Pharmacogenomics Market will See a Huge Impact on Growth, Share and Size with 5.8% CAGR by 2023

MRFR’s “Global Pharmacogenomics Market” Report included Professional Analysis, information Collected through top Industry Experts interviews and future Growth predictions of Market, Recent trends, Size, Share, Growth information uniquely in depth.

Pharmacogenomics is a relatively new field of study which is a combination of genomics and pharmacology. It studies how based on genes, a person reacts to drugs which aid in the development of more effective and safe medications. With Pharmacogenomics, drug doses can be tailored to a person's genetic makeup and can be useful in the treatment of a wide range of health problems. The global pharmacogenomics market is likely to strike a CAGR of 5.8% over the forecast period of 2017-2023, predicts Market Research Future (MRFR) in an extensive study.

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.

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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.

On the other hand, the global pharmacogenomics market growth can be impeded by high costs associated with pharmacogenomics testing, the dearth of trained professionals to perform such tests and lack of proper laboratory infrastructure. Lack of standardization in procedures is also a possible bottleneck to the growth of the market.

Competitive Analysis:

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.

Latest Industry Updates:

October 31, 2018: The U.S. Food and Drug Administration has recently announced that they have approved the marketing of 23andMe’s reports on pharmacogenetics. The genetic-testing company claims are designed to assess whether the genetics will affect an individual’s ability to metabolize certain drugs which include antidepressants.

Nov 2017: Myriad Genetics, Inc., announced positive results from a double-blind, multi-center, randomized controlled trial assessing the impact of the GeneSight Psychotropic test (GeneSight) on psychiatric treatment response in 1,200 patients with major depressive disorder. GeneSight is one of the leading pharmacogenomics test to help guide medication selection for mental health disorders.

Segmental Analysis:

The global pharmacogenomics market has been segmented based on technology, application, and end user.

By technology, the global pharmacogenomics market has been segmented into microarray, sequencing, polymerase chain reaction, and others. The sequencing segment has been further segmented into Sanger sequencing, pyrosequencing, next-generation sequencing, and others.

By application, the global pharmacogenomics market has been segmented into oncology, cardiology, neurological disorders, and others. The oncology segment has been further segmented into breast cancer, lung cancer, and others.

By end user, the global pharmacogenomics market has been segmented into hospitals, research organizations, academic institute, and others.

Regional Analysis:

The North American region, heading with the favorable reimbursement scenario and higher expenditure on healthcare would continue its dominance over the global market of Pharmacogenomics market. Additionally, the increasing prevalence of cardiovascular diseases in the region alongside the well-spread awareness towards the benefits of a Pharmacogenomics is boosting the growth of the market. The rapid uptake of new medical technologies primarily in the US is also a dominant driving force leading the Pharmacogenomics market in the region.

The Pharmacogenomics market in the European region accounts for the second-largest market, globally. Well-penetrated healthcare sector and the resurging economy in the region are two of the key driving forces behind the growth of the European Pharmacogenomics market. Moreover, factors such as the increased funding and government support for the R&D activities and the presence of a large patient pool in the region drive the growth of the regional market.

The Asia Pacific Pharmacogenomics market is rapidly emerging as a profitable market globally. Factors such as the rapidly developing economy and the proliferating healthcare sector in the region are some of the major factors driving the Pharmacogenomics market in the region. Rapidly emerging countries such as China and India backed by the vast population and the large unmet clinical needs in these countries predominantly drive the regional Pharmacogenomics market.

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Besides, the growing penetration of healthcare insurance is projected to contribute to the growth of the regional market significantly. Simultaneously, Vietnam, Thailand, and Malaysia among the other South East Asian countries are expected to drive the Pharmacogenomics market in the Asia Pacific region.

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