Rapidly Developing Patient Population Drives the Global Pharmacogenomics Market Positively
The Pharmacogenomics Market is developing at a rapid pace on the worldwide stage owing to the large number of benefits linked to personalized therapy. The global pharmacogenomics market Size illustrates an exceptional CAGR of 5.8% while attaining million-dollar growth readily over the forecast period.
Pharmacogenomics is one of the key elements in customized medicine. The simple concept in pharmacogenomics is the interindividual variability in drug response. It is the resultant of several factors such as epigenomics, genomics, a patient’s characteristics, such as age, gender, and/or concomitant medication, and the environment.
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Pharmacogenomics plays a significant role in drug development and discovery. Pharmacogenomics refers to the effects of genomic variants and genetic polymorphism on drug response, its information can assist in selection of the dose, optimal drug, avoid adverse drug reactions, and treatment process. Adverse drug reactions have been registered as one of the leading causes of death among hospitalized patients. Adverse drug reactions can also be referred to as the source behind loss of trust in the healthcare system and the decreasing satisfaction of both health professionals and patients.
Pharmacogenomics approach assists the pharmaceutical companies to create drugs that satisfies the demands of certain genetic sub-groups of the general population. The primary interest of pharmacogenomics is to identify patients for whom drug efficiency can be projected, and to curtail the risk of adverse drugs effects. The key pharmacogenomics approaches are to prescribe drugs based on the patient’s genetic profiles which is referred to as ‘personalized medicine’.
The Pharmacogenomics Market is dominated by key players such as 23andMe, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Pathway Genomics (U.S.), GeneDx. (U.S.), GeneTech (U.S.), Future Science Group (U.S.), Assurex Health, Inc. (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), and others.
The global pharmacogenomics market has been segmented based on end user, technology, and application.
Based on end user, the market has been segmented into academic institute, research organizations, hospitals, and others.
Based on technology, the market has been segmented into polymerase chain reaction, sequencing, microarray, and others. The sequencing segment has been sub-segmented into next-generation sequencing, pyrosequencing, Sanger sequencing, and others.
Based on application, the market has been segmented into neurological disorders, cardiology, oncology, and others. The oncology segment, by technology, has been sub-segmented into lung cancer, breast cancer, and others.
The Americas hold the largest Pharmacogenomics Market Share owing to the presence of developed countries like Canada and the U.S. and well-developed healthcare sector. Additionally, growing number of patients suffering from cardiovascular ailments and increasing healthcare expenditure have propelled the growth of the market in America. A report by the Centres for Diseases Control and Prevention in the U.S. stated that in 2016, heart disease was the leading cause of death for both women and men. Additionally, it was also projected that the healthcare expenditure for heart ailments in the U.S. reaches USD 200 billion each year.
Europe holds the second largest pharmacogenomics market, followed by Asia Pacific. Government support, prevalence of huge patient population within the region collectively with availability of funds for research and development drives the market growth over the forecast period. Besides, the presence of the developed countries like France and Germany within the region drives the market growth.
Asia Pacific holds the fastest growing market owing to the presence of rapidly developing economies like China and India, an expanding patient population, and presence of huge opportunities in the market soars the market.
The Middle East & Africa holds the least share in the global pharmacogenomics market owing to the presence of low per capita healthcare expenditure, poor economy, and strict government policies particularly in the Africa market. The majority of the market is held by the Middle East owing to huge healthcare expenditure and a well-developed healthcare sector. Additionally, developed economies like Saudi Arabia, Dubai, besides others drives the market growth within the Middle East & Africa region.
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