Market Overview
According to
Market Research Future (MRFR), the Global Pharmacogenomics Market Size is Projected
to grow at a CAGR of 8.52% Over the Forecast Period 2023-2032.
Market Drivers and Top Barriers
The deciding
factors in the pharmacogenomics market growth include the surging expenditure
in research and development (R&D) along with the elevating rate of adverse reactions.
World over, there has been a rising focus on precision medicine coupled with
the growing need for drug safety as well as efficacy, which has led to the
market expansion in recent years. On that note, the strong focus on precision
medicine is striving to expand the pharmacogenomics market, as the primary aim
of precision medicine is integrating genetic as well as environmental
information of certain diseases along with their responses to specific
treatments.
This factor
helps in targeted drug therapies, in addition to the growing adoption of
treatment procedures that reduce the side effects and achieve accurate results,
which makes extensive use of pharmacogenomics. For instance, in 2015, the
United States (U.S.) government had implemented a new precision medicine
initiative to augment the development of individualized care, which includes
genetic variability for a variety of chronic disorders.
Additionally,
the rapid growth in the number of research studies associated with sequencing, particularly
next-generation sequencing, will raise the demand for pharmacogenomic tests in
the years to come. This factor will play an integral role in market growth to a
large extent.
Top Vendors
Pharmacogenomics
market players include Assurex Health Inc. (U.S.), Pathway Genomics (U.S.),
Teva Pharmaceutical Industries Ltd. (Israel), Myriad Genetics, Inc. (U.S.),
GeneDx. (U.S.), Future Science Group (U.S.), GeneTech (U.S.), 23andMe, Inc.
(U.S.), and others.
Market Opportunities
Pharmacogenomics
is considered to be a vital aspect in terms of cancer treatment, having proved
to be a favorable option helping with the survival of patients. Over and above
that, pharmacogenomics also has managed to reduce the additional cost owing to unresponsive
treatment. Therefore, growing use of pharmacogenomics for the treatment of cancer
has resulted in numerous significant discoveries, which is bound to contribute
to the growth of the worldwide market in the upcoming period.
Market Segmentation
The global
pharmacogenomics market has been segmented on the basis of technology,
application, and end user.
The types of
technology in the market include microarray, sequencing, polymerase chain
reaction, and others. The sequencing segment is further segmented on the basis
of Sanger sequencing, pyrosequencing, next-generation sequencing, and others.
The segments
based on application are oncology, cardiology, neurological disorders, and
others. The oncology segment can be considered for breast cancer, lung cancer,
and others.
On the basis of
end users, the market is segmented into hospitals, research organizations,
academic institute, and others.
Regional Insight
The pharmacogenomics
market is spread across the primary regions of the Americas, Europe, Asia
Pacific, and the Middle East and Africa.
The Americas has
been identified as the dominant region in the global pharmacogenomics
market insights, on account of highly-developed healthcare industry coupled
with the inclusion of developed countries such as the United States (U.S.) as
well as Canada. Furthermore, the expansion of the patient pool suffering from
cardiovascular diseases as well as the growing healthcare expenditure is
nurturing the growth of the regional market. As per the Centers for Diseases
Control and Prevention, in 2015, heart disease had been the main cause of death
for men as well as women in the U.S. In addition, the analysis suggested that
the spending on healthcare for heart diseases in the country touches the
valuation of USD 200 billion every year.
Data analysts
concur that Europe stands second in the global pharmacogenomics market, with the
Asia Pacific following suit. The surge in the funds for research and
development on top of the increasing government support and the expanding
patient population will prove to be instrumental in the market growth. Plus,
the region also benefits from the primary contribution of the developed nations
such as France and Germany with excellent growth prospects in the medical
field.
Racing ahead at
the fastest growth rate is the region of Asia Pacific, with the primary reasons
being the burgeoning patient pool and the progressively growing economies such
as India and China in the region. The Indian Brand Equity Foundation had
reported in 2016 that the biotech industry in India is expected to arrive at
the valuation of USD 100 billion by the year 2025, crossing the value of USD 7
billion it had reached in 2015. The industry is also expected to expand at a
growth rate of 30.46% in the mentioned evaluation period, as per reports.
Meanwhile, the
growth of the Middle East & Africa market has been inferior to other regions
in the global pharmacogenomics market. This stunted growth can be the result of
the poor economy, low expenditure on healthcare, and the rigid government
policies, particularly in Africa. Concurrently, the substantial portion of the
regional market is controlled by the Middle East, with the backing from the
well-established healthcare industry combined with the growing healthcare
expenditure. Apart from this, developed countries such as Dubai, Saudi Arabia,
and Qatar have a big hand in the growth of the Middle East & Africa market.
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