise in prevalence of chronic diseases such as cancer and cardiac disorder aligned with rising availability of funding for genomic biomarker research are the few other factors responsible for the CAGR of the market during the forecast period. According to the American Heart Association, CVD is the leading cause of death around the world. There were about 17.6 million deaths due to CVD registered in 2016, which is likely to grow almost 23.6 million by 2030. While there were around 17 million new cases of cancer and 9.5 million deaths were totaled in 2018 and is expecting to grow over 27.5 million new cancer cases and 16.3 million deaths by the year 2040. This, in turn, is expected to strengthen the market growth all over the world. However, the stringent government regulation coupled with the lack of standardization for validating the biomarker are the few factors restraining the market growth over the forecast period of 2020-2027.
The regional analysis of the global Genomic Biomarkers market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the supportive government policies and funding for genomic biomarker research along with the presence of a significant number of market vendors in the region. Whereas North America is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in prevalence of cancer and cardiology diseases along with the presence of significant pharmaceutical and biotechnological infrastructure in the United States and Canada would create lucrative growth prospects for the Genomic Biomarkers market across the Asia-Pacific region.
Major market player included in this report are:
Thermo Fisher Scientific Inc.
F. Hoffmann-La Roche Ltd.
Myriad Genetics Inc.
Bio-Rad Laboratories Inc.
Aros Applied Biotechnology A/S
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Diagnostic and research laboratories
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Genomic Biomarkers Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers