Market Overview
According
to Market Research Future (MRFR), the Global Pharmacogenomics
Market Share is Projected 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.
Market Segmentation
The global pharmacogenomics market outlook 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.
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.
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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