Rising incidences of adverse drug reactions and resistance to the treatments in patients, coupled with high investment in the study of pharmacogenomics, is driving the market growth.
The Global Pharmacogenomics specific Market size is forecasted to reach USD 11.01 billion from USD 5.66 billion in 2019, delivering a CAGR of 8.7% through 2027. The market growth is driven by the increasing prevalence of chronic diseases, expanding research and development activities, rising patient awareness, and an associated demand for personalized therapy.
Pharmacogenomics is the study of the effect of individual genetic make-up, which indicates the therapeutic effect of the medication on a specific patient. Genetic variation is directly linked to the effects on the human body. Pharmacogenomics testing is witnessing massive adoption in medical settings for supplementing translational and pharmaceutical research.
The increasing use of the patient-specific treatment by healthcare professionals to minimize severe adverse reactions of medication that varies from person to person tremendously will boost the pharmacogenomics market growth over the coming years. The increasing emphasis on a patient-specific approach for the treatment of chronic diseases and the study of factors that can impact treatment like genetic factors is influencing the desired action of medication in the modern medical landscape. Growing preference for pharmacogenomics testing by physicians to choose better-suited treatment for the particular patient to attain a better therapeutic effect will foster the global pharmacogenomics market share through 2027.
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Market Dynamics:
The pharma and healthcare sector has significantly advanced in the recent years and is expected to register steady revenue growth over the forecast period owing to rapid innovations in medical technology, increasing investments, rising healthcare expenditure and high adoption of advanced products and systems. Factors such as rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, and neurological disorders across the globe, rising cases of coronavirus, improving healthcare infrastructure and research facilities, and increasing adoption of remote patient monitoring services and home care settings are expected to fuel global market revenue growth over the forecast period. In addition, increasing number of hospitals and ambulatory care centers worldwide, high demand for personalized medicine, increasing investments in drug discovery and growing investments by public and private sectors are expected to drive global market growth in the coming years.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Pharmacogenomics specific Market market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Admera Health, Abbott Laboratories, Agena Biosciences, Inc., Dynamic DNA Laboratories, Cancer Genetics, Inc., F. Hoffmann-La Roche Ltd, Genomic Health, Inc., geneOmbio Technologies Pvt Ltd., Laboratory Corporation of America Holdings, and Illumina, Inc., among others.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Pharmacogenomics specific Market Market Segmentation:
Type Outlook:
Products and Services Outlook (Revenue, USD Billion; 2017-2027)
- Products
- Kits
- Assay & Reagents
- Instruments
- Software
- Services
- Genotyping
- SNP Identification
- Pharmacogenetics Testing
- Other Services
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction (PCR)
- Real Time PCR
- qPCR
- Digital PCR
- DNA Sequencing/Next Generation Sequencing (NGS)
- Nucleic Acid Amplification Tests (NAATs)
- Mass Spectrometry
- Gel Electrophoresis
- Hybridization
- Fluorescence In Situ Hybridization (FISH)
- Chromogenic In Situ Hybridization (CISH)
- Others
- Microarray
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Oncology
- Infectious Diseases
- Neurology/Psychiatry
- Cardiovascular
- Others
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Research Organisation
- Pharmaceutical Companies
- Diagnostic Centers
- Others
Geographic Segment Covered in the Report:
The Pharmacogenomics specific Market report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
• Europe (UK, Germany, France and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• Middle East and Africa (GCC and rest of the Middle East and Africa)
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Further key findings from the report suggest:
- In the product and services segment, the kits segment accounted for USD 2.70 billion in 2019 and is estimated to hold a major share of the pharmacogenomics market share through 2027 due to high product demand in research organizations for providing better insight for therapeutic decisions based on the genetic test.
- The assays segment is estimated to witness the maximum growth rate of nearly 8.4% through 2027 on account of the increasing interest of researchers, increasing preference for personalized treatment, and investment in the safety and efficiency of drugs.
- In terms of technology, the Polymerase Chain Reaction (PCR) segment is expected to account for major pharmacogenomics market revenue share through 2027. The technology has the potential to aid the development of effective and safe medications tailored to an individual’s genetic make-up, which is leading to high demand.
- On the basis of application, the cardiovascular segment is estimated to contribute significantly to the pharmacogenomics market share, exhibiting a CAGR of 8.1% through 2027 due to the increasing prevalence of cardiovascular diseases across the globe.
- In the regional landscape, North America dominated the market share with a revenue generation of USD 2.33 billion in 2019 and is set to witness a substantial growth due to the availability of the best in class healthcare infrastructure along with increased demand for pharmacogenomics for the treatment of chronic diseases in the region.
- The Asia Pacific region is estimated to witness major growth through 2027 due to changing lifestyles and a rise in the patient pool suffering from various target diseases. A recent study indicated that the current growth rate for federal research funding in China has exponentially exceeded that in the European Union and the U.S.
- Europe accounted for 27.5% of the pharmacogenomics market share in 2019 and is set to witness a growth rate of 8.4% over the analysis period.
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