by 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 To 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Genomic Biomarker market offers a range of products that play a crucial role in personalized medicine and precision oncology. Genomic biomarkers assist in identifying genetic mutations and variations in individuals, helping healthcare professionals to tailor treatment plans for better patient outcomes. The need for accurate diagnosis, risk assessment, and targeted therapy are the key factors driving the demand for genomic biomarkers in the healthcare sector.
Market Key Trends:
One key trend observed in the Genomic Biomarker market is the increasing adoption of liquid biopsy tests. Liquid biopsy is a non-invasive diagnostic test that detects cancer-related genomic biomarkers in body fluids such as blood or urine. This test enables early detection of cancer, monitoring of treatment response, and identification of resistance mutations. The growing preference for liquid biopsy tests over traditional tissue biopsies is attributed to its convenience, minimal invasiveness, and ability to provide real-time information on tumor genetic status.
Porter’s Analysis
Threat of new entrants: The genomic biomarker market is characterized by high barriers to entry, including the need for substantial investment in research and development, regulatory approvals, and strong distribution networks. Thus, the threat of new entrants is low.
Bargaining power of buyers: With the increasing demand for personalized medicine, buyers have become more informed and price-sensitive. This has led to an increase in their bargaining power, as they can easily switch to alternative suppliers if they offer better prices or quality.
Bargaining power of suppliers: The genomic biomarker market relies heavily on suppliers of equipment, reagents, and other materials. However, the market is dominated by a few key suppliers, such as Thermo Fisher Scientific and F. Hoffmann-La Roche AG, which gives them substantial bargaining power.
Threat of new substitutes: There is a moderate threat of new substitutes in the genomic biomarker market. Technological advancements and new discoveries in the field of genomics could lead to the development of alternative methods for biomarker identification and analysis.
Competitive rivalry: The competitive rivalry in the genomic biomarker market is high. There are several key players operating in the market, including Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Liquid Genomics, Inc., and Myriad Genetics, Inc. These companies compete on factors such as product quality, price, and innovation.
Key Takeaways
The Global Genomic Biomarker Market Size is expected to witness high growth, exhibiting a CAGR of 9.5% over the forecast period. This growth can be attributed to the increasing demand for personalized medicine and the growing adoption of genomic biomarker testing in research and clinical settings.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the genomic biomarker market. This can be attributed to the presence of key players, such as Thermo Fisher Scientific and Myriad Genetics, Inc., in the region, as well as the increasing investment in research and development activities.
Key players operating in the genomic biomarker market include Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Liquid Genomics, Inc., AROS Applied Biotechnology A/S, Myriad Genetics, Inc., QIAGEN, Eurofins Scientific, Genomic Health, Bio-Rad Laboratories, Inc., Epigenomics AG, and Aepodia. These companies are focusing on product development, strategic collaborations, and acquisitions to strengthen their market position and expand their product portfolios.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
