Pharmacogenomics Market Research Report, By Technology (Microarray, Sequencing, Polymerase Chain Reaction) By Application (Cardiology, Neurological Disorders) By End Users (Hospitals, Research Organizations, Academic Institute) - Global Forecast till 2023 —
As per Market Research Future (MRFR)’s analysis, the global pharmacogenomics market is set to expand at a CAGR of 5.8% during the forecast period. It is a new development in the field of medical science and aims at developing effective and safe medications. This, in turn, has enabled it to gain much popularity in a short span of time, thus, augmenting the market.
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Pharmacogenomics is expected to facilitate the treatment of a wide spectrum of diseases such as cardiovascular diseases, Alzheimer disease, cancer, HIV/AIDS, and asthma among others. An upsurge in the investments for technology advancements is primarily poised to revolutionize the pharmacogenomics market. Furthermore, it also supports the customization of medicine doses according to a person’s genetics. This, in turn, has led to an expansion of the market presence of pharmacogenomics throughout the global healthcare sector.
Chronic diseases are spreading at an alarming rate which has consequently boosted the demand for precision and personalized medicine. Pharmacogenomics has been widely recognized as a fundamental step in personalized medicine and growing demand for personalized medicine is propelling the growth of the global pharmacogenomics market.
The high rate of adverse drug reaction incidence has been linked to variations in genes which affect the efficacy and toxicity of drugs. This has evoked extensive R&D activities to find out the underlying causes for individual variable reaction to drugs. Pharmacogenomics can improve drug therapy and is increasingly being applied to drug discovery and development. Pharmaceutical companies are progressively making using of pharmacogenomics for drug safety improvisation to increase the success rate in pharmaceutical R&D activities. The governments in multiple countries are also encouraging pharmacogenomics to accelerate personalized care and are outlaying massive amounts on the same which is bolstering the growth of the global pharmacogenomics market.
February 2019- The University of Arizona College of Medicine - Phoenix and Banner Health announced collaboration to work on a technology that aids in the prevention of life-threatening adverse drug reactions. A sum of USD 1.5 Mn is being invested in incorporating pharmacogenomics and into clinician training and medical practice.
In December 2018, a leading telegenomics technology and services company, Genome Medical, has added pharmacogenomics to its line of genetic services.
In December 2018, ZibdyHealth has become the first health application to make pharmacogenomics simple to use, easy to understand, and useful for everyone by integrating clinical and genomic data.
In December 2018, Genesys Physicians Hospital Organization, a leader in genomics and precision medicine, has selected 2bPrecise pharmacogenomics (PGx) solution for improving medication safety and overall patient care.
In December 2018, OneOme, co-developed by Mayo Clinic, has announced that it has received approval from New York State Department of Health for offering pharmacogenomic testing.
Pharmacogenomics in recent years has used a new generation of technology approaches that has led to a revolution in the understanding of disease susceptibility and pathophysiology, providing enormous potential for novel therapeutic strategies.
However, with companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the best strategies.
The noteworthy players operating the global market are Teva Pharmaceutical Industries Ltd. (Israel), Assurex Health Inc. (U.S.), Future Science Group (U.S.), Pathway Genomics (U.S.), Myriad Genetics Inc. (U.S.), GeneDx. (U.S.), GeneTech (U.S.), 23andMe Inc. (U.S.), and others.
On the basis of technology, the global pharmacogenomics market has been segmented into microarray, sequencing, polymerase chain reaction, and others. The sequencing segment has been further sub-segmented into Sanger sequencing, pyrosequencing, next-generation sequencing, and others.
On the basis of application, the pharmacogenomics market has been segmented into oncology, cardiology, neurological disorders, and others. The oncology segment has been sub-segmented into breast cancer, lung cancer, and others.
On the basis of end-users, the global pharmacogenomics market has been segmented into hospitals, research organizations, academic institute, and others
The global pharmacogenomics market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is expected to dominate the global market owing to the presence of developed economies and an advanced healthcare sector. Furthermore, the increasing patient pool of cardiovascular diseases and rising healthcare expenditure is poised to boost the growth trajectory of the pharmacogenomics market.
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Europe is presumed to command the second-largest market share during the forecast period. The primary factors that are expected to complement the growth of the regional pharmacogenomics market include availability of findings, increasing research & development activities, and growing support by the government. Also, the consolidation of major country-level markets such as Germany and France are poised to reflect positively on the expansion of the market.
Asia Pacific resonates strong potential for expansion. It has been projected to become the fastest growing regional pharmacogenomics market over the assessment period. Meanwhile, the Middle East & Africa is set to exhibit sluggish growth. The laggards restricting the growth of the pharmacogenomics market in the region are low per capita healthcare expenditure and stringent government policies, especially in the African region.
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