Pharmacogenomics Market Impacts Higher Demand Due to Increasing Contribution by Major Players during 2017-2025
September 19, 2019 by Jason Lee
The global pharmacogenomics market generated $5,312.8 million in 2017 and is projected to reach $10,265.5 million by 2025, growing at a CAGR of 8.61% from 2018 to 2025. Pharmacogenomics is the field of science that evaluates the genetic makeup of an individual that affects the response to drugs. Pharmacogenomics combines the knowledge of pharmacology and genomics. It deals with the interaction of genetic variation and its influence over the drug response in patients by correlating genetic expression and its variability leading to drug's efficacy or toxicity.
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There has been a surge in demand for the use of pharmacogenomics as a tool to customize and optimize drug therapy to suit the patients' genomic profile ensuring maximum efficacy and minimal adverse effects. Pharmacogenomics is a branch which studies the correlation between the genomic profile of the patient and the effects of drug over it. Pharmacogenomics belongs to the field of personalized medicine that promises the development of pharmacogenomics-based diagnostics tests in which drugs and drug combinations are optimized suiting the individual genotype. Pharmacogenomics is a field of science dealing with the identification of single nucleotide polymorphism in the interspecies and the effects it has over the drug diagnosis test that is used to identify the best suited drug, which is expected to not have an adverse effect on the patient and help the drug act effectively on the target. There is an increase in the demand for pharmacogenomics-based drug discovery and diagnostics owing to growth in prevalence of cancer, drug recalls, surge in awareness of pharmacogenomics diagnosis for treatment of cancer, higher number of R&D studies, and rise in adoption of pharmacogenomics in the development of drugs for pain management with better efficacy. Government initiatives and huge investments by private companies in R&D drive the pharmacogenomics market. Furthermore, surge in the aging population and rise in the global incidences of cancer are anticipated to boost the market growth. The application of high throughput genomic technologies in biomedical research and therapeutic procedures accelerate the market progression.
The global pharmacogenomics market is segmented based on technology, application, end user, and region. Based on technology, the market is segregated as polymerase chain reaction, microarray, sequencing techniques, mass spectrometry and electrophoresis. Based on application, the pharmacogenomics market is further categorized into cancer, cardiovascular diseases, infectious diseases, neurological diseases and pain management among others. Based on end user, it is segmented as hospitals & clinics, research institutions and academic institutes. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, and rest of LAMEA).
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KEY MARKET BENEFITS
The study provides an in-depth analysis of the global pharmacogenomics market share along with the current trends and future estimations to elucidate the imminent investment pockets.
KEY MARKET SEGMENTS
Market by Technology
o Polymerase Chain Reaction
o Mass Spectrometry
Market by Application
o Infectious diseases
o Cardiovascular diseases
o Neurological diseases
o Pain management
By End User
o Hospitals and clinics
o Research institutions
o Academic institutes
o Rest of Europe
o Rest of Asia-Pacific
o Rest of LAMEA
The list of key players operating in this market includes:
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The other players included in the value chain analysis (and not included in the report) include:
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