The global genomic biomarkers market is expected to witness a CAGR of 9.2% over the forecast period. The rising burden of chronic diseases (cardiovascular diseases, cancer, strokes, and arthritis), high demand for minimally invasive procedures, technological advancements, development in R&D, and the infrastructure for data sharing and the demand for personalized medicines are expected to drive the growth during the forecast period. Technologies such as Gene Expression Profiling (microarray) and Next-Generation Sequencing (NGS) are currently the leading advances in this market segment. According to the World Health Organization’s estimation in 2018, nearly 1 out of every 6 death is due to cancer followed by cardiovascular diseases, which accounts for the number one cause of death in the world. In August 2020, GeneCentric Therapeutic announced its entry into a research collaboration with Janssen Research & Development, LLC around an RNA-Based genomic biomarker, to develop novel non- invasive bladder cancer (NMIBC). According to a 2015 publication by the United States Food and Drug Administration (USFDA), they have undertaken several initiatives to initiate the use of genomic biomarkers in the development of medicinal products. However, high cost, complex development process, stringent government regulations and lack of standardized means to validate the marker may impose few challenges in the growth of genomic biomarkers market.
Key Market Trends
Oncology Segment is Expected to Dominate the Market in The Forecast Period
Based on the indication, the oncology segment is expected to lead the market growth. Oncology biomarkers are expected to show significant growth due to an increase in the prevalence of various types of cancers such as breast, prostate, and lung cancer. In addition, push-in target therapies, technological advancements, and reliability on oncology biomarkers drive the growth of the market. As per the 2018 estimation by the International Agency for Research on Cancer (IRAC), the global burden is expected to reach 27.5 million new cancer cases by 2040. The factors responsible for the growing burden include smoking, unhealthy lifestyle, and lack of physical activities. The burden may probably further increase beyond IRAC estimation, thus increasing the opportunities in terms of the patient pool and customized medicines. Further, such factors escalating, the biopharmaceutical companies are expected to have higher priorities in relation to the expansion of products under the oncology category, thus, expected to boost the growth of this market, over the forecast period.
North America is Expected to Lead the Market
In terms of geography, North America is expected to hold the highest market share in the forecast period. The major reasons accelerating the market in this region includes developed healthcare infrastructure, favorable government policies, and huge research grants. The United States is by far leading the market in North America and continues to do so even in the forecast period. For instance, in August 2020 Cancer Genetics Inc., a US-based company signed a definitive merger agreement with StemoniX, a private company to accelerate the development of preclinical and clinical pipelines for biopharma partners as well as for the proprietary pipeline of the combined company. Such engagements in extensive R&D activities, advanced technologies, and substantial funding by the government as well as by the private organizations project the array of growth in the United States. Similar trends can be expected over the forecast period.
Competitive Landscape
The Genomic Biomarkers Market is highly competitive owing to the presence of large number of competitors. To sustain and increase footprints in such a competitive landscape, major players are adopting a lot of strategies such as product innovations, expansions, technology upgrades, investments in R&D as well as mergers and acquisitions. In 2018, BioMrieux SA completed the acquisition of Astute Medical to have access to biomarkers in the product pipeline of Astute Medical.
Major players currently in the market include Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Myriad Genetics Inc, Eurofins Scientific, QIAGEN etc.
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