Genomic Biomarkers Market Report 2024

This Genomic Biomarkers market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The genomic biomarkers market size has grown rapidly in recent years. It will grow from $6.34 billion in 2023 to $7.42 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The historical growth can be linked to increased focus on genetic testing activities, a rise in chronic disease cases, heightened emphasis on precision medicine, greater adoption of companion diagnostics, and a growing number of patients with neurological conditions.

The genomic biomarkers market size is expected to see rapid growth in the next few years. It will grow to $14.09 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The anticipated growth during the forecast period is driven by a rise in ovarian and gastric cancer cases, greater acceptance and awareness of genetic testing, a growing use of genomic biomarkers for cancer diagnosis and treatment, an increasing number of cancer patients, and more widespread adoption of companion diagnostics. Key trends in the forecast period include next-generation sequencing (NGS), integration with other omics, advancements in genomic technology, product innovations, and enhanced healthcare services.

The growing demand for personalized medicine is projected to drive the expansion of the genomic biomarkers market. Personalized medicine, or precision medicine, tailors healthcare decisions and treatments to the unique characteristics of each patient, primarily based on their genetic and genomic information. This demand is fueled by factors such as increased focus on patient-centered care, advancements in genetic sequencing and analysis, the shift towards a patient-centric approach, and the utilization of electronic health records (EHRs) for managing patient data. Genomic biomarkers are essential in personalized medicine as they enable healthcare providers to customize medical treatments according to an individual’s specific genetic profile, thereby optimizing treatment effectiveness and reducing side effects. For instance, the Personalized Medicine Coalition reported in 2022 that 12 new personalized medications were approved, representing approximately 34% of all newly approved treatments and a 34% increase over previous years. As such, the rising demand for personalized medicine is expected to accelerate growth in the genomic biomarkers market.

Key players in the genomic biomarkers market are concentrating on developing advanced products, such as lung reagents, to enhance the detection of specific genetic mutations in lung cancer, improve diagnostic accuracy, and support personalized treatment strategies through advanced genomic technologies. Lung reagents are specialized substances used in diagnostic tests and research related to lung conditions, facilitating precision medicine by guiding treatment based on the genetic profile of the cancer. For example, in December 2023, Biofidelity, a UK-based company specializing in advanced genomic assays and precision diagnostics, introduced ASPYRE-Lung reagents. These reagents are designed to detect significant genetic mutations and alterations in lung cancer, crucial for directing targeted therapies and personalized treatment plans.

In November 2022, Biocare Medical, a US-based manufacturer of immunohistochemistry (IHC) and molecular pathology products for cancer and infectious disease diagnostics, acquired Empire Genomics LLC for an undisclosed amount. This acquisition is intended to enhance Biocare Medical's capabilities in precision diagnostics and molecular pathology. Empire Genomics LLC, also based in the US, produces genomic biomarkers used in cancer diagnosis and personalized medicine.

Major companies operating in the genomic biomarkers market are Thermo Fisher Scientific Inc., Roche Diagnostics International Ltd., Illumina Inc., PerkinElmer Inc., Almac Group, Azenta Inc., Novogene Corporation, Oxford Nanopore Technologies Ltd., Celerion, Quanterix Corporation, Bio-Rad Laboratories Inc., NantHealth Inc., Centogene N.V., Sophia Genetics SA, Envisagenics, Deep Genomics, Creative Diagnostics, Macrogen Inc., Guardant Health Inc., Sema4.

North America was the largest region in the genomic biomarkers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the genomic biomarkers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the genomic biomarkers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Genomic biomarkers are specific sequences or variations in DNA or RNA that provide insights into biological processes, conditions, or responses to treatments. In precision medicine, these biomarkers help predict disease risk, diagnose conditions, monitor disease progression, or guide treatment decisions. They are essential for personalized medicine, enabling healthcare providers to tailor treatments based on an individual's genetic makeup, thereby enhancing therapy effectiveness and minimizing adverse effects.

The main types of genomic biomarkers are predictive biomarkers and prognostic biomarkers. Predictive biomarkers are biological molecules found in blood, other body fluids, or tissues that indicate whether a patient is likely to benefit from a specific medical treatment or intervention. They are relevant for various disease indications, including oncology, cardiovascular diseases, neurological diseases, renal disorders, and others, and are validated through analytical, clinical, and clinical utility validations. These biomarkers are utilized by end-users such as hospitals, diagnostic centers, and other healthcare providers.

The genomic biomarkers market research report is one of a series of new reports that provides genomic biomarkers market statistics, including genomic biomarkers industry global market size, regional shares, competitors with a genomic biomarkers market share, detailed genomic biomarkers market segments, market trends, and opportunities, and any further data you may need to thrive in the genomic biomarkers industry. This genomic biomarkers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The genomic biomarkers market consists of sales of genomic biomarker panels, real-time PCR detection systems, and droplet digital PCR (ddPCR) systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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