According to the current analysis of Reports and Data, the Global Pharmacogenomics (Pgx) Market was valued at USD 6.15 Billion in 2019 and is expected to reach USD 11.96 Billion by the year 2027, at a CAGR of 8.7%. Pharmacogenomics is the study of drug interaction with an individual’s genes. This technology shows how inherited genes affect the way medications work for each person. Various drugs act in a different manner for each individual, as each of the individuals inherits different genes; thus, one drug can be effective and safe for a person, but it may be harmful to other people. Rising incidences of bizarre adverse drug reactions and resistance to therapeutic treatments, such as increasing cases of antibiotic resistance cases, and non-registered adverse reactions to drugs from sulpha-class, and others are giving rise to the demand for personalized medicine, which is leading the growth of the pharmacogenomics market.
Personalized medicine is the alteration of medical treatment as per the individual characteristics of each patient. These medicines use an individual’s genetic information to provide efficient and effective pharmacological activity. In cancer, personalized medicine uses specific information of tumor to diagnose, plan the treatment, find out how well treatment is working, or make a prognosis. For example, personalized medicine is used in the case of HER-2 positive breast cancer to detect tumor cells and treat cancer. Oncology is among the first medical specialties to apply personalized medicine other than cancer. It is applicable in various target cell diseases such as various infections, cardiovascular diseases, and others.
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Severe technological developments are the major factor fueling the demand of pharmacogenomics in the market field. For instance, the SmatAmp method enables the detection of genetic polymorphisms or mutations in target genes within 30-40 min without DNA isolation and PCR amplification. Increasing Foreign Direct Investment (FDI), globalization, and medical tourism are enhancing the surge for drug discovery and development in pharmaceutical & biopharmaceutical companies, leading to increased demand for the pharmacogenomics market. However, high cost in association with processing and high capital investment for R&D of pharmacogenomics (PGx) study, and lack of skilled personnel may hamper the market growth.
Further key findings from the report suggest
- Various players in the pharmacogenomics market are engaged in promoting user-friendly techniques. For instance, Abbott has launched a new point-of-care test called m-PIMA HIV-1/2 VL in the Netherlands for quick, accurate, and easy management of human immunodeficiency virus (HIV) infection.
- During 2020-2027, the pharmacogenomics (PGx) market is expected to register a CAGR of 9.7% in the Asia Pacific, followed by North America and Europe, with 8.8% and 8.4% CAGR, respectively. The high prevalence of chronic target diseases across the globe is the major factor driving the market during the forecast period across all regions.
- PCR technology, among other pharmacogenomics technologies, dominates the market with highest market share in the year 2019. It is estimated to grow at a CAGR of 9.1% during the forecast period to reach USD 3.88 billion by 2027
- Based on the application segment, the oncology is expected to account for the CAGR 8.8% of the global pharmacogenomics market due to the increasing prevalence of cancer across the world.
- Asia Pacific is expected to account for the CAGR 9.7% of the global pharmacogenomics market. Developing nations such as China and India are likely to witness high growth due to the high prevalence of target diseases, increased healthcare expenditure, and high CROs and FDI to promote R&D practices in the region.
- The slow rate of commercialization, high costs involved in research and development, and lack of skilled professionals are among the key factors likely to hamper the growth of the market.
- Key participants include Abbott Laboratories, Admera Health, LLC, Agena Biosciences, Inc., Cancer Genetics, Inc., Dynamic DNA Laboratories, F. Hoffmann-La Roche Ltd, geneOmbio Technologies Pvt Ltd., Genomic Health, Inc., Illumina, Inc., and Laboratory Corporation of America Holdings.
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For the purpose of this report, Reports and Data has segmented the pharmacogenomics (PGx) market on the basis of products & services, technology, application, end-use, and region:
Products & Services Outlook (Revenue, USD Million; 2017–2027)
- Assay & Reagents
- SNP Identification
- Pharmacogenetic Testing
- Other Services
Technology Outlook (Revenue, USD Million; 2017–2027)
- Polymerase Chain Reaction (PCR)
- Real-Time PCR
- Digital PCR
- DNA Sequencing/Next Generation Sequencing (NGS)
- Nucleic Acid Amplification Tests (NAATs)
- Mass Spectrometry
- Gel Electrophoresis
- Fluorescence In Situ Hybridization (FISH)
- Chromogenic In Situ Hybridization (CISH)
Application Outlook (Revenue, USD Million; 2017–2027)
- Infectious Diseases
End-Use Outlook (Revenue, USD Million; 2017–2027)
- Research Organisation
- Pharmaceutical Companies
- Diagnostic Centers
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/pharmacogenomics-pgx-market
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