April 29, 2021
According to the research report titled ‘Global Genomic Biomarkers Market Size study, by Application (Oncology, Cardiovascular diseases, Neurological diseases, Others), by End-User (Diagnostic and research laboratories, Hospitals, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global genomic biomarkers market was evaluated at USD 3.5 billion in 2019 and is projected to be worth USD 9 billion by 2027, growing at a yearly rate of 12.5 % throughout.
Increasing occurrence of cancer and cardiac ailments, and growing availability of funds for research are leading factors boosting global genomic biomarkers market. As per the American Heart Association, 17.6 million people died worldwide because of CVD in 2016, which is projected to reach 23.6 million by 2030. It further added that 17 million new cases of cancer and 9.5 million associated deaths were reported in 2018, and by 2040, this number will grow up to 27.5 million new cancer cases and 16.3 million deaths.
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For the unversed, genomic biomarkers contain Deoxyribonucleic acid (DNA) and Ribonucleic acid (RNA) which are usually used to indicate diseases, classify them, and choose a therapy for treatment. They are non-invasive tools that help gauge the function of a gene, supervise it in biological processes, and study its manifestation & response to therapeutics. genomic biomarkers are used mainly in imaging technology to provide clear images of cancerous tumors and other complications, and help prevent radiation therapy through MRI and CT scans.
Above mentioned statistics, coupled with technological developments in genomic biomarkers such as next-generation sequencing and gene expression profiling are responsible for market expansion.
On the other hand, lack of standardization to validate the product and strict government regulations are hindering global genomic biomarkers industry growth.
As per the scope of application, worldwide genomic biomarkers market is segregated into cardiovascular diseases, oncology, neurological diseases, and others. Moving on to end user terrain, the industry is bifurcated into hospitals, diagnostic & research laboratories, and others.
Regionally speaking, North America captured a significant portion of global genomic biomarkers market share in the recent past and is speculated to grow rapidly over the analysis period. Availability of favorable government policies, funds for research, and presence of many leading companies in the region are the responsible factors. Moreover, increasing frequency of cardiological diseases and cancer, alongside availability of proper pharmaceutical & biotechnological infrastructure in Canada and the United States are generating significant revenue prospects.
Key players enlisted in the report are Thermo Fisher Scientific Inc., Aepodia SA, Qiagen N.V., Epigenomics AG, Almac Group, F. Hoffmann La-Roche AG, Eurofins Scientific SE, Aros Applied Biotechnology A/S, Myriad Genetics Inc., and Bio-Rad Laboratories Inc.