Pharmacogenomics Market Research Report, By Technology (Microarray, Sequencing, Polymerase Chain Reaction) By Application (Cardiology, Neurological Disorders) By End Users (Hospitals, Research Organizations, Academic Institute) – Global Forecast till 2023
Pharmacogenomics or Pharmacogenetics is a study that refers to the genes and their impact on the way human body responses to the medication. The study combines pharmacology, the science of medicines and genomics, the study of genes and their functions to develop effective, safe drugs and doses, personalized for a typical genetic makeup (person’s genetic structure). The key objective of this study is to help doctors to pick the best-suited drugs and dosages for each person.
Acknowledging the exponential growth, the market perceives currently and the potential of the market to grow in the future; Market Research Future (MRFR), recently published a market forecast. In its analysis MRFR asserts that the global Pharmacogenomics will grow exponentially by 2023, registering a CAGR of ~5.8% throughout the forecast period (2017 – 2023).
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Factors such as the increased utilization of medication revelation processes, growing interest & popularity for customized drugs, expanding security in treatment, and the success ratio of adequacy trials are contributing to the market growth.
Advent of healthcare technologies and rapid advances like PCR (Digital Polymerase Chain Reaction), GenX sequencing, and HTS (High Throughput Screening), are fostering the growth of the global market of Pharmacogenomics.
Furthermore, factors such as the rising demand for diagnostic tests led by the growing emphasis of patients on pre-diagnosis treatments alongside the increasing genetic disorders & mutational diseases are expanding the market rapidly. The government initiatives and investments in R&D programs are providing impetus to the market growth.
Competitive Analysis :
Pharmacogenomics in recent years has used a new generation of technology approaches that has led to a revolution in the understanding of disease susceptibility and pathophysiology, providing enormous potential for novel therapeutic strategies.
However, with companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the best strategies.
The noteworthy players operating the global market are Teva Pharmaceutical Industries Ltd. (Israel), Assurex Health Inc. (U.S.), Future Science Group (U.S.), Pathway Genomics (U.S.), Myriad Genetics Inc. (U.S.), GeneDx. (U.S.), GeneTech (U.S.), 23andMe Inc. (U.S.), and others.
Latest Industry Updates :
October 31, 2018: The U.S. Food and Drug Administration has recently announced that they have approved the marketing of 23andMe’s reports on pharmacogenetics. The genetic-testing company claims are designed to assess whether the genetics will affect an individual’s ability to metabolize certain drugs which include antidepressants.
Nov 2017: Myriad Genetics, Inc., announced positive results from a double-blind, multi-center, randomized controlled trial assessing the impact of the GeneSight Psychotropic test (GeneSight) on psychiatric treatment response in 1,200 patients with major depressive disorder. GeneSight is one of the leading pharmacogenomics test to help guide medication selection for mental health disorders.
Segmental Analysis :
The global pharmacogenomics market has been segmented on the basis of application, technology, end-user, and region.
By mode of technology, the global pharmacogenomics market has been segmented into sequencing, microarray, polymerase chain reaction, and others. Among these, the sequencing segment has been sub-segmented into pyrosequencing, Sanger sequencing, next-generation sequencing, and others.
By mode of application, the global pharmacogenomics market has been segmented into cardiology, oncology, neurological disorders, and others. Among these, the oncology segment has been sub-segmented into lung cancer, breast cancer, and others.
By mode of end-users, the global pharmacogenomics market has been segmented into research organizations, hospitals, academic institute, and others.
Regional Analysis :
The North American region, heading with the favorable reimbursement scenario and higher expenditure on healthcare would continue its dominance over the global market of Pharmacogenomics market. Additionally, the increasing prevalence of cardiovascular diseases in the region alongside the well-spread awareness towards the benefits of a Pharmacogenomics is boosting the growth of the market. The rapid uptake of new medical technologies primarily in the US is also a dominant driving force leading the Pharmacogenomics market in the region.
The Pharmacogenomics market in the European region accounts for the second-largest market, globally. Well-penetrated healthcare sector and the resurging economy in the region are two of the key driving forces behind the growth of the European Pharmacogenomics market. Moreover, factors such as the increased funding and government support for the R&D activities and the presence of a large patient pool in the region drive the growth of the regional market.
The Asia Pacific Pharmacogenomics market is rapidly emerging as a profitable market globally. Factors such as the rapidly developing economy and the proliferating healthcare sector in the region are some of the major factors driving the Pharmacogenomics market in the region. Rapidly emerging countries such as China and India backed by the vast population and the large unmet clinical needs in these countries predominantly drive the regional Pharmacogenomics market.
Besides, the growing penetration of healthcare insurance is projected to contribute to the growth of the regional market significantly. Simultaneously, Vietnam, Thailand, and Malaysia among the other South East Asian countries are expected to drive the Pharmacogenomics market in the Asia Pacific region.
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Some Brief Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
LIST OF TABLES
Table 1 Pharmacogenomics Industry Synopsis, 2017 – 2023
Table 2 Global Pharmacogenomics Market Estimates And Forecast, 2017 – 2023, (USD Million)
Table 3 Global Pharmacogenomics Market By Region, 2017 – 2023, (USD Million)
Table 4 Global Pharmacogenomics Market By Technology, 2017 – 2023, (USD Million)
Table 5 Global Pharmacogenomics Market By Application, 2017 – 2023, (USD Million)
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LIST OF FIGURES
Figure 1 Research Process
Figure 2 Segmentation For Global Pharmacogenomics Market
Figure 3 Segmentation Market Dynamics For Global Pharmacogenomics Market
Figure 4 Global Pharmacogenomics Market Share, By Technology 2016
Figure 5 Global Pharmacogenomics Market Share, By Application 2016
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