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.
Pharmacogenomics, a rapidly advancing field at
the intersection of genetics and pharmacology, is revolutionizing drug
development and personalized medicine. At its core lies the study of drug
response genetics, which involves understanding how an individual's genetic
makeup influences their response to medications. This intricate interplay
between genes and drug metabolism is reshaping the pharmaceutical landscape by
enabling the creation of tailored treatments that optimize efficacy while
minimizing adverse reactions.
The Pharmacogenomics market is experiencing
unprecedented growth as stakeholders across healthcare and pharmaceutical
sectors recognize its potential to enhance patient outcomes and streamline drug
development processes. By leveraging insights from drug
response genetics, researchers and clinicians can predict how
patients will respond to specific medications, allowing for the customization
of treatment regimens based on individual genetic profiles. This precision
medicine approach not only improves patient safety and efficacy but also
contributes to cost savings by reducing instances of trial-and-error
prescribing and adverse drug events. As the understanding of drug response
genetics deepens and genomic technologies become more accessible, the
Pharmacogenomics market is poised for continued expansion, promising a future
where medications are tailored to each patient's unique genetic blueprint,
ushering in a new era of personalized healthcare.
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.
Key players
The top pharmacogenomics
companies 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 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,
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.
Related reports-
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