GENOMIC BIOMARKER MARKET ANALYSIS

Genomic Biomarker MarketSize and Trends

The global genomic biomarker market is estimated to be valued at US$ 4,396.6 Mn in 2021, and is expected to exhibit a CAGR of 9.5% over the forecast period (2021-2028).

Figure 1: Global Genomic Biomarker Market Share (%) Analysis, By Indication, 2021

Market- Trends

The increasing burden of chronic diseases is the ma jor factor that is expected to drive the market growth of genomic biomarker over the forecast period.

The rising burden of chronic diseases such as stroke, heart attack, cancer, arthritis, and others are expected to drive growth of genomic biomarker market over the forecast period. According to the data provided by the International Agency for Research on Cancer (IRAC) in 2018, it is estimated that there will be more than 27.5 million new cancer cases by 2040 majorly due to factors such as unhealthy lifestyle, smoking, and reduced physical activities. Also, according to the statistics provided by the World Health Organization in 2018, over 795,000 people have stroke each year in the U.S. This is expected to create opportunities for genomic biomarker market as a clinical diagnostic tool and aid in the development of personalized therapy that will further propel the growth of global genomic biomarker market.

Moreover, the increasing number of research and development activities for identification of novel genomic biomarkers and achieving better specificity associated with the use of genomic biomarker is expected to aid in the growth of the market over the forecast period. For instance, according to an article published by the Intestinal Research Journal in November 2019, a meta-analysis of 1,258 patients suffering from colorectal cancer and 803 healthy people as control, revealed that the use of circulating (cell-free) cfDNA as a genomic biomarker for the diagnosis of colorectal cancer showed 91.8% specificity. This specificity was found to be higher than the genomic biomarker diagnosis using absolute DNA concentration. sSuch new revelations in the field of genomic biomarkers is expected to drive its market growth. Technological advancements in the field of healthcare and genomics is expected to drive the growth of the global genomic biomarker market over the forecast period. For instance, in November 2019, Exact Sciences Corp., an American molecular diagnostics company, received the U.S Food and Administration’s ‘breakthrough device’ designation for its blood-based diagnostic test for liver cancer. This test evaluates two protein biomarkers and four methylated DNA biomarkers for the detection of hepatocellular carcinoma with a high specificity of 90% and sensitivity of 80%. Moreover, in May 2020, Qiagen, a German molecular diagnostics technology provider, announced the launch of technologically advanced solutions for genomic analysis in different types of cancers. The novel QIAseq pan-cancer multimodal panel utilizes unique QIAseq multimodal technology to identify and enrich more than 600 DNA and RNA biomarkers for the assessment of tumor mutational burden and microsatellite instability status from a single sample input.