Global Genomic Biomarker Market, by Indication (Oncology, Cardiovascular diseases, Neurological diseases, and Others), by End User (Hospitals, Diagnostic & Research Laboratories, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 4,396.6 million in 2021, and is expected to exhibit a CAGR of 9.5% during the forecast period (2021-2028).
Rising cases of chronic diseases such as cancer, heart attack, stroke, and others is expected to drive growth of the global genomic biomarker market during the forecast period. For instance, according to data provided by the Cancer Research U.K, in 2018, more than 17 million new cancer cases were reported across the globe. Moreover, according to the Global Burden of Disease (GBD) Study 2019, the prevalent cases of cardiovascular diseases across the globe was around 523 million.
Market players are engaged in inorganic activities such as acquisitions of companies, which is expected to drive growth of the genomic biomarker market. For instance, in October 2019, Qiagen, a German molecular diagnostic technology provider, entered a 15 year partnership with Illumina Inc., an American biotechnology company, to develop technologically advanced diagnostic techniques based on genomic analysis.
Global Genomic Biomarker Market - Impact of Coronavirus (COVID – 19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 177 million cases and 3.8 million deaths due to Coronavirus (COVID-19) were reported up till June 20, 2021 across the globe.
The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the demand and supply in global genomic biomarker market. The COVID-19 pandemic has affected the demand and supply of genomic biomarker market in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and by its financial impact on firms and financial markets. Supply chain and manufacturing activities of genomic biomarkers analysis systems in India, China, and the U.S. are disrupted due to nationwide lockdowns.
However, rising cases of chronic diseases associated with COVID-19 infections such as cardiovascular disease, stroke, arthritis, and others is expected to drive the growth of genomic biomarker market as a diagnostic tool. For instance, according to an article published by the American Heart Association Journal in February 2021, the risk of having acute ischemic stroke is increased in patients who are COVID-19 positive. This is expected to increase the growth of genomic biomarker market during the forecast period.
Browse 35 Market Data Tables and 24 Figures spread through 168 Pages and in-depth TOC on Global Genomic Biomarker Market, by Indication (Oncology, Cardiovascular diseases, Neurological diseases, and Others), by End User (Hospitals, Diagnostic & Research Laboratories, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, launch of new products is expected to drive the genomic biomarker market growth. For instance, in 2018, Qiagen, German molecular diagnostic technology provider, announced launch of its product GeneRead QIAact Actionable Insights Tumor panel for the expansion of its product portfolio. This panel can detect single nucleotide polymorphism (a genomic biomarker) using only minute volumes of genomic DNA. Detection of such genomic biomarkers helps in the diagnosis of lung tumor, prostate tumor, melanoma, and other solid tumors.
Key Takeaways of the Genomic Biomarker Market: