Market Trends of Genomic Biomarkers Industry
This section covers the major market trends shaping the Genomic Biomarkers Market according to our research experts:
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.
