Genomic Biomarkers Market: Segmented: By Type (Oncology, Cardiovascular diseases, Neurological diseases, Renal Disorders and Others); By End user (Hospitals, Diagnostic centre and Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Genomic Biomarkers Market to surpass USD 109.94 billion by 2031 from USD 41.43 billion in 2021 at a CAGR of 13.4% in the coming years, i.e., 2021-31.
Genomic biomarkers are cancer detection markers that can be used at an early stage. It is a biomarker that is based on the results of a genomic test. Genomic biomarkers can be used to predict disease risk in healthy people, monitor the efficacy of disease treatments, or detect whether someone has inherited an abnormal gene that increases their risk of developing cancer. To detect genetic mutations in DNA, proteins, or metabolites, genomic biomarkers are used. The analysis of an individual's genome and proteome is included in genetic testing, which is also known as genomic testing. By examining how a person's genes respond to different drugs, the technology can detect gene changes that may increase cancer risk, guide treatment decisions, and assess response to therapy.
Global Genomic Biomarkers Market is expected to project a notable CAGR of 13.4% in 2031.
The increasing prevalence of ovarian, gastric, and colorectal cancers, high demand for minimally invasive procedures, development of technologies in clinical laboratory tests, enormous developments in infrastructure for data sharing and analysis such as bioinformatics, and growing awareness about genomic biomarker-based personalized medicines are the major factors driving the growth of the genomic biomarkers market.
Cardiovascular diseases segment to grow with the highest CAGR during 2021-31
Based on type, the global Genomic Biomarkers Market is fragmented into Oncology, Cardiovascular diseases, Neurological diseases, Renal Disorders, and Others. Protein markers are biomarkers that aid in the diagnosis of a wide range of diseases, including cardiovascular disorders. When these protein markers come into contact with circulating antibodies, they identify molecules secreted by cells that act as antigens, causing an immune response.
Hospital segment to grow with the highest CAGR during 2021-31
Based on end-user, the global Genomic Biomarkers Market is fragmented into Hospitals, Diagnostic Centers, and Others. In hospitals, genomic biomarkers hold the largest CAGR. The primary applications of genomic biomarkers are to diagnose, treat, and monitor the effects of therapies. The majority of genomic biomarkers are used in hospitals for cancer detection and treatment. The main reason for this is that early detection can help to prevent death to a greater extent.
Growing awareness and advancements in R&D
Growing awareness of the role of biomarkers in the diagnosis of fatal diseases such as cancer and cardiovascular disease, as well as reimbursement issues being resolved with the intervention of regulatory authorities, are expected to propel market growth shortly. The rising prevalence of chronic diseases, as well as the increased demand for minimally invasive procedures and technological advancements, will drive the genomic biomarkers market. Furthermore, advancements in R&D, data sharing infrastructure, and demand for personalized medicines will drive market growth during the forecasted period.
Increased investments and a rise in chronic diseases
An increase in technological advancement and development in clinical laboratory tests is a critical factor driving market growth, as is an increase in the cases of gastric and ovarian cancer, an increase in the demand for genomic biomarker-based medicine, and an increase in the burden of chronic diseases, among other factors driving the genomic biomarkers market. Furthermore, rising technological advancements and modernization in the healthcare sector, as well as rising demand from emerging economies, will create new opportunities for the genomic biomarkers market during the forecasted period.
Government regulations and high costs associated with the market
The high price, complex processes associated with genomic biomarkers, as well as stringent government regulations, are impeding the global genomic biomarkers market's growth.
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Genomic Biomarkers Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Growth in North America's developed markets is primarily driven by the high adoption of advanced technologies, an increase in the number of research studies for the discovery and development of novel biomarkers, the presence of a large number of pharmaceutical companies, rising funding and investments from public and private organizations, and an increase in the use of biomarkers in patient stratification and the drug development process.
|The market size value in 2021||USD 41.43 billion|
|The revenue forecast in 2031||USD 109.94 billion|
|Growth Rate||CAGR of 13.4% from 2021 to 2031|
|The base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, End-User, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Qiagen, Almac Group, Cancer Genetics Inc, Eurofins Scientific, Thermo Fisher Scientific Inc, Aepodia SA, Epigenomics AG, US Biomarkers Inc., Roche Diagnostics. and Other Prominent Players.|
The Genomic Biomarkers Market size was estimated at USD 41.43 billion in 2021 and expected to reach USD 109.94 billion by 2031
Key players: Qiagen, Almac Group, Cancer Genetics Inc, Eurofins Scientific, Thermo Fisher Scientific Inc, Aepodia SA, Epigenomics AG, US Biomarkers Inc., Roche Diagnostics.and Other Prominent Players
Cardiovascular diseases segment and Hospital segment are anticipated to hold the largest Genomic Biomarkers Market
Drivers: Growing awareness and advancements in R&D and Increased investments and a rise in chronic diseases
Genomic biomarkers are cancer detection markers that can be used at an early stage. It is a biomarker that is based on the results of a genomic test. Genomic biomarkers can be used to predict disease risk in healthy people, monitor the efficacy of disease treatments, or detect whether someone has inherited an abnormal gene that increases their risk of developing cancer
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